Visible Retail Building on
For Sale
$1,985,000
274 N US-31 S, Traverse City, MI 49685
Highly visible retail building with frontage on US-31.
Property Size8,250 SF
Lot Size2.90 Acres
Price / SF$240.61
Days on Market210
Property Features for 274 N US-31 S
General Information
Standard status
Active
Size
8,250 SF
Lot size
2.90 Acres
Property subtype
Commercial
Building Details
Year Built
1983
Listing Agency:
Three West, LLC
Listed By:
David J Frost · License #6501203019
(231) 620-5705
Source:
Elliman
Added: Mar 10
Changed: Aug 14
Last Checked: Aug 19 at 4:46AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Three West, LLC
Investment Insights
Based on property information with market context.
This property features a highly visible 2.89-acre parcel with 414 feet of frontage on US-31 South and 304 feet on Sundowner Drive. The large, open retail building offers great visibility and easy access on US-31. The building encompasses 7,104 square feet with an additional 1,146 square feet on the second level, totaling 8,250 square feet. It includes four 14x14 overhead doors in the rear and a 16-foot ceiling height. Mezzanine offices overlook the sales floor. The property has been remodeled and provides ample parking with significant space for outside display. US-31 South recorded 25,600 cars per day in 2023. The property is currently leased to two tenants, generating an annual rental income of $158,244 NNN. One tenant is departing, and the other can be relocated, making the property ready for a new tenant or owner-occupied use.
Key Highlights
- High‑visibility location with 414 feet of frontage on US 31 South, seeing 25,600 cars per day.
- Significant income potential with current annual rental income of $158,244 NNN.
- Large, versatile 8,250 Sq Ft building.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$102,010
Cap Rate
5.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,040,200
$2.0M
Cap Rate 7%
$1,457,286
$1.5M
Cap Rate 9%
$1,133,444
$1.1M
Market Conditions
NOI Build-Up for 8,250 SF
Gross rent
$158.4K $19.20/SF
− Vacancy
−$12.7K −$1.54/SF
EGI
$145.7K $17.66/SF
− OpEx
−$43.7K −$5.30/SF
NOI
$102.0K $12.36/SF
Area
Grand Traverse County, MI
Vacancy
8.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,040,200
Cap Rate 7%
$1,457,286
Cap Rate 9%
$1,133,444
Alternative Uses
Best Use
Retail
$1.46M
$1.28M – $1.70M
NOI $102,010 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,453 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
247
Businesses Nearby
17k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Taco Bell
Dining
17,365 visits/mo
0.4 miles
Demographics for 49685, MI
20,856
Population
9,395
Households
2.2
Avg Household Size
40
Median Age
38%
College-Educated
95%
High-School Grad
54.2 sq mi
ZIP Area
385
Density / Sq Mi
$82,639
Median Household Income
$45,783
Median Earnings
$1,338
Median Rent
$309,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Retail space - Highly visible retail building with frontage on US-31.
Where is this retail space located?
The property is located at 274 N US-31 S Traverse City, MI.
What is the asking price?
The asking price for this property is $1,985,000.
What are key features of this property?
This property features: High‑visibility location with 414 feet of frontage on US 31 South, seeing 25,600 cars per day.; Significant income potential with current annual rental income of $158,244 NNN.; Large, versatile 8,250 Sq Ft building.
