NNN Multi-Tenant Commercial
For Sale
$2,390,000
2751 N Us-31 S, Traverse City, MI 49684
Fully occupied commercial asset with four tenants and triple-net lease structures along US-31.
Property Size13,550 SF
Price / SF$176.38
Days on Market34
Property Features for 2751 N Us-31 S
General Information
Standard status
Active
Size
13,550 SF
Property subtype
Commercial
Building Details
Year Built
1954
Listing Agency:
Twin Bay Properties, LLC
Listed By:
David G Cutler · License #6502417683
(231) 357-7800
Source:
Vmrealestatemichigan
Added: Aug 10
Changed: Sep 11
Last Checked: Sep 11 at 2:28PM
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 Twin Bay Properties, LLC
Investment Insights
Based on property information with market context.
This 13,550-square-foot commercial property was built in 1954 and is fully occupied by four tenants. The leases are structured as true triple-net agreements, with newer or recently renewed terms that include annual rent increases. The multi-tenant configuration provides an established operating base within a commercial corridor.
The property is positioned on US-31 in Garfield Charter Township, next to Red Lobster and across from Chick-fil-A. It benefits from convenient access and visibility along a corridor surrounded by national and local businesses. Rent roll and additional financial information are available to qualified buyers.
The property is positioned on US-31 in Garfield Charter Township, next to Red Lobster and across from Chick-fil-A. It benefits from convenient access and visibility along a corridor surrounded by national and local businesses. Rent roll and additional financial information are available to qualified buyers.
Key Highlights
- 13,550‑square‑foot commercial property built in 1954
- Fully occupied by four tenants
- True triple‑net (NNN) lease structure
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$167,543
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.01%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,350,860
$3.4M
Cap Rate 7%
$2,393,471
$2.4M
Cap Rate 9%
$1,861,589
$1.9M
Market Conditions
NOI Build-Up for 13,550 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$260.2K $19.20/SF
− Vacancy
−$20.8K −$1.54/SF
EGI
$239.3K $17.66/SF
− OpEx
−$71.8K −$5.30/SF
NOI
$167.5K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,350,860
Cap Rate 7%
$2,393,471
Cap Rate 9%
$1,861,589
Alternative Uses
Best Use
Retail
$2.39M
$2.09M – $2.79M
NOI $167,543 @ 7.0% cap · market cap 7.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.94M
$2.58M – $3.43M
NOI $206,047 @ 7.0% cap · market cap 8.62%
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
434
Businesses Nearby
518k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 26%
Dining 21%
Superstores 20%
Shops & Services 14%
Target
Superstores
104,507 visits/mo
0.5 miles
T.J. Maxx
Apparel
39,140 visits/mo
0.5 miles
Chick-fil-A
Dining
38,043 visits/mo
0.1 miles
AMC CLASSIC Cherry Blossom 14
Leisure
36,523 visits/mo
0.4 miles
Dunham's Sports
Apparel
35,929 visits/mo
0.4 miles
Demographics for 49684, MI
22,025
Population
10,959
Households
2
Avg Household Size
49
Median Age
46%
College-Educated
96%
High-School Grad
52.8 sq mi
ZIP Area
417
Density / Sq Mi
$75,678
Median Household Income
$39,553
Median Earnings
$1,216
Median Rent
$375,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
NNN property - Fully occupied commercial asset with four tenants and triple-net lease structures along US-31.
Where is this nnn property located?
The property is located at 2751 N Us-31 S Traverse City, MI.
What is the asking price?
The asking price for this property is $2,390,000.
What are key features of this property?
This property features: 13,550‑square‑foot commercial property built in 1954; Fully occupied by four tenants; True triple‑net (NNN) lease structure
