Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    305 S US-31 Traverse City, MI 49685

    View on Map
    Claim this Listing
    For Sale
    $799,000

    Office Building,Retail Store - Traverse City, MI

    Property size:
    3,840 SF
    Lot size:
    1.15 Acres
    Price / SF:
    $208/SF
    Added:
    Aug 12, 2025
    Days on Market:
    267
    Last Refresh:
    May 5 at 6:06 pm

    Property Features for 305 S US-31

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Rooms
    Basement
    Basement Y/N
    1
    Standard status
    Active
    Size
    3,840 SF
    Lot size
    1.15 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1964
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Marty Stevenson
    Marty Stevenson

    Listing agent Marty Stevenson

    Listing office EXIT Northern Shores-TC 515 W. Fourteenth Street, Traverse City, MI

    Listing date Aug 12, 2025

    MLS# 1937517 Listing URL

    Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    High-Visibility Corner Lot on US-31

    This property features a high-visibility corner lot on US-31, situated at the intersection of US-31S and Foster Dr. The site is zoned CM in Blair Township, which allows for a variety of commercial uses. The location benefits from a high traffic count of over 25,000 cars per day, ensuring maximum exposure. Existing buildings on the property, available at closing, include a 1,440-square-foot retail/office building and a 2,400-square-foot pole building. The total property size is 3,840 square feet, situated on a 1.15-acre lot. The property is located in Traverse City, MI.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Gym & Fitness Center Building Supply Auto Repair Shop Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Darling Botanical Company — 144 Hall St, Traverse City, MI 49684
    • The Flower Station — 341 W Front St, Traverse City, MI 49684

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.655422
    Latitude
    44.681121

    Nearby Similar for Sale

    • $785,000
      6,571 SF

      Traverse City Warehouse with Fenced Yard

      6,571 SF warehouse with fenced yard in Chums Corner.
      3773 Rennie School Road, Traverse City, MI 49685
      View Details
    • $675,000
      3,294 SF

      Traverse City Office Condominium

      Single-story office condominium in a wooded Traverse City office park.
      920 S Garfield Avenue, Traverse City, MI 49686
      View Details
    • $850,000
      3,995 SF

      Former Assisted Living Facility

      Large home suitable for extended families or vacation rentals.
      3255 Mahoney Drive, Traverse City, MI 49686
      View Details
    • $498,000
      2,843 SF

      Modern Office Space in Traverse

      Spacious office in Traverse City with ample parking.
      10161 E Pickwick Court, Traverse City, MI 49684-1490
      View Details
    • $150,000
      727 SF

      Traverse City Office Condominium

      Single-story office condo with basement storage and ample parking.
      920 S Garfield Avenue, Traverse City, MI 49686
      View Details
    • $685,000
      4,789 SF

      Traverse City Redevelopment Opportunity

      Redevelopment or re-use project in bustling Traverse City!
      114 E Griffin Street, Traverse City, MI 49684
      View Details
    • $469,000

      Old Mission Peninsula Vineyard Property

      11.53-acre vineyard with Pinot Noir vines on Old Mission Peninsula.
      0 NELSON ROAD, PENINSULA TWP, MI 49686
      View Details
    • $469,000

      Old Mission Peninsula Vineyard Property

      11.53-acre vineyard with Pinot Noir vines on Old Mission Peninsula.
      0 NELSON ROAD, TRAVERSE CITY, MI 49686
      View Details
    • $1,700,000
      7,990 SF

      Former Assisted Living Campus

      Two large homes, ideal for various uses.
      3205 Supply Road, Traverse City, MI 49686
      View Details
    • $285,000
      1,386 SF

      Traverse City Office Condominium

      Single-story office condo in Traverse City with private entrance.
      920 S Garfield Avenue, Traverse City, MI 49686
      View Details
    • $850,000
      3,995 SF

      Traverse City Adult Foster Care

      Former assisted living facilities on large properties in Traverse City.
      3205 Supply Road, Traverse City, MI 49686
      View Details
    • $644,000
      5,038 SF

      Remodeled Office Building in Traverse

      5,038 SF remodeled commercial building in thriving Traverse City.
      3639 Cass Road, Traverse City, MI 49685
      View Details

    FAQs

    What type of property is this?
    Storefront property - Corner lot with high traffic, ideal for commercial uses.
    Where is this storefront property located?
    The property is located at 305 S US-31 Traverse City, MI.
    What is the asking price?
    The asking price for this property is $799,000.
    What are key features of this property?
    This property features: High‑visibility corner lot on US‑31 with high traffic count (over 25,000 cars/day).; CM zoning allows a large variety of commercial uses.; Includes a 1,440‑sqft retail/office building and a 2,400‑sqft pole building.
    (231) 342-8072
    We can help!
    Listing Contact
    Marty Stevenson
    Marty Stevenson
    Real Estate License ID: 6501387018
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    305 S US-31, Traverse City, MI 49685
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!