Retail and Office Corner
305 Us Highway 31 S, Traverse City, MI 49685
High-traffic corner site with flexible CM zoning and existing retail/office and pole buildings for immediate or future use.
Property size:
3,840 SFPrice / SF:
$208/SF- Added:
- Dec 9, 2025
- Days on Market:
- 176
- Last Refresh:
- Jun 3 at 3:07 am
Property Features for 305 Us Highway 31 S
General Information
- Standard status
- Active
- Size
- 3,840 SF
Listing agent Stephen Karas License #6502368498 (231) 342-4686
Listing office EXIT Northern Shores-TC (231) 342-4686
Listing date Dec 9, 2025
Source Exprealty
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 EXIT Northern Shores-TC
HighLights
- High‑visibility corner lot on US‑31 at the intersection of US‑31S and Foster Dr.
- Over 25,000 cars/day traffic count on US‑31.
- Blair Township CM zoning allows a wide variety of commercial uses.
- Includes a 1,440‑sqft retail/office building available at closing.
- Includes a 2,400‑sqft pole building available at closing.
- Corner‑site location suitable for using existing buildings or redeveloping.
Overview
This high-visibility corner lot offers two existing structures available at closing: a 1,440-square-foot retail/office building and a 2,400-square-foot pole building. The property is positioned for either straightforward occupancy in the current buildings or for a redevelopment approach if you have a new concept in mind.
Located on US-31 at the intersection of US-31S and Foster Dr., the site benefits from maximum exposure. Public remarks note a traffic count of over 25,000 cars per day, and the corner configuration is designed to keep your business visible from multiple directions. The property sits within Blair Township’s CM zoning, which supports a large variety of commercial uses.
For investors and operators, this is a practical option when you need a prominent location with versatile zoning and usable existing improvements. Retail and office users can evaluate the current building right away, while others may prefer to plan upgrades or redevelopment given the flexible commercial framework.
Located on US-31 at the intersection of US-31S and Foster Dr., the site benefits from maximum exposure. Public remarks note a traffic count of over 25,000 cars per day, and the corner configuration is designed to keep your business visible from multiple directions. The property sits within Blair Township’s CM zoning, which supports a large variety of commercial uses.
For investors and operators, this is a practical option when you need a prominent location with versatile zoning and usable existing improvements. Retail and office users can evaluate the current building right away, while others may prefer to plan upgrades or redevelopment given the flexible commercial framework.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $73.7k | $19.20 |
| − Vacancy | −$5.9k | −$1.54 |
| EGI | $67.8k | $17.66 |
| − OpEx | −$20.3k | −$5.30 |
| NOI | $47.5k | $12.36 |
3,840 SF · lease $19.20/SF/yr · vacancy 8.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$678.3K
$593.5K – $791.4K
NOI $47,481 @ 7.0% cap · market cap 5.94%
Second Best
Office B
$587.5K
$514.1K – $685.4K
NOI $41,126 @ 7.0% cap · market cap 5.15%
Theoretical Best
Office A
$834.2K
$729.9K – $973.2K
NOI $58,393 @ 7.0% cap · market cap 7.31%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Retail space
Location Insight
- Map
- Local Demand
- City
- Traverse City
- County
- Grand Traverse
- State
- Michigan
- Longitude
- -85.655422
- Latitude
- 44.681121
Nearby Similar for Sale
FAQs
What type of property is this?
Retail space - High-traffic corner site with flexible CM zoning and existing retail/office and pole buildings for immediate or future use.
Where is this retail space located?
The property is located at 305 Us Highway 31 S 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 at the intersection of US‑31S and Foster Dr.; Over 25,000 cars/day traffic count on US‑31.; Blair Township CM zoning allows a wide variety of commercial uses.
