Retail and Office Corner
For Sale
$799,000
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 Size3,840 SF
Price / SF$208.07
Days on Market65
Property Features for 305 Us Highway 31 S
General Information
Standard status
Active
Size
3,840 SF
Zoning
CM
Site & Location
Traffic Count
25,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Listing Agency:
EXIT Northern Shores-TC
(231) 342-4686
Listed By:
Stephen Karas · License #6501387018
(231) 342-4686
Source:
Exprealty
Added: Jun 2
Changed: Jul 10
Last Checked: Jul 31 at 8:40PM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
25,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
Explore this area
Business Placement
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
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.
