Pet Supplies Plus
For Sale
Contact for pricing
3180 W South Airport Rd, Traverse City, MI 49684
Retail outlot on premier retail corridor near Grand Traverse Mall.
Property Size8,963 SF
Price / SF$263
Days on Market172
Property Features for 3180 W South Airport Rd
General Information
Standard status
Active
Size
8,963 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$177,467
Building Details
Year Built
1994
Year Renovated
2022
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Landmark Commercial Real Estate Services
(248) 488-2620
Listed By:
Eli Neuman · License #6501456898
Source:
Crexi
Added: Feb 20
Changed: Aug 8
Last Checked: Aug 10 at 5:39AM
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 Landmark Commercial Real Estate Services
Investment Insights
Based on property information with market context.
This property features a Pet Supplies Plus outlot situated along Traverse City’s primary retail area on Airport Road. The location is an outlot to Grand Traverse Mall and is surrounded by national retailers, including Target, Lowe's, Walmart, and Home Depot. The property is 8963 square feet. Pet Supplies Plus reports that sales at this location exceed brand averages. The lease features rent at $18.00 per square foot, offering income with potential rental upside.
Key Highlights
- Premier retail corridor location on Airport Road in Traverse City.
- Outlot to Grand Traverse Mall, surrounded by Target, Lowe's, Walmart, and Home Depot.
- Pet Supplies Plus unit‑level sales significantly exceed brand averages.**
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
$110,826
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
4.68%
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%
$2,216,520
$2.2M
Cap Rate 7%
$1,583,229
$1.6M
Cap Rate 9%
$1,231,400
$1.2M
Market Conditions
NOI Build-Up for 8,963 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
$172.1K $19.20/SF
− Vacancy
−$13.8K −$1.54/SF
EGI
$158.3K $17.66/SF
− OpEx
−$47.5K −$5.30/SF
NOI
$110.8K $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%
$2,216,520
Cap Rate 7%
$1,583,229
Cap Rate 9%
$1,231,400
Alternative Uses
Best Use
Retail
$1.58M
$1.39M – $1.85M
NOI $110,826 @ 7.0% cap · market cap 4.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.95M
$1.70M – $2.27M
NOI $136,295 @ 7.0% cap · market cap 5.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
496
Businesses Nearby
599k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 36%
Shops & Services 19%
Dining 14%
Apparel 13%
Walmart
Superstores
110,473 visits/mo
0.5 miles
Target
Superstores
104,507 visits/mo
0.2 miles
Chick-fil-A
Dining
38,043 visits/mo
0.5 miles
Dunham's Sports
Apparel
35,929 visits/mo
0.3 miles
The Home Depot
Home Improvements & Furnishings
35,694 visits/mo
0.3 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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail outlot on premier retail corridor near Grand Traverse Mall.
Where is this retail space located?
The property is located at 3180 W South Airport Rd Traverse City, MI.
What is the asking price?
The asking price for this property is $2,366,227.
What are key features of this property?
This property features: Premier retail corridor location on Airport Road in Traverse City.; Outlot to Grand Traverse Mall, surrounded by Target, Lowe's, Walmart, and Home Depot.; Pet Supplies Plus unit‑level sales significantly exceed brand averages.**
