Building Details

Year Built 1994

Year Renovated 2022

Buildings 1

Stories 1

Units 1

Tenancy Single

Listing Agency: Landmark Commercial Real Estate Services

Listed By: Eli Neuman · License #6501456898 Show Phone

Source: Crexi

Added: Feb 20 Changed: Oct 6 Last Checked: Oct 7 at 1:03PM

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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 / Yr

$110,826

Cap Rate

4.68%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

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 (±1% cap)

NOI $136,295 @ 7.0% cap · market cap 5.76%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Huntington Insurance Insurance Agency Huntington Mortgage Group Loan Service Pet Supplies Plus (Bike/Boat/Book/etc) Store Pet Supplies Plus ... (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick Law Firm Electrical Service Plumbing Service (Bike/Boat/Book/etc) Store Real Estate Agency Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this retail space located? What is the asking price? Find similar properties What are key features of this property?

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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.**