NNN Retail Property with Two
New
For Sale
$1,200,000
3301 W South Airport Rd, Traverse City, MI 49684
Stand-alone commercial property across from a Grand Traverse Mall entrance, surrounded by national tenants and ongoing development.
Property Size5,000 SF
Price / SF$240
Days on Market2
Property Features for 3301 W South Airport Rd
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Cap Rate
8%
Building Details
Year Built
1995
Buildings
1
Tenancy
Multi
Listing Agency:
The Mitten Real Estate Group
Listed By:
Cindy Dyksterhouse
(231) 357-7812
Source:
Elliman
Added: Sep 12
Last Checked: Sep 13 at 5:15AM
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 The Mitten Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1995, this stand-alone commercial property contains 5,000 square feet arranged as two separate 2,500-square-foot units. The building has maintained 100% occupancy for 20+ years, providing an established operating history. Both spaces are leased under NNN structures, with CAM adjustable according to expenses.
The property is located at 3301 W South Airport Rd in Garfield Charter Township, directly across from an entrance to Grand Traverse Mall. Its position places the building within a commercial area that includes many national tenants, while additional development is identified in the surrounding area. The property has a Walk Score of 20 and a Bike Score of 30, classified as Somewhat Bikeable.
The property is located at 3301 W South Airport Rd in Garfield Charter Township, directly across from an entrance to Grand Traverse Mall. Its position places the building within a commercial area that includes many national tenants, while additional development is identified in the surrounding area. The property has a Walk Score of 20 and a Bike Score of 30, classified as Somewhat Bikeable.
Key Highlights
- 5,000‑square‑foot stand‑alone building with two 2,500‑square‑foot units
- 100% occupancy maintained for 20+ years
- NNN lease structures with CAM adjustable based on expenses
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
$61,824
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
5.15%
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%
$1,236,480
$1.2M
Cap Rate 7%
$883,200
$883.2K
Cap Rate 9%
$686,933
$686.9K
Market Conditions
NOI Build-Up for 5,000 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
$96.0K $19.20/SF
− Vacancy
−$7.7K −$1.54/SF
EGI
$88.3K $17.66/SF
− OpEx
−$26.5K −$5.30/SF
NOI
$61.8K $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%
$1,236,480
Cap Rate 7%
$883,200
Cap Rate 9%
$686,933
Alternative Uses
Best Use
Retail
$883.2K
$772.8K – $1.03M
NOI $61,824 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$950.4K – $1.27M
NOI $76,032 @ 7.0% cap · market cap 6.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
480
Businesses Nearby
543k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 26%
Dining 23%
Superstores 19%
Apparel 15%
Target
Superstores
104,507 visits/mo
0.3 miles
Chick-fil-A
Dining
38,043 visits/mo
0.4 miles
Dunham's Sports
Apparel
35,929 visits/mo
0.3 miles
The Home Depot
Home Improvements & Furnishings
35,694 visits/mo
0.4 miles
Dollar Tree
Shops & Services
31,789 visits/mo
0.5 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
NNN property - Stand-alone commercial property across from a Grand Traverse Mall entrance, surrounded by national tenants and ongoing development.
Where is this nnn property located?
The property is located at 3301 W South Airport Rd Traverse City, MI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 5,000‑square‑foot stand‑alone building with two 2,500‑square‑foot units; 100% occupancy maintained for 20+ years; NNN lease structures with CAM adjustable based on expenses
