Stand-Alone NNN
New
For Sale
$1,200,000
3301 W S Airport Road, Traverse City, MI 49684
Commercial, Traverse City, MI
Property Size4,992 SF
Lot Size0.95 Acres
Price / SF$240.38
Days on Market1
Property Features for 3301 W S Airport Road
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Commercial
Parking features
Parking Lot
Exterior features
Vinyl, Brick
Lot features
Business Park
Directions
From downtown Traverse City, take Division Street south. Left on South Airport Road. Building is approximately 1/4 mile on the right.
Subdivision
Grand Traverse
Standard status
Active
Size
4,992 SF
Lot size
0.95 Acres
Taxes and HOA fees
Tax Description
UNIT NO. 6 GRAND TRAVERSE COMMERCE CENTRE CONDOMINIUMS AS RECORDED IN LIBER 1010 PAGES 056-105. GRAND TRAVERSE CONDOMINIUM SUBD NO. 64
Legal Description
UNIT NO. 6 GRAND TRAVERSE COMMERCE CENTRE CONDOMINIUMS AS RECORDED IN LIBER 1010 PAGES 056-105. GRAND TRAVERSE CONDOMINIUM SUBD NO. 64
Building Details
Building materials
Frame
Roof type
Asphalt
Listing Agency:
The Mitten Real Estate Group
(231) 421-1970
Listed By:
Cindy Dyksterhouse
(231) 357-7812
Added: Sep 11
Last Checked: Sep 11 at 2:06PM
MLS# 1950437
Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This stand-alone storefront property occupies a 0.95-acre site and includes a frame building with vinyl and brick exterior elements, an asphalt roof, and a dedicated parking lot. The property is configured for two retail units, though reported building-size figures conflict and are not included here.
The building sits across from an entrance to Grand Traverse Mall in Traverse City, with exposure to vehicles leaving the mall. The surrounding commercial area includes many national tenants and ongoing development activity. The property has maintained 100% occupancy for 20+ years, with NNN lease structures and CAM adjustments based on expenses. The reported cap rate is 8%.
The building sits across from an entrance to Grand Traverse Mall in Traverse City, with exposure to vehicles leaving the mall. The surrounding commercial area includes many national tenants and ongoing development activity. The property has maintained 100% occupancy for 20+ years, with NNN lease structures and CAM adjustments based on expenses. The reported cap rate is 8%.
Key Highlights
- Across from a Grand Traverse Mall entrance
- 0.95‑acre site in Traverse City
- 100% occupancy maintained for 20+ years
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
$61,725
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
5.14%
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%
$1,234,500
$1.2M
Cap Rate 7%
$881,786
$881.8K
Cap Rate 9%
$685,833
$685.8K
Market Conditions
NOI Build-Up for 4,992 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
$95.8K $19.20/SF
− Vacancy
−$7.7K −$1.54/SF
EGI
$88.2K $17.66/SF
− OpEx
−$26.5K −$5.30/SF
NOI
$61.7K $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%
$1,234,500
Cap Rate 7%
$881,786
Cap Rate 9%
$685,833
Alternative Uses
Best Use
Retail
$881.8K
$771.6K – $1.03M
NOI $61,725 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.08M
$948.9K – $1.27M
NOI $75,910 @ 7.0% cap · market cap 6.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
480
Businesses Nearby
543k
Monthly Visits Nearby
Balanced
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Storefront property - Stand-alone retail building with NNN leases, parking, and positioning across from a Grand Traverse Mall entrance.
Where is this storefront property located?
The property is located at 3301 W S Airport Road 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: Across from a Grand Traverse Mall entrance; 0.95‑acre site in Traverse City; 100% occupancy maintained for 20+ years
