Retail Condo with
4000 EASTERN SKY DR, Traverse City, MI 49684
For Sale
New
Contact for pricing
An existing drive-through and on-site parking support retail, medical, or service uses.
Property Size3,320 SF
Price / SF$299.70
Days on Market6
Property Features for 4000 EASTERN SKY DR
General Information
Standard status
Size
Property subtype
Site & Location
Drive-Thru
Highway Access
Road Access
Additional Details
Property Use
Amenities
drive-thru
building signage
Building Details
Year Built
Listing Agency:
Advantage Commercial Real Estate
Listed By:
Cody Smith · License MI #6501443789
(248) 892-2634
Source:
Crexi
Added: Nov 5
Changed: Nov 10
Last Checked: Nov 10 at 7:09AM
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 Advantage Commercial Real Estate
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,320 SF retail condominium was built in 2005 and was formerly used as a pharmacy. The space includes an existing drive-through, building signage, and on-site parking, with multiple access points to the property.
The property is near US-31 and downtown Traverse City. Nearby businesses include Heartland Hospice, Fyzical Therapy & Balance, and Independent Bank.
The property is near US-31 and downtown Traverse City. Nearby businesses include Heartland Hospice, Fyzical Therapy & Balance, and Independent Bank.
Key Highlights
- 3,320 SF retail condominium
- Existing drive‑through
- Built in 2005; formerly operated as a pharmacy
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,051
Cap Rate
4.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$821,020
$821.0K
Cap Rate 7%
$586,443
$586.4K
Cap Rate 9%
$456,122
$456.1K
Market Conditions
NOI Build-Up for 3,320 SF
Gross rent
$63.7K $19.20/SF
− Vacancy
−$5.1K −$1.54/SF
EGI
$58.6K $17.66/SF
− OpEx
−$17.6K −$5.30/SF
NOI
$41.1K $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%
$821,020
Cap Rate 7%
$586,443
Cap Rate 9%
$456,122
Alternative Uses
Best Use
Retail
$586.4K
$513.1K – $684.2K
NOI $41,051 @ 7.0% cap · market cap 4.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$721.2K
$631.1K – $841.4K
NOI $50,485 @ 7.0% cap · market cap 5.07%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
357
Businesses Nearby
134k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 84%
Hotels & Casinos 14%
Shops & Services 2%
Meijer
Groceries
113,001 visits/mo
0.5 miles
Great Wolf Lodge
Hotels & Casinos
19,094 visits/mo
0.5 miles
Independent Bank
Shops & Services
2,231 visits/mo
0.1 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
$375,700
Median Home Value
Market
Average Price Trend$/SF for Retail space in Traverse City, MI
Properties on Market for Retail space in Traverse City
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Retail space - An existing drive-through and on-site parking support retail, medical, or service uses.
Where is this retail space located?
The property is located at 4000 EASTERN SKY DR Traverse City, MI.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 3,320 SF retail condominium; Existing drive‑through; Built in 2005; formerly operated as a pharmacy
