Corner Mixed-Use
New
For Sale
$459,000
721 W Blue Star Dr, Traverse City, MI 49685
An updated retail and office property offers rear storage, delivery access, and additional outdoor space.
Property Size1,650 SF
Price / SF$278.18
Days on Market7
Property Features for 721 W Blue Star Dr
General Information
Standard status
Active
Size
1,650 SF
Property subtype
Commercial
Zoning
Commercial General
Site & Location
Frontage
128 ft
Corner Location
Yes
Pylon Signage
Yes
Traffic Count
24,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Property Use
Retail / Office
Amenities
extra parking/yard area
rear storage area with sliding door
Building Details
Year Built
1983
Buildings
1
Building Size
1,650 SF
Listing Agency:
Three West, LLC
Listed By:
Bill Somerville · License #6501400610
(231) 620-2128
Source:
Metrodetroithomeguide
Added: Oct 31
Changed: Nov 4
Last Checked: Nov 4 at 1:16PM
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 Three West, LLC
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Investment Insights
Based on property information with market context.
The corner property contains a 1,650-square-foot retail and office building built in 1983. Updates have been made to the building, which includes rear storage with a sliding door for larger deliveries, along with extra parking and yard area. Commercial General zoning supports a range of uses, including retail, office, auto sales, personal and business services, and restaurant use.
The site fronts US 31, where traffic exceeds 24,000 vehicles per day, and includes a pylon sign. Municipal sewer is available. The property is located in a retail corridor described as growing.
The site fronts US 31, where traffic exceeds 24,000 vehicles per day, and includes a pylon sign. Municipal sewer is available. The property is located in a retail corridor described as growing.
Key Highlights
- 1,650‑square‑foot retail and office building, built in 1983
- Corner parcel with 128 feet of frontage on US 31
- US 31 traffic exceeds 24,000 vehicles per day
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,402
Cap Rate
4.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$408,040
$408.0K
Cap Rate 7%
$291,457
$291.5K
Cap Rate 9%
$226,689
$226.7K
Market Conditions
NOI Build-Up for 1,650 SF
Gross rent
$31.7K $19.20/SF
− Vacancy
−$2.5K −$1.54/SF
EGI
$29.1K $17.66/SF
− OpEx
−$8.7K −$5.30/SF
NOI
$20.4K $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%
$408,040
Cap Rate 7%
$291,457
Cap Rate 9%
$226,689
Alternative Uses
Best Use
Retail
$291.5K
$255.0K – $340.0K
NOI $20,402 @ 7.0% cap · market cap 4.44%
Second Best
Mixed Use
$201.1K
$176.0K – $234.6K
NOI $14,077 @ 7.0% cap · market cap 3.07%
Theoretical Best
Office A
$358.4K
$313.6K – $418.2K
NOI $25,091 @ 7.0% cap · market cap 5.47%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
24,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
131
Businesses Nearby
Explore this area
Business Placement
Demographics for 49685, MI
20,856
Population
9,395
Households
2.2
Avg Household Size
40
Median Age
38%
College-Educated
95%
High-School Grad
54.2 sq mi
ZIP Area
385
Density / Sq Mi
$82,639
Median Household Income
$45,783
Median Earnings
$1,338
Median Rent
$309,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - An updated retail and office property offers rear storage, delivery access, and additional outdoor space.
Where is this mixed-use property located?
The property is located at 721 W Blue Star Dr Traverse City, MI.
What is the asking price?
The asking price for this property is $459,000.
What are key features of this property?
This property features: 1,650‑square‑foot retail and office building, built in 1983; Corner parcel with 128 feet of frontage on US 31; US 31 traffic exceeds 24,000 vehicles per day
