Retail Building with Rear
New
For Sale
$459,000
721 W Blue Star Drive, Traverse City, MI 49685
Commercial, Traverse City, MI
Property Size1,650 SF
Lot Size0.58 Acres
Price / SF$278.18
Days on Market4
Property Features for 721 W Blue Star Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial
Parking features
Parking Lot
Exterior features
Steel
Lot features
Corner Lot
Directions
South East corner of the intersection of US 31 S and Blue Star Blvd.
Subdivision
Grand Traverse
Standard status
Active
Size
1,650 SF
Lot size
0.58 Acres
Additional Details
Corner Location
Yes
Taxes and HOA fees
Tax Description
LOT 9 BLUE STAR ESTATES.
Legal Description
LOT 9 BLUE STAR ESTATES.
Utilities
Water source
Private
Amenities
extra parking/yard area
rear storage area with sliding door
Building Details
Building materials
Frame
Roof type
Metal
Buildings
1
Listing Agency:
Three West, LLC
(231) 929-2955
Listed By:
Bill Somerville · License #6501400610
(231) 620-2128
Added: Nov 1
Changed: Nov 2
Last Checked: Nov 4 at 7:06AM
MLS# 1952168
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.
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Investment Insights
Based on property information with market context.
This 1,650-square-foot retail and office building sits on a 0.58-acre corner parcel. The updated frame building has steel exterior features, a metal roof, a rear storage area, and a sliding door for larger deliveries. A parking lot and additional yard area provide on-site vehicle space.
The property has 128 feet of frontage on US 31, where traffic exceeds 24,000 vehicles per day. A pylon sign is also present. Commercial General zoning allows retail, office, auto sales, personal and business services, and restaurant uses. Municipal sewer is available.
The property has 128 feet of frontage on US 31, where traffic exceeds 24,000 vehicles per day. A pylon sign is also present. Commercial General zoning allows retail, office, auto sales, personal and business services, and restaurant uses. Municipal sewer is available.
Key Highlights
- 1,650‑square‑foot retail/office building on 0.58 acres
- 128 feet of frontage on US 31; traffic exceeds 24,000 vehicles per day
- Commercial General zoning allows retail, office, auto sales, services, and restaurant uses
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
—
—
no second resolved use
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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
Balanced
Demand for This Use
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
Check the figures for this property
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?
Storefront property - Commercial General zoning supports retail, office, restaurant, auto sales, and service uses.
Where is this storefront property located?
The property is located at 721 W Blue Star Drive 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/office building on 0.58 acres; 128 feet of frontage on US 31; traffic exceeds 24,000 vehicles per day; Commercial General zoning allows retail, office, auto sales, services, and restaurant uses
