Traverse City Retail Building on
274 US-31, Traverse City, MI 49685
Highly visible retail building with frontage on US-31.
Type:Retail
Property size:
8,250 SFLot size:
2.89 AcresPrice / SF:
$240/SF- Added:
- Jan 12, 2024
- Days on Market:
- 868
- Last Refresh:
- May 12 at 8:37 pm
Property Features for 274 US-31
General Information
- Standard status
- Active
- Size
- 8,250 SF
- Lot size
- 2.89 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 1983
Listing agent David Frost License #MI
Listing office Three West LLC
Listing date Jan 12, 2024
Source Crexi
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
HighLights
- High‑visibility location with 414 feet of frontage on US 31 South and 304 feet on Sundowner Drive.
- Significant income potential: Currently leased for $158,244 NNN annually.
- Large 8,250 Sq Ft retail building with remodeled interior.
- Excellent accessibility with easy ingress/egress on US‑31.
- Ample parking and tremendous space for outside display.
- Four 14’ X 14’ overhead doors and 16’ ceiling height suitable for various uses.
Overview
This highly visible retail building is situated on a 2.89-acre parcel with 414 feet of frontage on US 31 South and 304 feet on Sundowner Drive. The building offers 7,104 square feet of retail space with an additional 1,146 square feet on the second level, totaling 8,250 square feet. It features four 14’ x 14’ overhead doors in the rear and a 16’ ceiling height. Mezzanine offices overlook the sales floor. The property has been remodeled and provides ample parking with space for outside display. Located on US 31 South, the property benefits from high traffic, with 24,758 cars per day recorded in 2022. The property is currently leased to two tenants, generating an annual rental income of $158,244 NNN. One tenant is leaving, and the other can be moved, making the property ready for a new tenant or owner-occupied use.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $158.4k | $19.20 |
| − Vacancy | −$12.7k | −$1.54 |
| EGI | $145.7k | $17.66 |
| − OpEx | −$43.7k | −$5.30 |
| NOI | $102.0k | $12.36 |
8,250 SF · lease $19.20/SF/yr · vacancy 8.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.46M
$1.28M – $1.70M
NOI $102,010 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,453 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Retail space
Location Insight
- Map
- Local Demand
- City
- Traverse City
- County
- Grand Traverse
- State
- Michigan
- Longitude
- -85.657938
- Latitude
- 44.682153
Nearby Similar for Sale
FAQs
What type of property is this?
Retail space - Highly visible retail building with frontage on US-31.
Where is this retail space located?
The property is located at 274 US-31 Traverse City, MI.
What is the asking price?
The asking price for this property is $1,985,000.
What are key features of this property?
This property features: High‑visibility location with 414 feet of frontage on US 31 South and 304 feet on Sundowner Drive.; Significant income potential: Currently leased for $158,244 NNN annually.; Large 8,250 Sq Ft retail building with remodeled interior.
