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    274 Us-31 Traverse City, MI 49685

    Sponsored
    For Sale
    $2,175,000

    High-Visibility Retail Space, Excellent Location

    Property size:
    8,250 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This 8,250-square-foot retail storefront, situated on a 2.9-acre parcel in Traverse City, Michigan, presents a compelling investment opportunity. Boasting 414 feet of frontage on heavily trafficked US-31 South (24,758 cars daily in 2022) and an additional 304 feet on Sundowner Drive, this property offers unparalleled visibility. The building, constructed in 1983 and recently remodeled, features a large open floor plan, a 1,146-square-foot second-level mezzanine for offices, and four 14' x 14' overhead doors at the rear. The 16-foot ceiling height provides ample space, and abundant parking is available, along with extensive room for outdoor displays. Currently leased to two tenants generating $158,244 in annual net-net-net (NNN) rental income, the property is zoned commercial and offers the potential for owner-occupancy or leasing to a new tenant, as one tenant is vacating and the other is relocatable. The property's location, size, and high visibility make it an ideal investment for a variety of retail businesses. The asking price is $2,175,000, with a price per square foot of $263.64. The property's APN is 05-033-010-22.

    Property Features for 274 Us-31

    General Information

    Property type
    Individual retail properties
    Square Feet
    8,250 SF
    Lot Size
    126,324 SF

    Building Details

    Year Built
    1983

    HighLights

    • High visibility location.
    • 414 feet of US‑31 frontage.
    • 16‑foot ceiling height.
    • Four (4) 14' x 14' overhead doors.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Map

    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.6556148
    Latitude
    44.690817

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    FAQs

    What type of property is this?
    Individual retail property - High-Visibility Retail Space, Excellent Location
    Where is this individual retail property located?
    The property is located at 274 Us-31 Traverse City, MI.
    What is the asking price?
    The asking price for this property is $2,175,000.
    What are key features of this property?
    This property features: High visibility location.; 414 feet of US-31 frontage.; 16-foot ceiling height.
    Request Owner's contact information
    274 Us-31 Traverse City, MI 49685
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    274 Us-31 Traverse City, MI 49685
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