Retail Building with Beer
For Sale
$5,000,000
939 S US-31, Traverse City, MI 49685
Commercial, Traverse City, MI
Property Size11,900 SF
Lot Size1.47 Acres
Price / SF$420.17
Days on Market48
Property Features for 939 S US-31
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Commercial
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking
47
Parking features
Parking Lot
Exterior features
Block
Lot features
Corner Lot
Directions
NE Corner of Beitner and 31
Subdivision
Grand Traverse
Standard status
Active
Size
11,900 SF
Lot size
1.47 Acres
Taxes and HOA fees
Tax Description
COM SW SEC COR FOR POB TH N 400' TH E 250' TH S 400' TH W 250' TO POB SEC 4 T26N R11W HIGHWAY EASEMENT RECORDED 2004R-20155 SBC EASEMENT RECORDED 2004R-20156 PUBLIC UTILITY LINE EASEMENT - SEWER RECORDED 10-24-2005 2005R-24359
Legal Description
COM SW SEC COR FOR POB TH N 400' TH E 250' TH S 400' TH W 250' TO POB SEC 4 T26N R11W HIGHWAY EASEMENT RECORDED 2004R-20155 SBC EASEMENT RECORDED 2004R-20156 PUBLIC UTILITY LINE EASEMENT - SEWER RECORDED 10-24-2005 2005R-24359
Amenities
beer cave
walk-in commercial refrigeration
dedicated parking
Building Details
Building materials
Mobile pre-1976
Listing Agency:
Real Estate One Gaylord
(989) 448-8209
Listed By:
Gurpreet Singh
(347) 471-7184
Added: Sep 18
Changed: Oct 8
Last Checked: Nov 4 at 12:06PM
MLS# 1950714
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.
The retail property at 939 S US-31 contains 11,900 square feet on a 1.47-acre parcel. Interior features include a dedicated beer cave and walk-in commercial refrigeration, with a parking lot on site. Facility updates were completed in 2024, according to the seller.
The property fronts the US-31 corridor in Traverse City. The existing retail operation, GT Liquor, is offered separately from the land and building; its inventory is valued at closing. The described operation includes spirits and craft beer selections, specialty barrel picks, and DoorDash delivery.
The property fronts the US-31 corridor in Traverse City. The existing retail operation, GT Liquor, is offered separately from the land and building; its inventory is valued at closing. The described operation includes spirits and craft beer selections, specialty barrel picks, and DoorDash delivery.
Key Highlights
- 11,900‑square‑foot retail property on 1.47 acres
- Frontage on the US‑31 corridor at 939 S US‑31, Traverse City
- Dedicated beer cave and walk‑in commercial refrigeration
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$147,141
Cap Rate
2.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,942,820
$2.9M
Cap Rate 7%
$2,102,014
$2.1M
Cap Rate 9%
$1,634,900
$1.6M
Market Conditions
NOI Build-Up for 11,900 SF
Gross rent
$228.5K $19.20/SF
− Vacancy
−$18.3K −$1.54/SF
EGI
$210.2K $17.66/SF
− OpEx
−$63.1K −$5.30/SF
NOI
$147.1K $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%
$2,942,820
Cap Rate 7%
$2,102,014
Cap Rate 9%
$1,634,900
Alternative Uses
Best Use
Retail
$2.10M
$1.84M – $2.45M
NOI $147,141 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.59M
$2.26M – $3.02M
NOI $180,956 @ 7.0% cap · market cap 3.62%
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
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
211
Businesses Nearby
66k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 93%
Home Improvements & Furnishings 7%
McDonald's
Dining
22,834 visits/mo
0.2 miles
Burger King
Dining
20,721 visits/mo
0.2 miles
Taco Bell
Dining
17,365 visits/mo
0.3 miles
Ace Hardware
Home Improvements & Furnishings
4,604 visits/mo
0.2 miles
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
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Retail space - Retail space along the US-31 corridor includes on-site parking and dedicated cold-storage features.
Where is this retail space located?
The property is located at 939 S US-31 Traverse City, MI.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: 11,900‑square‑foot retail property on 1.47 acres; Frontage on the US‑31 corridor at 939 S US‑31, Traverse City; Dedicated beer cave and walk‑in commercial refrigeration
