Commercial Condo Retail/Office
C-232 E State St Traverse City, MI 49684
C-232 E State St, Traverse City, MI, 49684
$854,000
For Sale
$854,000
Newly constructed commercial condo offers 2,849 SF of retail or professional office space.
Property Size2,849 SF
Price / SF$299.75
Days on Market71
Property Features for C-232 E State St
General Information
- Standard status
- Active
- Size
- 2,849 SF
Listing agency
Three West, LLC
(231) 534-5225
Listed by
Kevin Endres · License #6505352968
(231) 534-5225
Source
Exprealty
Added: May 12 Updated: Jul 20 at 6:51PM Checked: Jul 20 at 6:51PM
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
Investment Insights
Based on property information with market context.
This 2,849 SF commercial condo space was constructed in 2025 and is currently offered for sale as a flexible retail or professional office location. The layout supports tenant buildout to accommodate either retail merchandising or office use.
Located downtown in Traverse City, Michigan, the property is positioned for strong street-level presence as a retail/office asset in the heart of the market.
Offered at 2,849 SF, the space provides a defined, condo-style footprint for an owner-occupant or investor looking for a newly built downtown commercial unit.
Located downtown in Traverse City, Michigan, the property is positioned for strong street-level presence as a retail/office asset in the heart of the market.
Offered at 2,849 SF, the space provides a defined, condo-style footprint for an owner-occupant or investor looking for a newly built downtown commercial unit.
Key Highlights
- Newly constructed commercial condo with 2,849 SF of space for retail or professional office use
- Constructed in 2025
- Downtown Traverse City, Michigan retail/office opportunity
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 | $54.7k | $19.20 |
| − Vacancy | −$4.4k | −$1.54 |
| EGI | $50.3k | $17.66 |
| − OpEx | −$15.1k | −$5.30 |
| NOI | $35.2k | $12.36 |
2,849 SF · lease $19.20/SF/yr · vacancy 8.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$503.2K
$440.3K – $587.1K
NOI $35,227 @ 7.0% cap · market cap 4.12%
Second Best
Office B
$435.9K
$381.4K – $508.6K
NOI $30,513 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$618.9K
$541.5K – $722.1K
NOI $43,323 @ 7.0% cap · market cap 5.07%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Office Units
Similar For Sale Nearby
FAQs
What type of property is this?
Office units - Newly constructed commercial condo offers 2,849 SF of retail or professional office space.
Where is this office units located?
The property is located at C-232 E State St Traverse City, MI.
What is the asking price?
The asking price for this property is $854,000.
What are key features of this property?
This property features: Newly constructed commercial condo with 2,849 SF of space for retail or professional office use; Constructed in 2025; Downtown Traverse City, Michigan retail/office opportunity
