Commercial Condo Retail/Office
For Sale
$854,000
C-232 E State St, Traverse City, MI 49684
Newly constructed commercial condo offers 2,849 SF of retail or professional office space.
Property Size2,849 SF
Price / SF$299.75
Days on Market161
Property Features for C-232 E State St
General Information
Standard status
Active
Size
2,849 SF
Building Details
Year Built
2025
Listing Agency:
Three West, LLC
Listed By:
Kevin Endres · License #6505352968
(231) 534-5225
Source:
Exprealty
Added: May 12
Changed: Oct 8
Last Checked: Oct 19 at 12:35PM
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
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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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,227
Cap Rate
4.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$704,540
$704.5K
Cap Rate 7%
$503,243
$503.2K
Cap Rate 9%
$391,411
$391.4K
Market Conditions
NOI Build-Up for 2,849 SF
Gross rent
$54.7K $19.20/SF
− Vacancy
−$4.4K −$1.54/SF
EGI
$50.3K $17.66/SF
− OpEx
−$15.1K −$5.30/SF
NOI
$35.2K $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%
$704,540
Cap Rate 7%
$503,243
Cap Rate 9%
$391,411
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 authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,080
Businesses Nearby
Explore this area
Business Placement
Demographics for 49684, MI
22,025
Population
10,959
Households
2
Avg Household Size
49
Median Age
46%
College-Educated
96%
High-School Grad
52.8 sq mi
ZIP Area
417
Density / Sq Mi
$75,678
Median Household Income
$39,553
Median Earnings
$1,216
Median Rent
$375,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - Newly constructed commercial condo offers 2,849 SF of retail or professional office space.
Where is this office unit 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
