274 Us-31 Traverse City, MI 49685
- Retail properties
- 8,250 SF
- 2.90 lot acres
Current Use by Public Records
- Retail properties
Property Details for 274 Us-31
- Year built
- 1983
- Lot size
- 2.90 lot acres
- Property size
- 8,250 SF
- Property type
- Retail properties
- Property subtype
- Retail space
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Traverse City
- County
- Grand Traverse
- State
- Michigan
- Longitude
- -85.6556
- Latitude
- 44.6908
