Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    4290 Us-31 Traverse City, MI 49686

    • Retail properties
    • 15,682 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 4290 Us-31

    Property size
    15,682 SF
    Property type
    Retail properties
    Property subtype
    Land

    Description

    This exceptional 1.5-acre commercial property in Traverse City, Michigan, presents a remarkable redevelopment opportunity. Located at 4290 US-31 N, this high-visibility site boasts incredible unobstructed views of Grand Traverse Bay. Situated on a busy commercial corridor, the property benefits from its proximity to major roadways and high traffic counts. Currently featuring a 15,682 square foot building (size to be verified by buyer), the property includes two driveways and ample parking. The existing structure offers flexibility

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.5303
    Latitude
    44.8474

    Comparable in this City

    • Value Estimation by Request
      22,520 SF

      4290 Us-31

      Land • 22,520 SF
      4290 Us-31, Traverse City, MI 49686
      View Details
    • Value Estimation by Request
      1,445 SF

      322 Front St

      Land • 1,445 SF
      322 Front St, Traverse City, MI 49686
      View Details
    • Value Estimation by Request
      1,656 SF

      324 Front St

      Land • 1,656 SF
      324 Front St, Elmwood Charter Township, MI 49686
      View Details
    • Value Estimation by Request
      1,173 SF

      1990 Us-31

      Lifestyle centers • 1,173 SF
      1990 Us-31, Traverse City, MI 49686
      View Details
    • Value Estimation by Request
      0.63 Acres

      1040 Front St

      Individual retail properties • 1,864 SF
      1040 Front St, Traverse City, MI 49686
      View Details
    • Value Estimation by Request
      1,216 SF

      1321 South Airport Rd

      Retail properties • 1,216 SF
      1321 South Airport Rd, Traverse City, MI 49686
      View Details

    Similar Nearby for Sale

    • $1,299,000
      0.63 Acres

      Traverse City Mixed-Use Redevelopment

      Prime US-31 location, 0.63 acres, high visibility.
      1040 Front St, Traverse City, MI 49686
      View Details
    • $730,000
      10.35 Acres

      Land with Bay Frontage Access

      10 acres near Traverse City with shared bay access.
      19801 Eagle Rise Rd, Traverse City, MI 49686
      View Details
    • Contact for pricing
      0.32 Acres

      Wooded Lot on Old Mission

      Wooded lot near Haserot Beach in Traverse City, MI.
      00 Grand St Traverse St, Traverse City, MI 49686
      View Details
    • $2,950,000
      8.04 Acres

      Traverse City Development Land

      8.04 Acres, 84-Unit Potential
      0 Garfield Woods Dr, Traverse City, MI 49686
      View Details
    • $1,000,000
      1.74 Acres

      Mitten Drive Commercial Land

      1.74 Acres, Prime Airport Location
      0 Tbd Mitten Dr, Traverse City, MI 49686
      View Details
    • $499,000

      Land For Sale

      Land available for sale.
      Nelson Rd, Traverse City, MI 49686
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      14,075 SF

      Downtown Traverse City Office Space

      Prime Office Space, River Views, Flexible Lease
      415 Front St, Traverse City, MI 49686
      View Details
    • Contact for pricing
      7,047 SF

      Traverse City Retail Space Available

      High-traffic retail space, 1,361 sq ft available.
      1288 South Airport Rd, Traverse City, MI 49686
      View Details
    • $1,350 /Mo
      1,625 SF

      Woodmere Avenue Retail/Office Space

      Affordable retail or office space near downtown Traverse City.
      717 Woodmere Ave, Traverse City, MI 49686
      View Details
    • $2,400 /Mo
      1,782 SF

      Traverse City Retail Space Available

      Retail space in Traverse City with high visibility and signage.
      1326 S Airport Rd, Traverse City, MI 49686
      View Details
    • New
      $1,750 /Mo
      1,473 SF

      Traverse City Retail/Service Space

      Freestanding building suitable for retail or service business.
      836 Hastings St, Traverse City, MI 49686
      View Details
    • $6 SF/Yr
      62,730 SF

      Cherryland Center Retail Space

      Traverse City Power Center: 3 spaces available
      1776 Garfield Ave, Traverse City, MI 49686
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    4290 Us-31
    Traverse City, MI 49686
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!