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    274 N Us Highway 31 S Traverse City, MI 49685
    Property profile & analytics

    274 N Us Highway 31 S Traverse City, MI 49685

    View on Map
    • Super regional malls
    • 7,104 SF
    • 2.90 lot acres
    For Sale
    $1,985,000
    View Listing →
    Traverse City Retail Building on US-31 For Sale
    $1,985,000
    8,250 SF

    Traverse City Retail Building on US-31

    Highly visible retail building with frontage on US-31.

    274 US-31, Traverse City, MI 49685
    View Listing
    Property ID
    US43-2408014
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Super regional malls

    Property Details for 274 N Us Highway 31 S

    Year built
    1983
    Lot size
    2.90 lot acres
    Property size
    7,104 SF
    Property type
    Super regional malls
    Property subtype
    Shopping centers
    APN
    05-033-010-22
    APU
    503301022

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.6557
    Latitude
    44.6904
    CBSA code
    45900
    CBSA name
    TRAVERSE CITY, MI MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $7,950
    $0.00
    $0.00
    $326,300
    -
    $0.00
    $0.00
    $567,273

    Comparable in this City

    • Value Estimation by Request
      3,456 SF

      1788 M 37

      REGIONAL SHOPPING CENTER, MALL • 3,456 SF
      1788 M 37, Traverse City, MI 49685-8743
      View Details
    • Value Estimation by Request
      9,840 SF

      4106 Us Hwy 31st S

      REGIONAL SHOPPING CENTER, MALL • 9,840 SF
      4106 Us Hwy 31st S, Traverse City, MI 49685-9228
      View Details
    • Value Estimation by Request
      13,440 SF

      228 Us Hwy 31st S

      REGIONAL SHOPPING CENTER, MALL • 13,440 SF
      228 Us Hwy 31st S, Traverse City, MI 49685-7922
      View Details
    • Value Estimation by Request
      20,836 SF

      2668 M 37

      REGIONAL SHOPPING CENTER, MALL • 20,836 SF
      2668 M 37, Traverse City, MI 49685-9187
      View Details
    • Value Estimation by Request
      4,340 SF

      3910 Rennie School Rd

      REGIONAL SHOPPING CENTER, MALL • 4,340 SF
      3910 Rennie School Rd, Traverse City, MI 49685-9169
      View Details
    • Value Estimation by Request
      19,644 SF

      611 Olesons Commerce Dr

      REGIONAL SHOPPING CENTER, MALL • 19,644 SF
      611 Olesons Commerce Dr, Traverse City, MI 49685-8047
      View Details

    Similar Nearby for Sale

    • $1,985,000
      8,250 SF

      Traverse City Retail Building on US-31

      Highly visible retail building with frontage on US-31.
      274 Us Highway 31, Traverse City, MI 49685
      View Details
    • New
      $799,000
      3,840 SF

      High-Visibility Corner Lot on US-31

      Corner lot with high traffic, ideal for commercial uses.
      305 S Us Highway 31, Traverse City, MI 49685
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    • Contact for pricing
      1,200 SF

      M-37 Round About Barns

      Unique commercial buildings, ready for owner utilization.
      3042 Luxury Barn Ln, Traverse City, MI 49685
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    • $1,200,000
      6.55 Acres

      Development-Ready Land on US 31

      Prime investment opportunity with high traffic and development potential.
      135 Us-31 S, Traverse City, MI 49685
      View Details
    • $1,985,000
      8,250 SF

      Traverse City Retail/Warehouse Opportunity

      Highly visible retail/warehouse on 2.89 acres with high traffic count.
      274 N Us Highway 31 S, Traverse City, MI 49685
      View Details

    Similar Nearby for Lease

    • $2,250 /Mo
      3,200 SF

      Traverse City Retail/Office Space

      Large clearspan retail/office space with ample parking.
      905 Woodmere Ave, Traverse City, MI 49685
      View Details
    • $2,000 /Mo
      1,600 SF

      Retail/Office Space on US-31

      Versatile retail or office space with high visibility and parking.
      308 S Us-31, Traverse City, MI 49685
      View Details
    • New
      $7,950 /Mo
      11,440 SF

      Traverse City Warehouse/Retail Facility

      11,440 SF warehouse, workshop, and office space for lease.
      1555 S M-37, Traverse City, MI 49685
      View Details
    • $9,850 /Mo
      8,250 SF

      Traverse City Retail/Warehouse Space

      Highly visible retail/warehouse space with frontage on US 31 South.
      274 N Us Highway 31 S, Traverse City, MI 49685
      View Details
    • $895 /Mo
      843 SF

      Traverse City Commercial Space For Lease

      Unique opportunity in a cooperative environment with vibrant modern business setting.
      7738 N Long Lake Rd, Traverse City, MI 49685
      View Details
    View Listing
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    Traverse City, MI 49685
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    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
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    274 N Us Highway 31 S, Traverse City, MI, 49685
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