274 Us-31Traverse City, MI 49685

Property Details for 274 Us-31

Year built

1983

Lot size

2.90 AC

Property size (Sq ft)

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.

Location Insight

City

Traverse City

County

Grand Traverse

State

Michigan

Latitude

44.6908

Longitude

-85.6556

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