232 E State St, Unit A

For Sale

232 E State St, Unit A, Traverse City, MI 49684

This Traverse City property for sale is located at 232 E State St, Unit A. The general use of 232 E State St, Unit A is office and it incorporates 2,270 square feet of class A office space. The current listed sale price for 232 E State St, Unit A is $950,000. 232 E State St, Unit A is situated on a lot that is 0.14 acre in size.

Contacts

Kevin Endres, PE, SIOR, CCIM

Three West Commercial

Property Details

  • Property Type Office - General Office
  • Property Size 2,270 SF
  • Lot Size 0.14 Acre
  • Building Class A
  • Year Built 2025
  • Date Updated May 15, 2026
South side of E State St between Cass St and Park St.A rare opportunity to acquire a brand-new, Class A commercial condo in the heart of downtown Traverse City — fully occupied by a creditworthy financial institution tenant on a 10-year triple-net lease with two renewal options. Completed in February 2026, this purpose-built, ground-floor unit delivers immediate, stable cash flow with minimal landlord obligations and zero deferred maintenance, making it an ideal passive investment or 1031 exchange placement. Financials available with a signed NDA and proof of funds.
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Highlights

  • 10-year NNN lease commenced February 2026
  • 8.6% cap rate — compelling yield in today's market
  • Newly constructed in 2026 — no capital expenditure anticipated for decades
  • Two renewal options providing long-term income security

Attachments

Getting around

  • 84/100

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  • 85/100

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Location

  • City Traverse City, MI
  • Zip Code 49684

Points of Interest

  • ChargePoint

    0.23 miles

  • Shell

    0.38 miles

  • Blink

    0.68 miles

  • Speedway

    0.76 miles

  • Mobil

    0.92 miles

  • Mutual Service Station

    0.96 miles

  • Holiday

    1.47 miles

  • Pacific Pride

    1.62 miles

  • Traverse City Supercharger

    1.73 miles

  • Meijer

    1.73 miles

  • Lot N

    0.04 miles

  • Lot O

    0.10 miles

  • Larry C. Hardy Parking Garage

    0.12 miles

  • Lot R

    0.16 miles

  • Lot C

    0.16 miles

  • Lot Q

    0.17 miles

  • Lot G

    0.17 miles

  • Lot K

    0.18 miles

  • Lot D

    0.20 miles

  • Lot A

    0.21 miles

  • Park Place Hotel

    0.07 miles

  • The Whiting

    0.14 miles

  • Wellington Inn

    0.28 miles

  • Visit Up North Vacation Rentals

    0.40 miles

  • Hotel Indigo

    0.41 miles

  • Delamar Traverse City

    0.49 miles

  • Bayshore Resort

    0.81 miles

  • Grand Traverse Motel

    1.05 miles

  • Sierra Motel

    1.64 miles

  • Cambria Suites

    1.67 miles

  • Oryana Natural Foods Market

    0.41 miles

  • Family Fare

    1.00 miles

  • Toms Food Market

    1.09 miles

  • Edson Farms Market and Deli

    1.43 miles

  • Save-A-Lot

    1.61 miles

  • Oleson's

    1.66 miles

  • Meijer

    1.82 miles

  • Gordon Food Service

    2.09 miles

  • Coast Guard Exchange

    2.15 miles

  • Cherryland Center

    2.16 miles

Contact Listing Broker
Kevin Endres, PE, SIOR, CCIM

Three West Commercial

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