232 E State St, Unit A

For Sale

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

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.

Key features

  • 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

Building Details

  • For Sale $950,000
  • Property Type Office - General Office
  • Property Size 2,270 SF
  • Lot Size 0.14 Acre
  • Additional Rent Price on request
  • Building Class A
  • Year Built 2025
  • Date Updated Aug 20, 2026
View Attachment
Want more info on this listing?

Reach out to the broker for more info on lease terms and amenities

Contacts

Kevin Endres, PE, SIOR, CCIM

Three West Commercial

Location

  • City Traverse City, MI
  • Zip Code 49684
  • Walk score 84/100 Very Walkable
  • Bike score 85/100 Very Bikeable
Powered by Walk Score ®

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

Xtreme Clean Auto Wash

1.70 miles

Shell

2.26 miles

Wash-n-Go

2.73 miles

Green Mitt

4.11 miles

1st Choice Car Wash

4.66 miles

Wash-N-Go

6.32 miles

Playa Bowls

0.02 miles

Cousin Jenny's

0.03 miles

Thirsty Fish Sports Grille

0.04 miles

The Towne Plaza

0.06 miles

Minerva's

0.08 miles

The Omelette Shoppe

0.09 miles

Slate

0.10 miles

Park Street Cafe

0.10 miles

Sorellina

0.10 miles

U & I Lounge

0.10 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

Thompson Pharmacy

0.26 miles

Traverse City Fire Station #1

0.61 miles

Michigan State Police - Traverse City Post

0.79 miles

Grand Traverse County Sheriff Department

0.95 miles

Sergeant Dennis W. Finch Law Enforcement Center

0.96 miles

Traverse City Police Department

0.96 miles

Sixth Street Drugs

1.05 miles

Munson Medical Center

1.15 miles

Planned Parenthood

1.32 miles

Traverse City Fire Station #2

1.51 miles

Listing Summary

  • What is the asking price at 232 E State St, Unit A?

    232 E State St, Unit A is currently listed for sale at Price on request.

  • What is the total size of 232 E State St, Unit A?

    232 E State St, Unit A has a total of 2,270 square feet.

  • What is the year built for 232 E State St, Unit A?

    The year built for 232 E State St, Unit A is 2025.

Contact Kevin Endres, PE, SIOR, CCIM
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.