Updated Condo with Attached
1278 Terrace Bluff Drive Traverse City, MI 49686
For Sale
$395,000
Pending
CONDOS - Traverse City, MI
Property Size2,435 SF
Days on Market154
Property Features for 1278 Terrace Bluff Drive
General Information
Property type
Residential
Property subtype
Duplex
Zoning
Residential,Deed Restrict
Bedrooms
3
Bathrooms
3
Rooms
Dining Room, Bedroom 1, Bathroom 3, Bedroom 3, Family Room, Bedroom 2, Bathroom 2, Bathroom 1
Patio and Porch features
Deck
Interior features
Cathedral Ceilings, Foyer Entrance, Pantry, Drywall
Exterior features
Deck, Landscaped
Appliances
Refrigerator, Oven/Range, Dishwasher, Microwave, Blinds, Smoke Alarms(s)
Standard status
Pending
Size
2,435 SF
Taxes and HOA fees
Tax Description
UNIT NO.24 TERRACE ESTATES GRAND TRAVERSE COUNTY CONDOMINIUM SUBDIVISION PLAN NO. 125 SECTION 14 T27N R11W.
Building Details
Year built
2003
Floors in Building
1
Building materials
Frame
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Social Realty, LLC
(231) 392-9445
Listed By:
William Kaupas
(231) 392-9445
Added: Feb 25
Changed: Jul 11
Last Checked: Jul 29 at 6:06PM
MLS# 1942500
Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Freshly updated and move-in ready condominium in Terrace Estates featuring an open floor plan with 3 bedrooms and 3 bathrooms. The home includes main-level bedrooms and laundry, central air, and outdoor deck/porch space. A finished lower level adds flexible living area that can support a family room, office, gym, or guest space, and there is an attached 2-car garage.
Located in Traverse City, this condo is described as close to town and everyday essentials, with convenient access to shopping and dining. The HOA includes key services such as grounds and snow removal.
Recent updates noted include fully repainted interior and updated bathrooms. The kitchen is described as solid-surface with an easy everyday layout suitable for low-maintenance living within the community.
Located in Traverse City, this condo is described as close to town and everyday essentials, with convenient access to shopping and dining. The HOA includes key services such as grounds and snow removal.
Recent updates noted include fully repainted interior and updated bathrooms. The kitchen is described as solid-surface with an easy everyday layout suitable for low-maintenance living within the community.
Key Highlights
- 3‑bedroom, 3‑bath condo with 2,435 finished SF (1,284 above grade + 1,151 finished lower level)
- Open floor plan with solid‑surface kitchen counters and a main‑level layout
- Attached 2‑car garage plus main‑level laundry and bedrooms
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $43.8k | $18.00 |
| − Vacancy | −$1.8k | −$0.72 |
| EGI | $42.1k | $17.28 |
| − OpEx | −$18.9k | −$7.78 |
| NOI | $23.1k | $9.50 |
2,435 SF · lease $18.00/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$330.6K
$289.3K – $385.7K
NOI $23,142 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$529.0K
$462.9K – $617.1K
NOI $37,028 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Residential income property - Freshly updated 3-bedroom condo with 3 bathrooms, an attached 2-car garage, and a finished lower level.
Where is this residential income property located?
The property is located at 1278 Terrace Bluff Drive Traverse City, MI.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: 3‑bedroom, 3‑bath condo with 2,435 finished SF (1,284 above grade + 1,151 finished lower level); Open floor plan with solid‑surface kitchen counters and a main‑level layout; Attached 2‑car garage plus main‑level laundry and bedrooms
