Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1638-1640 S Garfield Ave Traverse City, MI 49686

    Sponsored
    For Sale
    $245,000

    multifamily - TRAVERSE CITY, MI

    Property size:
    1,560 SF
    Lot size:
    0.35 Acres
    Days on Market:
    7
    Last Refresh:
    Feb 6 at 5:06 pm

    Property Features for 1638-1640 S Garfield Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Interior features
    CABLE TV, DSL, REFRIGERATOR, OVEN/RANGE, OVEN/RANGE, OVEN/RANGE, WIFI, HIGH SPEED INTERNET
    Size
    1,560 SF
    Lot size
    0.35 Acres

    Utilities

    Utilities
    Cable Available
    Heating system
    Baseboard, Natural Gas

    Building Details

    Year built
    1969
    Roof type
    Membrane
    Architectural style
    Other

    We can help!

    Listing Contact
    Mark Hagan
    Mark Hagan

    Coldwell Banker Schmidt Family Of Companies

    Listing agent Mark Hagan (866) 603-5140

    Listing date Jan 31, 2026

    MLS# 1941570 Listing URL

    Copyright © 2026 Coldwell Banker Schmidt REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Traverse City Duplex Investment Opportunity

    This ranch-style duplex in Traverse City, Michigan, presents an investment opportunity. The property features two identical units situated on a 0.35-acre lot, offering potential for interior renovations and outdoor improvements. With a consistent rental history, this property is an income-generating asset. The building size is 1560 square feet. The property is located close to amenities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Real Estate Agency Law Firm Dental Office Spa & Massage Center Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.595764
    Latitude
    44.737956

    Nearby Similar for Sale

    • $4,240,000
      11,807 SF

      Traverse City Bed & Breakfast

      Legacy property with 9 bedrooms, 15 bathrooms, and carriage house.
      230 Wellington St, Traverse City, MI 49686
      View Details
    • $3,500,000
      10,404 SF

      Four-Season Resort in Traverse City

      40-acre resort with lodging, dining, recreation, and event hosting.
      6841 Brown Bridge Rd, Traverse City, MI 49696
      View Details
    • $1,250,000
      5,545 SF

      Traverse City Adult Foster Care

      Adult foster care/nursing home with 12 private bedrooms included.
      5840 Culver Rd, Traverse City, MI 49685
      View Details
    • $1,400,000
      5,064 SF

      Historic Traverse City Building For Sale

      Unique stand-alone building in prime location, ideal for business or living.
      601 Randolph St, Traverse City, MI 49684
      View Details
    • $1,240,500
      3,000 SF

      Traverse City Investment Opportunity

      Six fully rented condo units near downtown Traverse City.
      918 W Front St, Traverse City, MI 49684
      View Details
    • $6,500,000
      127.90 Acres

      Old Mission Peninsula Working Farm

      126+ acre farm with equestrian barn and water frontage.
      3619 Tompkins Rd, Traverse City, MI 49686
      View Details
    • $6,500,000
      127.90 Acres

      Working Farm on Old Mission

      126+ acre Traverse City farm with private water frontage.
      3619 Tompkins Rd + Eagle Rise Rd, Traverse City, MI 49686
      View Details
    • $949,900
      4,608 SF

      Traverse City Commercial Real Estate Opportunity

      Commercial real estate with established business, live-work space, and road frontage.
      6375 E Traverse Hwy, Traverse City, MI 49684
      View Details
    • $1,350,000
      3,500 SF

      Downtown Traverse City Development Parcel

      Development parcel in Downtown Traverse City with flexible commercial zoning.
      120 Park St, Traverse City, MI 49684
      View Details
    • $149,900
      1,200 SF

      Storage Condo in Traverse City

      Unique storage condo featuring craftsman construction and modern amenities.
      3054 Lucky Dog Ln, Traverse City, MI 49685
      View Details
    • $795,000
      68.18 Acres

      Iconic Fruit Farm on Peninsula

      68+ acre fruit farm on Old Mission Peninsula.
      3089 Swaney Rd, Traverse City, MI 49686
      View Details
    • $122,900
      1,200 SF

      Unique Storage Condo Opportunity

      Customizable storage condos in Traverse City, ready for utilization.
      3032 Luxury Barn Ln, Traverse City, MI 49685
      View Details

    FAQs

    What type of property is this?
    Duplex - Ranch-style duplex in Traverse City with renovation potential.
    Where is this duplex located?
    The property is located at 1638-1640 S Garfield Ave Traverse City, MI.
    What is the asking price?
    The asking price for this property is $245,000.
    What are key features of this property?
    This property features: - Duplex with two identical units offering income-generating potential.; - Consistent rental history indicating reliable income.; - Spacious lot with potential for outdoor improvements.
    (231) 929-7985
    Request Owner's contact information
    1638-1640 S Garfield Ave Traverse City, MI 49686
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1638-1640 S Garfield Ave
    Traverse City, MI 49686
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    1638-1640 S Garfield Ave Traverse City, MI 49686
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Mark Hagan
    Mark Hagan
    Real Estate License ID: 6506006708
    (231) 929-7985
    Learn more
    Google sign-in failed. Please try again or use another login method.