Two-Story Duplex with Finished
For Sale
$350,000
186 Thrive Boulevard, Traverse City, MI 49686
Single Family, 2 Story, Duplex, Traverse City, MI
Property Size1,794 SF
Price / SF$195.09
Days on Market47
Property Features for 186 Thrive Boulevard
General Information
Property type
Residential
Property subtype
Duplex
Property condition
Under Construction
Zoning
Residential
Zoning description
Residential
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 1, Bathroom 1, Family Room, Bathroom 2, Bedroom 3, Bedroom 2, Dining Room
Patio and Porch features
Patio, Porch
Interior features
Foyer Entrance, Walk-In Closet(s), Pantry, Solid Surface Counters, Island Kitchen, Beamed Ceilings, Vaulted Ceilings, Drywall
Exterior features
Sprinkler System, Patio, Countryside View, Covered Porch, Tennis Court, Landscaped, Porch, Gutters
Appliances
Refrigerator, Oven/Range, Dishwasher, Microwave, Washer, Dryer, Freezer, Exhaust Fan, Blinds, Drapes, Curtain Rods, Ceiling Fan, Electric Water Heater
Lot features
Condo/ None, Cleared, Level
Elementary school district
Traverse City Area Public Schools
Middle school district
Traverse City Area Public Schools
High school district
Traverse City Area Public Schools
Directions
Take Garfield Road south past the Garfield/Potter roundabout. Thrive Condominiums are on the right on Garfield Road. Once you enter, take Thrive Blvd to the right, and it's the second to last condo on the left.
Subdivision
Thrive TC
Standard status
Active
Size
1,794 SF
Taxes and HOA fees
Tax Description
UNIT 17 THRIVE TC CONDOMINIUM 2023C-00036 MASTER DEED, AS AMENDED SPLIT ON 08/24/2023 FROM 02-001-002-00; UNITS 1 THROUGH 26
HOA Fee
$225 Monthly
Legal Description
UNIT 17 THRIVE TC CONDOMINIUM 2023C-00036 MASTER DEED, AS AMENDED SPLIT ON 08/24/2023 FROM 02-001-002-00; UNITS 1 THROUGH 26
Utilities
Sewer type
Shared Septic
Water source
Private
Amenities
playground
gazebos
pickleball court
fenced dog run
Building Details
Year built
2025
Floors in Building
2
Building materials
Frame
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Northern Michigan · Keller Williams Realty
(231) 947-8200
Listed By:
Viki Simons
(231) 620-5797
Added: Jul 22
Changed: Sep 6
Last Checked: Sep 6 at 8:06AM
MLS# 1948310
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.
This two-story residential income property offers 1,794 square feet with three bedrooms, two bathrooms, a finished basement, and a family room. Interior features include quartz-style solid-surface counters, a large kitchen island, upgraded appliances with a gas range, pantry and linen storage, walk-in closet space, vaulted and beamed ceilings, and vinyl plank flooring. The property was built in 2025 and includes a 26-foot attached carport that provides covered parking and additional storage space.
Shared exterior features include professionally landscaped grounds, a playground, gazebos, a fenced dog run, a patio, a covered porch, and countryside views. The property has a private water source, shared septic service, an asphalt roof, and frame construction.
Shared exterior features include professionally landscaped grounds, a playground, gazebos, a fenced dog run, a patio, a covered porch, and countryside views. The property has a private water source, shared septic service, an asphalt roof, and frame construction.
Key Highlights
- 1,794‑square‑foot two‑story residential income property
- Three bedrooms and two bathrooms with a finished basement
- Kitchen includes quartz‑style counters, a large island, and upgraded appliances
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,050
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.87%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$341,000
$341.0K
Cap Rate 7%
$243,571
$243.6K
Cap Rate 9%
$189,444
$189.4K
Market Conditions
NOI Build-Up for 1,794 SF
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.
Gross rent
$32.3K $18.00/SF
− Vacancy
−$1.3K −$0.72/SF
EGI
$31.0K $17.28/SF
− OpEx
−$14.0K −$7.78/SF
NOI
$17.1K $9.50/SF
Area
Grand Traverse County, MI
Vacancy
4.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$341,000
Cap Rate 7%
$243,571
Cap Rate 9%
$189,444
Alternative Uses
Best Use
Apartment 5plus
$243.6K
$213.1K – $284.2K
NOI $17,050 @ 7.0% cap · market cap 4.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$389.7K
$341.0K – $454.7K
NOI $27,280 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
12
Businesses Nearby
Explore this area
Business Placement
Demographics for 49686, MI
25,859
Population
13,261
Households
2
Avg Household Size
45
Median Age
46%
College-Educated
95%
High-School Grad
47.3 sq mi
ZIP Area
547
Density / Sq Mi
$71,198
Median Household Income
$40,373
Median Earnings
$1,209
Median Rent
$295,500
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Residential income property with upgraded interiors, covered parking, landscaped grounds, and shared outdoor amenities.
Where is this residential income property located?
The property is located at 186 Thrive Boulevard Traverse City, MI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 1,794‑square‑foot two‑story residential income property; Three bedrooms and two bathrooms with a finished basement; Kitchen includes quartz‑style counters, a large island, and upgraded appliances
