Add Listing
    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

    2624 Hartman Rd Traverse City, MI 49685

    View on Map
    Sponsored
    For Sale
    $740,000

    Vacant Lot/Land - Traverse City, MI

    Lot size:
    5.25 Acres
    Days on Market:
    44
    Last Refresh:
    Mar 19 at 2:06 pm

    Property Features for 2624 Hartman Rd

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Multi-Family
    Exterior features
    None
    Lot size
    5.25 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Hannah Matthews
    Hannah Matthews

    Keller Williams Northern Michigan (231) 947-8200

    Listing agent Hannah Matthews (231) 947-8200

    Listing date Feb 3, 2026

    MLS# 1941897 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Traverse City Vacant Multi-Family Lot

    A 5.25-acre vacant lot is available in Traverse City, Michigan. Recently rezoned to R-3, the property is estimated to accommodate 20-24 apartment units. Drawings are available showcasing a potential development option. Expansion on the remaining acreage may be possible with special use permitting. The property is located in Garfield Township, offering convenient access to Traverse City. A well and septic system are currently installed, with municipal services located nearby. The property is also listed as a single-family residence and income property. Renters currently occupy the property.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon 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
    -85.628799
    Latitude
    44.715651

    Nearby Similar for Sale

    • $649,000
      5,038 SF

      Remodeled Office Building in Traverse

      5,038 SF remodeled commercial building in thriving Traverse City.
      3639 Cass Rd, Traverse City, MI 49685
      View Details
    • $675,000
      3,294 SF

      Traverse City Office Condominium

      Single-story office condominium in a wooded Traverse City office park.
      920 S Garfield Ave, Traverse City, MI 49686
      View Details
    • $985,000
      4,995 SF

      Traverse City Office Condominium

      Single-story office condominium in Traverse City, Michigan.
      920 S Garfield Ave, Traverse City, MI 49686
      View Details
    • $649,000
      5,038 SF

      Remodeled Office Building in Traverse

      5,038 SF remodeled commercial building in thriving Traverse City.
      3639 Cass Rd, Traverse City, MI 49685
      View Details
    • $625,000
      2,703 SF

      Updated Office Space in Traverse City

      Updated office space in the Grand Traverse Commons, move-in ready.
      830 Cottageview Dr, Traverse City, MI 49684
      View Details
    • $498,000
      2,843 SF

      Modern Office Space in Traverse

      Spacious office in Traverse City with ample parking.
      10161 E Pickwick Ct, Traverse City, MI 49684
      View Details
    • $685,000
      4,789 SF

      Traverse City Redevelopment Opportunity

      Redevelopment or re-use project in Traverse City, Michigan.
      114 E Griffin St, Traverse City, MI 49684
      View Details
    • $899,000
      2,983 SF

      Remodeled Office Building in Old Town

      2,983 SF office building in high-traffic Old Town Traverse City.
      410 S Union St, Traverse City, MI 49684
      View Details
    • $850,000
      3,995 SF

      Former Assisted Living Facility

      Large home suitable for extended families or vacation rentals.
      3255 Mahoney Dr, Traverse City, MI 49686
      View Details
    • $1,600,000
      13,515 SF

      Auto Dealership Building For Sale

      13,515 SF auto dealership with showroom, service bays, and offices.
      3566 N Us Highway 31 S, Traverse City, MI 49684
      View Details
    • $749,000
      1,864 SF

      Traverse City Office Building For Sale

      1864 SF office building on 0.25 acres in Traverse City.
      1040 E Front St, Traverse City, MI 49686
      View Details
    • $749,000
      3,840 SF

      High-Visibility Corner Lot on US-31

      Corner lot on US-31 with high traffic and commercial zoning.
      305 S Us Highway 31, Traverse City, MI 49685
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 5.25 acre lot rezoned for multi-family development.
    Where is this residential land & home lot located?
    The property is located at 2624 Hartman Rd Traverse City, MI.
    What is the asking price?
    The asking price for this property is $740,000.
    What are key features of this property?
    This property features: - Recently rezoned to R-3, allowing for potential development of **20-24 apartment units**.; - Opportunity for expansion on remaining acreage with probable special use permitting.; - Located in Garfield Township, offering convenient access to Traverse City (TC).
    (231) 633-0039
    Request Owner's contact information
    2624 Hartman Rd Traverse City, MI 49685
    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.
    2624 Hartman Rd
    Traverse City, MI 49685
    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
    2624 Hartman Rd Traverse City, MI 49685
    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
    Hannah Matthews
    Hannah Matthews
    Real Estate License ID: 6501340099
    (231) 633-0039 (231) 947-8200 (231) 778-1200
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!