Updated Furnished Duplex with Attached
For Sale
Under Contract
$449,900
284 Astro Drive, Traverse City, MI 49685
Multi-Family, Bi-Level, Traverse City, MI
Property Size2,304 SF
Lot Size0.90 Acres
Price / SF$195.27
Days on Market126
Property Features for 284 Astro Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Residential,Multi-Family
Zoning description
Residential, Multi-Family
Bedrooms
8
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 6, Bedroom 8, Bedroom 4, Bedroom 7, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 2, Bathroom 1, Bathroom 2
Interior features
Laundry Hook-up, Great Room
Exterior features
Sprinkler System
Appliances
Refrigerator, Oven/Range, Disposal, Dishwasher, Microwave, Washer, Dryer, Exhaust Fan, Blinds
Elementary school district
Traverse Bay Area Intermediate School District
Middle school district
Traverse Bay Area Intermediate School District
High school district
Traverse Bay Area Intermediate School District
Directions
US 31 South to Foster Dr(by Marathon Station) then left on Astro
Subdivision
Grand Traverse
Standard status
Active Under Contract
Size
2,304 SF
Lot size
0.90 Acres
Taxes and HOA fees
Tax Description
Lot 3 Belvedere
Tax Annual Amount
4455
Legal Description
Lot 3 Belvedere
Building Details
Year built
1973
Floors in Building
2
Number of units
2
Building materials
Frame
Roof type
Asphalt
Architectural style
Other
Listing Agency:
@properties Christie's Int'l
(231) 642-2363
Listed By:
Ken Kleinrichert · License #6506042006
(231) 620-2989
Added: May 22
Changed: Sep 16
Last Checked: Sep 24 at 7:06PM
MLS# 1945614
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 duplex contains 2,304 square feet across two two-bedroom residences, each measuring 1,152 square feet. Both units include attached garages, laundry hookups, great rooms, and furnishings. Recent improvements include paint, flooring, bathroom updates, and appliances. The property was built in 1973 with frame construction, an asphalt roof, and a sprinkler system.
Set on 0.9 acres in Traverse City, the property is zoned Residential, Multi-Family. Each residence includes a kitchen appliance package with refrigerator, oven/range, disposal, dishwasher, and microwave, along with a washer and dryer. The layout supports separate occupancy, furnished housing, or rental use. The source information also states that Blair Township allows short-term rentals, with weekly, nightly, and monthly rental arrangements identified as possible uses.
Set on 0.9 acres in Traverse City, the property is zoned Residential, Multi-Family. Each residence includes a kitchen appliance package with refrigerator, oven/range, disposal, dishwasher, and microwave, along with a washer and dryer. The layout supports separate occupancy, furnished housing, or rental use. The source information also states that Blair Township allows short-term rentals, with weekly, nightly, and monthly rental arrangements identified as possible uses.
Key Highlights
- 2,304 SF duplex with two 1,152 SF residences
- Each unit includes two bedrooms and an attached garage
- 0.9‑acre property in Traverse City
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
$24,952
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
5.55%
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%
$499,040
$499.0K
Cap Rate 7%
$356,457
$356.5K
Cap Rate 9%
$277,244
$277.2K
Market Conditions
NOI Build-Up for 2,304 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
$37.3K $16.20/SF
− Vacancy
−$1.7K −$0.73/SF
EGI
$35.6K $15.47/SF
− OpEx
−$10.7K −$4.64/SF
NOI
$25.0K $10.83/SF
Area
Grand Traverse County, MI
Vacancy
4.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$499,040
Cap Rate 7%
$356,457
Cap Rate 9%
$277,244
Alternative Uses
Best Use
Multifamily LT 5
$356.5K
$311.9K – $415.9K
NOI $24,952 @ 7.0% cap · market cap 5.55%
Second Best
Apartment 5plus
$312.8K
$273.7K – $365.0K
NOI $21,897 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$500.5K
$438.0K – $583.9K
NOI $35,036 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
Explore this area
Business Placement
Demographics for 49685, MI
20,856
Population
9,395
Households
2.2
Avg Household Size
40
Median Age
38%
College-Educated
95%
High-School Grad
54.2 sq mi
ZIP Area
385
Density / Sq Mi
$82,639
Median Household Income
$45,783
Median Earnings
$1,338
Median Rent
$309,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two fully furnished residences offer flexible occupancy options with recent interior updates and residential multifamily zoning.
Where is this duplex located?
The property is located at 284 Astro Drive Traverse City, MI.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 2,304 SF duplex with two 1,152 SF residences; Each unit includes two bedrooms and an attached garage; 0.9‑acre property in Traverse City
