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    1600 Simsbury St Traverse City, MI 49686

    Sponsored
    For Sale
    $3,200,000

    72-Unit Multifamily Development Opportunity

    Description

    Added:
    Feb 14, 2025
    Days on Market:
    327
    This exceptional 4.52-acre parcel presents a rare opportunity for a high-density residential development in the desirable Traverse City, Michigan market. Located at 1600 Simsbury St, this shovel-ready site boasts stunning Boardman Lake waterfront views and is conveniently situated just one mile from Cherry Capital Airport (TVC) and under two miles from West Bay. The property is zoned R-3 Multi-Family Residential, allowing for the construction of up to 72 condominium or apartment units. All necessary entitlements and approvals are in place, eliminating significant pre-construction hurdles and accelerating the development timeline. The property's APN is 05-014-108-00, and its location in Grand Traverse County, with a 49686 zip code, offers easy access to amenities and a thriving local economy. This prime location, combined with the approved density and waterfront access, makes this a truly unique investment opportunity with significant potential for substantial returns. The asking price for this fully entitled 4.52-acre lot is $3,200,000. Don't miss this chance to acquire a highly sought-after development site in a rapidly growing area. This is a turnkey opportunity for developers seeking a quick path to a lucrative multifamily project.

    Property Features for 1600 Simsbury St

    General Information

    Property type
    Land
    Lot Size
    196,891 SF

    HighLights

    • $3,200,000 asking price.
    • 4.52‑acre residential land parcel.
    • R‑3 Multi‑Family Residential zoning.
    • Located at 1600 Simsbury St, Traverse City, MI 49686.
    • Approved for 72‑unit condominium or apartment development.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Auto Repair Shop

    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
    -85.611267899971
    Latitude
    44.743157681702

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    FAQs

    What type of property is this?
    Land - 72-Unit Multifamily Development Opportunity
    Where is this land located?
    The property is located at 1600 Simsbury St Traverse City, MI.
    What is the asking price?
    The asking price for this property is $3,200,000.
    What are key features of this property?
    This property features: $3,200,000 asking price.; 4.52-acre residential land parcel.; R-3 Multi-Family Residential zoning.
    Request Owner's contact information
    1600 Simsbury St Traverse City, MI 49686
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    Realmo Value Estimation

    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.

    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.

    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
    1600 Simsbury St Traverse City, MI 49686
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