Main-Floor Duplex
New
For Sale
$434,900
1304 Terra Road, Traverse City, MI 49686
Single Family, Ranch, Contemporary, Duplex, 1 Story, Traverse City, MI
Property Size1,528 SF
Price / SF$284.62
Days on Market6
Property Features for 1304 Terra Road
General Information
Property type
Residential
Property subtype
Duplex
Zoning
Residential,Deed Restrict
Zoning description
Residential, Deed Restrictions
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Family Room, Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 1, Dining Room
Patio and Porch features
Porch, Patio
Interior features
Foyer Entrance, Walk-In Closet(s), Pantry, Granite Bath Tops, Granite Kitchen Tops, Great Room, Workshop, Vaulted Ceilings
Exterior features
Sprinkler System, Patio, Sidewalk, Covered Porch, Landscaped, Garden Area, Porch, Gutters
Fireplace
1
Appliances
Refrigerator, Oven/Range, Disposal, Dishwasher, Microwave, Washer, Dryer, Exhaust Fan, Blinds, Curtain Rods, Ceiling Fan, Natural Gas Water Heater, Smoke Alarms(s)
Lot features
Condo/ None, 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
From South Airport, south on LaFrainier then left on Terra Road. Home is on the left.
Subdivision
Chestnut Hills
Standard status
Active
Size
1,528 SF
Taxes and HOA fees
Tax Description
UNIT 12 CHESTNUT HILLS CONDOMINIUMS CONDO SUB
HOA Fee
$410 Monthly
Legal Description
UNIT 12 CHESTNUT HILLS CONDOMINIUMS CONDO SUB
Amenities
gas fireplace
walk-in closet
main floor laundry
new kitchen appliances
quartz countertops
walk-in tile shower
patio
landscaping
full basement
built-in shelving
finished bonus space
Building Details
Year built
1997
Floors in Building
1
Building materials
Frame
Roof type
Asphalt
Architectural style
Contemporary, Ranch, Other
Additional Structures
Workshop
Listing Agency:
Spectra Real Estate LLC
(231) 649-2116
Listed By:
Doug Meteyer · License #6504206525
(231) 947-8200
Added: Oct 1
Changed: Oct 4
Last Checked: Oct 6 at 1:06AM
MLS# 1951124
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 1,528-square-foot duplex condominium has two bedrooms, two bathrooms, a gas fireplace, and main-floor laundry. The full basement offers built-in shelving and a finished bonus area suited to office or hobby use. Interior features include a walk-in closet, pantry, vaulted ceilings, and a great room. The home also has a patio, covered porch, landscaped garden area, and private backyard.
Improvements made within the past 5 years include kitchen appliances and quartz countertops, a tile shower in the primary bathroom, a roof, HVAC system, patio expansion, and landscaping. The property was built in 1997 and is zoned Residential, Deed Restrict.
Improvements made within the past 5 years include kitchen appliances and quartz countertops, a tile shower in the primary bathroom, a roof, HVAC system, patio expansion, and landscaping. The property was built in 1997 and is zoned Residential, Deed Restrict.
Key Highlights
- 1,528 square feet with two bedrooms and two bathrooms
- Full basement includes built‑in storage shelving and a finished bonus area
- Updates within the past 5 years include kitchen appliances, quartz counters, HVAC, and roof
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,522
Cap Rate
3.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$290,440
$290.4K
Cap Rate 7%
$207,457
$207.5K
Cap Rate 9%
$161,356
$161.4K
Market Conditions
NOI Build-Up for 1,528 SF
Gross rent
$27.5K $18.00/SF
− Vacancy
−$1.1K −$0.72/SF
EGI
$26.4K $17.28/SF
− OpEx
−$11.9K −$7.78/SF
NOI
$14.5K $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 Rate 5%
$290,440
Cap Rate 7%
$207,457
Cap Rate 9%
$161,356
Alternative Uses
Best Use
Apartment 5plus
$207.5K
$181.5K – $242.0K
NOI $14,522 @ 7.0% cap · market cap 3.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$331.9K
$290.4K – $387.3K
NOI $23,235 @ 7.0% cap · market cap 5.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
435
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Two bedrooms, a full basement, and a finished bonus area provide a practical residential layout.
Where is this residential income property located?
The property is located at 1304 Terra Road Traverse City, MI.
What is the asking price?
The asking price for this property is $434,900.
What are key features of this property?
This property features: 1,528 square feet with two bedrooms and two bathrooms; Full basement includes built‑in storage shelving and a finished bonus area; Updates within the past 5 years include kitchen appliances, quartz counters, HVAC, and roof
