Updated Quadplex with
For Sale
$849,000
1627 Rasho Road, Traverse City, MI 49696
Multi-Family, 2 Story, Traverse City, MI
Property Size5,008 SF
Lot Size1.10 Acres
Price / SF$169.53
Days on Market166
Property Features for 1627 Rasho Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential,Multi-Family
Zoning description
Residential, Multi-Family
Patio and Porch features
Deck
Interior features
Laundry Hook-up, Drywall
Exterior features
Deck, Countryside View, Landscaped
Appliances
Refrigerator, Oven/Range, Dishwasher, Microwave, Washer, Dryer
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
Hammond to Rasho, to 1627
Subdivision
Grand Traverse
Standard status
Active
Size
5,008 SF
Lot size
1.10 Acres
Taxes and HOA fees
Tax Description
LOT 1 EARLINGTON HILLS
Legal Description
LOT 1 EARLINGTON HILLS
Utilities
Water source
Private
Amenities
common laundry
deck area
large lawn
Building Details
Year built
1980
Floors in Building
2
Number of units
4
Building materials
Frame
Roof type
Asphalt
Architectural style
Other
Listing Agency:
REMAX Bayshore - Union St TC · RE/MAX International
(231) 941-4500
Listed By:
Troy Daily · License #6501442788
(231) 288-7676
Added: Apr 23
Changed: Aug 19
Last Checked: Oct 5 at 8:06PM
MLS# 1944133
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 5,008-square-foot quadplex in Traverse City contains three two-bedroom, one-bath residences and one one-bedroom, one-bath residence. Shared front and rear entrances serve the building, which also includes common laundry. Improvements completed in 2023/2024 include flooring, countertops, appliances, lighting, interior and exterior paint, HVAC units, three water heaters, and a new asphalt roof installed in February 2024.
The 1.1-acre property at 1627 Rasho Road is situated on the east side of Traverse City near Timber Ridge. A detached five-stall garage, deck area, landscaped grounds, and a large lawn extending toward wooded surroundings add outdoor and storage features. The property is zoned Residential, Multi-Family and was built in 1980.
The 1.1-acre property at 1627 Rasho Road is situated on the east side of Traverse City near Timber Ridge. A detached five-stall garage, deck area, landscaped grounds, and a large lawn extending toward wooded surroundings add outdoor and storage features. The property is zoned Residential, Multi-Family and was built in 1980.
Key Highlights
- 4‑unit layout with three 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- 5,008 square feet on 1.1 acres at 1627 Rasho Road
- 2023/2024 updates include flooring, appliances, lighting, paint, HVAC units, and 3 new water heaters
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$54,235
Cap Rate
6.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,084,700
$1.1M
Cap Rate 7%
$774,786
$774.8K
Cap Rate 9%
$602,611
$602.6K
Market Conditions
NOI Build-Up for 5,008 SF
Gross rent
$81.1K $16.20/SF
− Vacancy
−$3.7K −$0.73/SF
EGI
$77.5K $15.47/SF
− OpEx
−$23.2K −$4.64/SF
NOI
$54.2K $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 Rate 5%
$1,084,700
Cap Rate 7%
$774,786
Cap Rate 9%
$602,611
Alternative Uses
Best Use
Multifamily LT 5
$774.8K
$677.9K – $903.9K
NOI $54,235 @ 7.0% cap · market cap 6.39%
Second Best
Apartment 5plus
$679.9K
$595.0K – $793.3K
NOI $47,596 @ 7.0% cap · market cap 5.61%
Theoretical Best
Office A
$1.09M
$951.9K – $1.27M
NOI $76,154 @ 7.0% cap · market cap 8.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
24
Businesses Nearby
Explore this area
Business Placement
Demographics for 49696, MI
9,528
Population
5,005
Households
1.9
Avg Household Size
43
Median Age
41%
College-Educated
96%
High-School Grad
68.7 sq mi
ZIP Area
139
Density / Sq Mi
$96,138
Median Household Income
$46,893
Median Earnings
$1,309
Median Rent
$289,300
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?
Quadplex - Four residential units with shared laundry, recent improvements, and a detached garage on a landscaped parcel.
Where is this quadplex located?
The property is located at 1627 Rasho Road Traverse City, MI.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: 4‑unit layout with three 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; 5,008 square feet on 1.1 acres at 1627 Rasho Road; 2023/2024 updates include flooring, appliances, lighting, paint, HVAC units, and 3 new water heaters
