4-Unit Multifamily
New
For Sale
$824,900
1627 Rasho Road, Traverse City, MI 49696
Multi-Family, 2 Story, Traverse City, MI
Property Size5,008 SF
Lot Size1.10 Acres
Price / SF$164.72
Days on Market2
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
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bathroom 2, Bathroom 3, Bathroom 1
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
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Description
LOT 1 EARLINGTON HILLS
Legal Description
LOT 1 EARLINGTON HILLS
Utilities
Water source
Private
Amenities
common laundry
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: Nov 5
Last Checked: Nov 6 at 4:06AM
MLS# 1952275
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.
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Investment Insights
Based on property information with market context.
This 5,008-square-foot multifamily property contains four apartments: three with two bedrooms and one bathroom each, plus a one-bedroom, one-bath unit. Residents share front and rear entry areas and laundry facilities. The property also includes a detached five-stall garage and a deck beside the building. Flooring, countertops, appliances, lighting, paint, and HVAC units were updated during 2023 and 2024; three water heaters were replaced, and the roof was replaced in February 2024.
Set on 1.1 acres on the east side of Traverse City near Timber Ridge, the property has a large lawn along a wooded border. Zoning is designated Residential, Multi-Family.
Set on 1.1 acres on the east side of Traverse City near Timber Ridge, the property has a large lawn along a wooded border. Zoning is designated Residential, Multi-Family.
Key Highlights
- Four apartments: three 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- 5,008 square feet on 1.1 acres
- Detached 5‑stall garage, deck, and shared laundry
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$54,235
Cap Rate
6.57%
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 6.57%
Second Best
Apartment 5plus
$679.9K
$595.0K – $793.3K
NOI $47,596 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$1.09M
$951.9K – $1.27M
NOI $76,154 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
24
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Quadplex - A mix of one- and two-bedroom apartments is complemented by shared laundry and a detached garage.
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 $824,900.
What are key features of this property?
This property features: Four apartments: three 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; 5,008 square feet on 1.1 acres; Detached 5‑stall garage, deck, and shared laundry
