Updated 4-Unit Residential
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 Market121
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
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: Aug 21 at 12:06PM
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 updated 4-unit quadplex includes three two-bedroom, one-bath units and one one-bedroom, one-bath unit. The property uses a shared front/rear entry and offers common laundry for residents. Recent major improvements reported for 2023 and 2024 include new flooring, countertops, appliances, lighting, and paint, along with HVAC unit upgrades, three new water heaters, exterior painting, and a new roof installed in February 2024.
The property is located on the east side of Traverse City, near Timber Ridge. Set on approximately 1.1 acres, it includes a detached 5-stall garage, an adjacent deck area, and a large lawn that borders woods.
The mix of unit sizes and the shared layout make this property workable for an owner looking for multiple income streams within one building. The extensive updates listed above can support continued, day-to-day usability while offering a straightforward residential income setup under Residential, Multi-Family zoning.
The property is located on the east side of Traverse City, near Timber Ridge. Set on approximately 1.1 acres, it includes a detached 5-stall garage, an adjacent deck area, and a large lawn that borders woods.
The mix of unit sizes and the shared layout make this property workable for an owner looking for multiple income streams within one building. The extensive updates listed above can support continued, day-to-day usability while offering a straightforward residential income setup under Residential, Multi-Family zoning.
Key Highlights
- Four‑unit property near Timber Ridge in Traverse City with three 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit
- Major 2023/2024 upgrades: new flooring, countertops, appliances, lighting, paint, HVAC units, and 3 new water heaters
- New roof completed February 2024, plus exterior paint
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
$54,235
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
6.39%
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%
$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
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
$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 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%
$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
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four updated units with shared entry and common laundry, plus detached garage and outdoor space on over an acre.
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: Four‑unit property near Timber Ridge in Traverse City with three 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit; Major 2023/2024 upgrades: new flooring, countertops, appliances, lighting, paint, HVAC units, and 3 new water heaters; New roof completed February 2024, plus exterior paint
