New-Construction Residential Income
For Sale
$329,500
262 Viola Lane, Traverse City, MI 49685
Single Family, 2 Story, Townhouse, Duplex, Traverse City, MI
Property Size1,500 SF
Price / SF$219.67
Days on Market8
Property Features for 262 Viola Lane
General Information
Property type
Residential
Property subtype
Duplex
Property condition
Under Construction
Zoning
Residential
Zoning description
Residential
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Dining Room, Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 2
Patio and Porch features
Porch
Interior features
Walk-In Closet(s), Pantry, Solid Surface Counters, Island Kitchen, Beamed Ceilings, Drywall
Exterior features
Sprinkler System, Countryside View, Porch, Gutters
Appliances
Refrigerator, Oven/Range, Dishwasher, Microwave, Washer, Dryer, Smoke Alarms(s)
Lot features
Condo/ None, Level
Elementary school
Central Grade School
Middle school
Traverse City West Middle School
High school
Traverse City West Senior High School
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
Going west on Rennie School Road, it is on the left-hand side at the intersection of Rennie School Road and S East Silver Lake Road.
Subdivision
Willow's Way
Standard status
Active
Size
1,500 SF
Taxes and HOA fees
Tax Description
UNIT 5, WILLOWS WAY CONDOMINIUM MASTER DEED 2025C-00043 AND AS AMENDED SPLIT/COMBINED ON 10/15/2025 FROM , 02-005-010-01;
HOA Fee
$175 Monthly
Legal Description
UNIT 5, WILLOWS WAY CONDOMINIUM MASTER DEED 2025C-00043 AND AS AMENDED SPLIT/COMBINED ON 10/15/2025 FROM , 02-005-010-01;
Amenities
pickleball court
dog park
community garden
gazebo
children's playground
overflow parking
Building Details
Year built
2026
Floors in Building
2
Building materials
Frame, Under Construction, New Construction
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Keller Williams Northern Michigan · Keller Williams Realty
(231) 947-8200
Listed By:
Viki Simons
(231) 620-5797
Added: Aug 14
Changed: Aug 20
Last Checked: Aug 21 at 4:06AM
MLS# 1949345
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 residential income property is part of a newly constructed condominium community with two-story residences offering 1,500 square feet of finished living area. Interiors include three bedrooms, walk-in closets, quartz countertops, soft-close cabinetry, a full appliance package, a dedicated laundry closet, and a 1.5-car garage. Each residence also includes a 750-square-foot unfinished basement, with finish upgrades available. Construction is listed as under construction, with a 2026 year built, and the property is zoned Residential.
Community improvements include a full-size pickleball court, fenced dog park, community garden, gazebo, children's playground, and overflow parking. Select residences are offered for immediate occupancy, while reservations are being accepted for upcoming homes. Additional property features include a porch, gutters, an asphalt roof, sprinkler system, and countryside views.
Community improvements include a full-size pickleball court, fenced dog park, community garden, gazebo, children's playground, and overflow parking. Select residences are offered for immediate occupancy, while reservations are being accepted for upcoming homes. Additional property features include a porch, gutters, an asphalt roof, sprinkler system, and countryside views.
Key Highlights
- 1,500 square feet of finished living space with three bedrooms
- 750‑square‑foot unfinished basement; basement finish upgrades available
- 1.5‑car garage included with each residence
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
$14,256
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
4.33%
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%
$285,120
$285.1K
Cap Rate 7%
$203,657
$203.7K
Cap Rate 9%
$158,400
$158.4K
Market Conditions
NOI Build-Up for 1,500 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
$27.0K $18.00/SF
− Vacancy
−$1.1K −$0.72/SF
EGI
$25.9K $17.28/SF
− OpEx
−$11.7K −$7.78/SF
NOI
$14.3K $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 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%
$285,120
Cap Rate 7%
$203,657
Cap Rate 9%
$158,400
Alternative Uses
Best Use
Apartment 5plus
$203.7K
$178.2K – $237.6K
NOI $14,256 @ 7.0% cap · market cap 4.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$325.9K
$285.1K – $380.2K
NOI $22,810 @ 7.0% cap · market cap 6.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
29
Businesses Nearby
Explore this area
Business Placement
Demographics for 49685, MI
20,856
Population
9,395
Households
2.2
Avg Household Size
40
Median Age
38%
College-Educated
95%
High-School Grad
54.2 sq mi
ZIP Area
385
Density / Sq Mi
$82,639
Median Household Income
$45,783
Median Earnings
$1,338
Median Rent
$309,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-story residences feature three bedrooms, attached garages, unfinished basements, and access to shared community amenities.
Where is this residential income property located?
The property is located at 262 Viola Lane Traverse City, MI.
What is the asking price?
The asking price for this property is $329,500.
What are key features of this property?
This property features: 1,500 square feet of finished living space with three bedrooms; 750‑square‑foot unfinished basement; basement finish upgrades available; 1.5‑car garage included with each residence
