2-Home Multifamily
For Sale
$315,000
2700 Pinebrook Road, Traverse City, MI 49686
A detached garage and workshop add functional space alongside the two residences.
Property Size1,600 SF
Price / SF$196.88
Days on Market27
Property Features for 2700 Pinebrook Road
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Multi Family
Property Condition
Severity
Repairs Needed
Evidence
need some updating and TLC
Additional Details
Multifamily Units
2
Building Details
Building Size
1,600 SF
Year Built
1910
Listing Agency:
Five Star Real Estate
Listed By:
Leelanau Living Realty Group
(231) 642-1379
Source:
Leelanaurealtors
Added: Sep 30
Changed: Oct 26
Last Checked: Oct 26 at 3:16PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Five Star Real Estate
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Investment Insights
Based on property information with market context.
This multifamily property includes two homes, a detached garage, and a workshop. The residences require updating, offering a project-oriented property with multiple existing structures on one lot. Built in 1910, the property has 1,600 square feet. The location is in Traverse City, Michigan.
Key Highlights
- Two homes on one property
- 1,600 square feet
- Detached garage and workshop
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,206
Cap Rate
4.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$304,120
$304.1K
Cap Rate 7%
$217,229
$217.2K
Cap Rate 9%
$168,956
$169.0K
Market Conditions
NOI Build-Up for 1,600 SF
Gross rent
$28.8K $18.00/SF
− Vacancy
−$1.2K −$0.72/SF
EGI
$27.6K $17.28/SF
− OpEx
−$12.4K −$7.78/SF
NOI
$15.2K $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%
$304,120
Cap Rate 7%
$217,229
Cap Rate 9%
$168,956
Alternative Uses
Best Use
Apartment 5plus
$217.2K
$190.1K – $253.4K
NOI $15,206 @ 7.0% cap · market cap 4.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$347.6K
$304.1K – $405.5K
NOI $24,330 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
92
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Multifamily property - A detached garage and workshop add functional space alongside the two residences.
Where is this multifamily property located?
The property is located at 2700 Pinebrook Road Traverse City, MI.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two homes on one property; 1,600 square feet; Detached garage and workshop
