Duplex with Attached
For Sale
$449,900
Pending
284 Astro Dr, Traverse City, MI 49685
Two updated two-bedroom units with attached garages, offered furnished and ready for flexible live-in or rental use.
Property Size2,304 SF
Days on Market83
Property Features for 284 Astro Dr
General Information
Standard status
Pending
Size
2,304 SF
Property subtype
Investment
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,455
Building Details
Building Size
2,304 SF
Year Built
1973
Units
2
Tenancy
Multi
Listing Agency:
@properties Christie's Int'l
(231) 620-2989
Listed By:
Ken Kleinrichert · License #6506042006
(231) 620-2989
Source:
Elliman
Added: Jun 1
Changed: Aug 8
Last Checked: Jul 23 at 10:50AM
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 @properties Christie's Int'l
Investment Insights
Based on property information with market context.
This duplex offers (2) spacious two-bedroom apartments, each with an attached garage. The property has been recently updated with new paint, flooring, bathroom improvements, and updated appliances. Both units are fully furnished, making the home ready for immediate occupancy whether you plan to live in one unit and rent the other, or operate both as rentals.
Located at 284 Astro Dr in Chums Corner, MI 49685, the duplex sits on almost an acre, providing room for day-to-day use. Public remarks note that Blair Township allows short-term rentals, which can support weekly, nightly, or monthly rental flexibility depending on the operator’s approach.
From a tenant and operator standpoint, the furnished configuration can reduce move-in downtime and support multiple rental styles, including traditional leasing or short-term stays. The updates to finishes and appliances, combined with maintained condition, help position the property for straightforward showings and a clean, ready-to-use experience for occupants.
Located at 284 Astro Dr in Chums Corner, MI 49685, the duplex sits on almost an acre, providing room for day-to-day use. Public remarks note that Blair Township allows short-term rentals, which can support weekly, nightly, or monthly rental flexibility depending on the operator’s approach.
From a tenant and operator standpoint, the furnished configuration can reduce move-in downtime and support multiple rental styles, including traditional leasing or short-term stays. The updates to finishes and appliances, combined with maintained condition, help position the property for straightforward showings and a clean, ready-to-use experience for occupants.
Key Highlights
- Duplex in Traverse City built in 1973 with two spacious 2‑bedroom apartments.
- Each unit includes an attached garage and the property sits on almost 1 acre.
- Recently updated with paint, flooring, bathroom updates, and new appliances.
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
$24,952
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
5.55%
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%
$499,040
$499.0K
Cap Rate 7%
$356,457
$356.5K
Cap Rate 9%
$277,244
$277.2K
Market Conditions
NOI Build-Up for 2,304 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
$37.3K $16.20/SF
− Vacancy
−$1.7K −$0.73/SF
EGI
$35.6K $15.47/SF
− OpEx
−$10.7K −$4.64/SF
NOI
$25.0K $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%
$499,040
Cap Rate 7%
$356,457
Cap Rate 9%
$277,244
Alternative Uses
Best Use
Multifamily LT 5
$356.5K
$311.9K – $415.9K
NOI $24,952 @ 7.0% cap · market cap 5.55%
Second Best
Apartment 5plus
$312.8K
$273.7K – $365.0K
NOI $21,897 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$500.5K
$438.0K – $583.9K
NOI $35,036 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
234
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two updated two-bedroom units with attached garages, offered furnished and ready for flexible live-in or rental use.
Where is this duplex located?
The property is located at 284 Astro Dr Traverse City, MI.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Duplex in Traverse City built in 1973 with two spacious 2‑bedroom apartments.; Each unit includes an attached garage and the property sits on almost 1 acre.; Recently updated with paint, flooring, bathroom updates, and new appliances.
