Two-Story Duplex with Shared
New
For Sale
$650,000
318-320 Seventh Street, Traverse City, MI 49684
Multi-Family, 2 Story, Traverse City, MI
Property Size3,081 SF
Lot Size0.19 Acres
Price / SF$210.97
Days on Market5
Property Features for 318-320 Seventh Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Residential,Rental Histor
Zoning description
Residential, Rental History
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 6, Bathroom 1, Bathroom 3, Bathroom 4, Bedroom 5, Bathroom 2, Bedroom 4
Interior features
Hardwood Floors, Laundry Hook-up
Exterior features
Sidewalk
Appliances
Refrigerator, Oven/Range, Microwave
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
Across from Central Grade School, west of Pine St and east of Wadsworth St
Subdivision
Grand Traverse
Standard status
Active
Size
3,081 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Description
LOTS 30 & 31 BLK 5 HANNAH LAY & CO'S 6TH ADD
Legal Description
LOTS 30 & 31 BLK 5 HANNAH LAY & CO'S 6TH ADD
Building Details
Year built
1915
Floors in Building
2
Number of units
2
Building materials
Frame
Roof type
Asphalt, Membrane
Architectural style
Other
Listing Agency:
Oltersdorf Realty, LLC
(231) 271-7777
Listed By:
Jonathan Oltersdorf
(231) 218-0509
Added: Oct 19
Changed: Oct 22
Last Checked: Oct 23 at 1:06PM
MLS# 1951746
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 two-story duplex contains side-by-side residences, each with approximately 1,540 square feet. Each layout includes a main-floor bedroom or den and bath, two upstairs bedrooms, another full bath, and a sitting area. The property totals 3,081 square feet, with six bedrooms and 3.5 baths. Separate basement areas provide storage, and each unit has its own electric, gas, and water/sewer meters. The residences share a two-car garage accessed from the alley.
The 0.19-acre parcel measures 50 by 166 feet in Traverse City’s Central Neighborhood, a few blocks from downtown. Restaurants, shops, entertainment, beaches, the TART Trail, schools, and medical facilities are nearby.
Built in 1915, the property also features hardwood floors and laundry hookups. The existing duplex configuration supports separate occupancy, with the option to live in one residence while renting the other.
The 0.19-acre parcel measures 50 by 166 feet in Traverse City’s Central Neighborhood, a few blocks from downtown. Restaurants, shops, entertainment, beaches, the TART Trail, schools, and medical facilities are nearby.
Built in 1915, the property also features hardwood floors and laundry hookups. The existing duplex configuration supports separate occupancy, with the option to live in one residence while renting the other.
Key Highlights
- Side‑by‑side duplex with six bedrooms and 3.5 baths
- Each residence has approximately 1,540 square feet and its own basement area
- Separate electric, gas, and water/sewer meters for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,366
Cap Rate
5.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$667,320
$667.3K
Cap Rate 7%
$476,657
$476.7K
Cap Rate 9%
$370,733
$370.7K
Market Conditions
NOI Build-Up for 3,081 SF
Gross rent
$49.9K $16.20/SF
− Vacancy
−$2.2K −$0.73/SF
EGI
$47.7K $15.47/SF
− OpEx
−$14.3K −$4.64/SF
NOI
$33.4K $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%
$667,320
Cap Rate 7%
$476,657
Cap Rate 9%
$370,733
Alternative Uses
Best Use
Multifamily LT 5
$476.7K
$417.1K – $556.1K
NOI $33,366 @ 7.0% cap · market cap 5.13%
Second Best
Apartment 5plus
$418.3K
$366.0K – $488.0K
NOI $29,282 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$669.3K
$585.6K – $780.9K
NOI $46,851 @ 7.0% cap · market cap 7.21%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,971
Businesses Nearby
Explore this area
Business Placement
Demographics for 49684, MI
22,025
Population
10,959
Households
2
Avg Household Size
49
Median Age
46%
College-Educated
96%
High-School Grad
52.8 sq mi
ZIP Area
417
Density / Sq Mi
$75,678
Median Household Income
$39,553
Median Earnings
$1,216
Median Rent
$375,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Both residences have private basements and separately metered electric, gas, and water/sewer service.
Where is this duplex located?
The property is located at 318-320 Seventh Street Traverse City, MI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Side‑by‑side duplex with six bedrooms and 3.5 baths; Each residence has approximately 1,540 square feet and its own basement area; Separate electric, gas, and water/sewer meters for each unit
