Assisted Living Campus with Two
For Sale
$1,598,000
3205 Supply Road, Traverse City, MI 49686
COMMERCIAL - Traverse City, MI
Property Size7,990 SF
Lot Size7.44 Acres
Price / SF$200
Days on Market182
Property Features for 3205 Supply Road
General Information
Property type
Commercial Sale
Property subtype
Other
Exterior features
Vinyl
Lot features
Freestanding
Directions
HAMMOND RD TO SUPPLY RD TO PROPERTY ON LEFT.
Subdivision
Grand Traverse
Standard status
Active
Size
7,990 SF
Lot size
7.44 Acres
Taxes and HOA fees
Tax Description
TBP - SEE ASSOCIATED DOCUMENTS
Legal Description
TBP - SEE ASSOCIATED DOCUMENTS
Utilities
Water source
Private
Building Details
Building materials
Frame
Roof type
Asphalt
Listing Agency:
Five Star Real Estate - Front St TC
(231) 778-1200
Listed By:
Sam Abood · License #6504216686
(231) 218-5130
Added: Feb 4
Changed: Aug 4
Last Checked: Aug 5 at 7:06PM
MLS# 1942070
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 offering presents an assisted living-style campus consisting of two separate homes sold together. The properties were used as adult foster care facilities, and each home is configured with 6 bedrooms and 3.5 bathrooms, totaling approximately 3,995 square feet per home. Interior layouts include a large community kitchen and dining area, along with living room and family room spaces. The homes are described as barrier free, including fully barrier-free bathrooms, doors, and entry areas. Finishes include laminate floors throughout. Each home also offers a full walkout basement. For life safety, the campus includes a fire suppression system and sprinklered design.
The campus is situated on approximately 7.44 acres and is described as having a country setting, with a walking path for guests.
Because of the existing bedroom and common-area layout, barrier-free features, and on-site configuration, the campus may be suited for operators looking for a group residential model. The property is also described as adaptable for uses such as child care centers, large extended-family living, vacation rentals, or employee housing, subject to applicable requirements and approvals.
The campus is situated on approximately 7.44 acres and is described as having a country setting, with a walking path for guests.
Because of the existing bedroom and common-area layout, barrier-free features, and on-site configuration, the campus may be suited for operators looking for a group residential model. The property is also described as adaptable for uses such as child care centers, large extended-family living, vacation rentals, or employee housing, subject to applicable requirements and approvals.
Key Highlights
- Two‑home campus with former assisted living/adult foster care use—each residence listed separately
- Each home offers 6 BD, 3.5 BA, and 3,995 SF with large living and family room areas
- Community kitchen plus dining, living, and family room spaces in each home
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $143.8k | $18.00 |
| − Vacancy | −$5.8k | −$0.72 |
| EGI | $138.1k | $17.28 |
| − OpEx | −$62.1k | −$7.78 |
| NOI | $75.9k | $9.50 |
7,990 SF · lease $18.00/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.08M
$949.2K – $1.27M
NOI $75,937 @ 7.0% cap · market cap 4.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.52M – $2.02M
NOI $121,499 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
Balanced
Demand for This Use
Explore this area
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Assisted living facility - Two former assisted living-style homes on one campus feature barrier-free interiors and walkout basements for flexible occupancy.
Where is this assisted living facility located?
The property is located at 3205 Supply Road Traverse City, MI.
What is the asking price?
The asking price for this property is $1,598,000.
What are key features of this property?
This property features: Two‑home campus with former assisted living/adult foster care use—each residence listed separately; Each home offers 6 BD, 3.5 BA, and 3,995 SF with large living and family room areas; Community kitchen plus dining, living, and family room spaces in each home
