Assisted Living Property with Accessible
For Sale
$749,000
3255 Mahoney Drive, Traverse City, MI 49686
Shared kitchen, dining, living, and family spaces support a multi-bedroom residential layout.
Property Size3,995 SF
Price / SF$187.48
Days on Market276
Property Features for 3255 Mahoney Drive
General Information
Standard status
Active
Size
3,995 SF
Property subtype
Commercial
Additional Details
Sprinkler System
Yes
Amenities
Community Kitchen
Dining Area
Living Room
Family Room Areas
Barrier Free Bathrooms
Barrier Free Doors
Barrier Free Entry Areas
Walking Path
Building Details
Building Size
3,995 SF
Year Built
2015
Listing Agency:
CENTRAL REAL ESTATE MT PLEASANT, INC.
(989) 773-6000
Listed By:
Dave Zamarron · License #6502102202
(989) 621-8972
Source:
Centralmirealty
Added: Feb 4
Changed: Nov 4
Last Checked: Nov 4 at 2:52PM
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 CENTRAL REAL ESTATE MT PLEASANT, INC.
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Investment Insights
Based on property information with market context.
Built in 2015, this 3,995-square-foot property was previously used for assisted living and adult foster care. Its six bedrooms and 3.5 bathrooms are complemented by a community kitchen, dining area, living room, and family room. Barrier-free features include bathrooms, doors, and entry areas; the home also has laminate flooring, a full walkout basement, and a fire suppression system with sprinklers.
A walking path is provided for guests. The property is described as having a country setting.
A walking path is provided for guests. The property is described as having a country setting.
Key Highlights
- 3,995 square feet with 6 bedrooms and 3.5 bathrooms
- Community kitchen, dining area, living room, and family room
- Barrier‑free bathrooms, doors, and entry areas
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$37,968
Cap Rate
5.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$759,360
$759.4K
Cap Rate 7%
$542,400
$542.4K
Cap Rate 9%
$421,867
$421.9K
Market Conditions
NOI Build-Up for 3,995 SF
Gross rent
$71.9K $18.00/SF
− Vacancy
−$2.9K −$0.72/SF
EGI
$69.0K $17.28/SF
− OpEx
−$31.1K −$7.78/SF
NOI
$38.0K $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%
$759,360
Cap Rate 7%
$542,400
Cap Rate 9%
$421,867
Alternative Uses
Best Use
Apartment 5plus
$542.4K
$474.6K – $632.8K
NOI $37,968 @ 7.0% cap · market cap 5.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$867.9K
$759.4K – $1.01M
NOI $60,750 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
20
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
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Similar Off Market Nearby
- Larosa Adult Foster Care Home — 3305 Wemple Rd, Traverse City, MI 49686
Frequently Asked Questions
What type of property is this?
Assisted living facility - Shared kitchen, dining, living, and family spaces support a multi-bedroom residential layout.
Where is this assisted living facility located?
The property is located at 3255 Mahoney Drive Traverse City, MI.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 3,995 square feet with 6 bedrooms and 3.5 bathrooms; Community kitchen, dining area, living room, and family room; Barrier‑free bathrooms, doors, and entry areas
