Senior Housing Facility with
3255 Mahoney Drive Traverse City, MI 49686
For Sale
$799,000
COMMERCIAL - Traverse City, MI
Property Size3,995 SF
Lot Size3.61 Acres
Price / SF$200
Days on Market173
Property Features for 3255 Mahoney Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Exterior features
Vinyl
Standard status
Active
Size
3,995 SF
Lot size
3.61 Acres
Taxes and HOA fees
Tax 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: Jul 2
Last Checked: Jul 27 at 11:06AM
MLS# 1942069
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 property consists of a large, unique home configuration that was previously used as an assisted living/adult foster care facility. The interior layout includes multiple living areas, including a community kitchen, dining area, living room, and additional family room space. The home features fully barrier-free bathrooms, doors, and entry areas, along with laminate flooring throughout. Fire suppression is in place, and the property is described as having sprinklers. Full walkout basements and large outdoor areas with walking paths for guests are also noted.
The site is located in Traverse City, MI in Grand Traverse County on Mahoney Drive (3.61 acres). The listing notes a country setting.
The property is sized at 3,995 square feet and is described as having 6 bedrooms and 3.5 bathrooms. The seller indicates it could be considered for alternative uses such as child care center, extended family use, vacation rentals, or employee housing, subject to applicable approvals and requirements.
The site is located in Traverse City, MI in Grand Traverse County on Mahoney Drive (3.61 acres). The listing notes a country setting.
The property is sized at 3,995 square feet and is described as having 6 bedrooms and 3.5 bathrooms. The seller indicates it could be considered for alternative uses such as child care center, extended family use, vacation rentals, or employee housing, subject to applicable approvals and requirements.
Key Highlights
- 3995 sq ft former assisted living/adult foster care facility with 6 bedrooms and 3.5 bathrooms
- Large community kitchen plus dining, living room, and family room areas
- Fully barrier‑free bathrooms, doors, and entry areas
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 | $71.9k | $18.00 |
| − Vacancy | −$2.9k | −$0.72 |
| EGI | $69.0k | $17.28 |
| − OpEx | −$31.1k | −$7.78 |
| NOI | $38.0k | $9.50 |
3,995 SF · lease $18.00/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$542.4K
$474.6K – $632.8K
NOI $37,968 @ 7.0% cap · market cap 4.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$867.9K
$759.4K – $1.01M
NOI $60,750 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
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 - Former assisted living/adult foster care facility with barrier-free bathrooms and full walkout basements.
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 $799,000.
What are key features of this property?
This property features: 3995 sq ft former assisted living/adult foster care facility with 6 bedrooms and 3.5 bathrooms; Large community kitchen plus dining, living room, and family room areas; Fully barrier‑free bathrooms, doors, and entry areas
