Barrier-Free Assisted Living
For Sale
$749,000
3255 Mahoney Drive, Traverse City, MI 49686
Commercial, Traverse City, MI
Property Size3,995 SF
Lot Size3.61 Acres
Price / SF$187.48
Days on Market264
Property Features for 3255 Mahoney Drive
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
3,995 SF
Lot size
3.61 Acres
Taxes and HOA fees
Tax Description
TBP - SEE ASSOCIATED DOCUMENTS
Legal Description
TBP - SEE ASSOCIATED DOCUMENTS
Utilities
Water source
Private
Amenities
community kitchen
dining area
living room
family room
barrier free
laminate floors
walkout basement
walking path
Building Details
Building materials
Frame
Roof type
Asphalt
Listing Agency:
Five Star Real Estate - Front St TC
(231) 778-1200
Listed By:
Sam Abood
(231) 218-5130
Added: Feb 4
Changed: Oct 8
Last Checked: Oct 26 at 8:06PM
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.
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Investment Insights
Based on property information with market context.
This 3,995-square-foot former assisted living and adult foster care property includes 6BD and 3.5 BA, along with a community kitchen, dining area, living room, and family room. Barrier-free bathrooms, doors, and entry areas support accessible use throughout the home. Laminate flooring, full walkout basements, and a fire suppression system with sprinklers are also included.
The property occupies 3.61 acres at 3255 Mahoney Drive in Traverse City, with a walking path for guests and a country setting. Construction is frame with vinyl exterior, an asphalt roof, and private water service. The layout and existing features may accommodate continued care use or other supported applications identified for the property, including child care, extended-family living, vacation rentals, or employee housing.
The property occupies 3.61 acres at 3255 Mahoney Drive in Traverse City, with a walking path for guests and a country setting. Construction is frame with vinyl exterior, an asphalt roof, and private water service. The layout and existing features may accommodate continued care use or other supported applications identified for the property, including child care, extended-family living, vacation rentals, or employee housing.
Key Highlights
- 3,995 square feet with 6BD and 3.5 BA
- Former assisted living and adult foster care property
- 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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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Cap Rate, Value Estimation, Potential NOI and more
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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 - Former adult foster care property with shared gathering areas, accessible features, and flexible care-oriented 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 6BD and 3.5 BA; Former assisted living and adult foster care property; Barrier‑free bathrooms, doors, and entry areas
