Assisted Living Facility
3255 Mahoney Drive Traverse City, MI 49686
3255 Mahoney Drive, Traverse City, MI, 49686
$799,000
For Sale
$799,000
Former assisted living setup with barrier-free bathrooms, multiple living areas, and fire suppression with sprinkler system.
Property Size3,995 SF
Price / SF$200
Days on Market168
Property Features for 3255 Mahoney Drive
General Information
- Standard status
- Active
- Size
- 3,995 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 2015
Listing agency
Five Star Real Estate - Front St TC
(231) 218-5130
Listed by
Sam Abood · License #6504216686
(231) 218-5130
Source
Carolbollo
Added: Feb 4 Updated: Jul 21 at 5:27AM Checked: Jul 21 at 5:27AM
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 Five Star Real Estate - Front St TC
Investment Insights
Based on property information with market context.
This large former assisted living / adult foster care facility features spacious interior common areas, including a large community kitchen with dining, plus multiple living and family room areas. The building includes fully barrier-free bathrooms, doors, and entry areas, along with all laminate floors. It also offers full walkout basements and is equipped with a fire suppression system and sprinkler coverage.
The property is described as having walking paths for guests and is situated in a country setting. The offering notes the building’s potential versatility, including use as a child care center, for large extended family living, vacation rentals, or employee housing.
The space is configured with 6 bedrooms and 3.5 bathrooms and is presented as a specialty healthcare-type property building for sale.
The property is described as having walking paths for guests and is situated in a country setting. The offering notes the building’s potential versatility, including use as a child care center, for large extended family living, vacation rentals, or employee housing.
The space is configured with 6 bedrooms and 3.5 bathrooms and is presented as a specialty healthcare-type property building for sale.
Key Highlights
- Built in 2015 with 3,995 SF, offering 6 bedrooms and 3.5 bathrooms
- Former assisted living/adult foster care facility layout with large kitchen, dining area, living room, and family room spaces
- Barrier‑free bathrooms, doors, and entry areas designed for full accessibility
Local 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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Assisted living facilities
Similar For Sale Nearby
Similar Off Market Nearby
- Larosa Adult Foster Care Home — 3305 Wemple Rd, Traverse City, MI 49686
FAQs
What type of property is this?
Assisted living facility - Former assisted living setup with barrier-free bathrooms, multiple living areas, and fire suppression with sprinkler system.
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: Built in 2015 with 3,995 SF, offering 6 bedrooms and 3.5 bathrooms; Former assisted living/adult foster care facility layout with large kitchen, dining area, living room, and family room spaces; Barrier‑free bathrooms, doors, and entry areas designed for full accessibility
