Duplex with Separate
For Sale
Under Contract
$424,900
3434 & 3436 Mahoney Drive, Traverse City, MI 49686
Multi-Family, Duplex, 1 Story, Traverse City, MI
Property Size1,872 SF
Lot Size1.10 Acres
Price / SF$226.98
Days on Market102
Property Features for 3434 & 3436 Mahoney Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi-Family
Zoning description
Multi-Family
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 1
Patio and Porch features
Porch, Deck
Interior features
Laundry Hook-up, Drywall
Exterior features
Deck, Covered Porch, Gutters
Appliances
Refrigerator, Oven/Range, Microwave, Natural Gas Water Heater, Smoke Alarms
Elementary school district
Traverse City Area Public Schools
Middle school district
Traverse City Area Public Schools
High school district
Traverse City Area Public Schools
Directions
Turn left off supply onto Rasho rd then left on mahoney dr. property is on the left
Subdivision
Grand Traverse
Standard status
Active Under Contract
Size
1,872 SF
Lot size
1.10 Acres
Taxes and HOA fees
Tax Description
LOT 15 EARLINGTON HILLS
Legal Description
LOT 15 EARLINGTON HILLS
Utilities
Water source
Private
Building Details
Year built
1989
Floors in Building
1
Number of units
2
Building materials
Frame
Roof type
Asphalt
Architectural style
Other
Listing Agency:
The Mitten Real Estate Group
(231) 421-1970
Listed By:
Ben Phillips
(231) 499-9495
Added: Jun 4
Changed: Sep 13
Last Checked: Sep 13 at 9:06AM
MLS# 1946116
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 1,872-square-foot duplex contains two separate residences with garages positioned between the units, eliminating shared walls between occupants. One side is leased, while the other has been refreshed with new paint, updated light fixtures, and a remodeled kitchen. Both units include laundry hookups, decks or porch areas, and dedicated garage space. The frame building was constructed in 1989 and has asphalt roofing, gutters, and covered porch features.
Set on 1.1 acres in Traverse City, the property uses a private well and septic system serving both units. Culligan iron sulfur buster water systems were installed in both residences in 2019 and are owned. Windows in the occupied unit were replaced in 2019, and mechanical systems in both units were updated in 2026. The property is approximately 12 minutes from Traverse City and 5 minutes from Spider Lake and Arbutus Lake.
The Multi-Family zoning supports the duplex configuration. Its layout accommodates continued rental use, owner occupancy of one residence, or shared living arrangements across the two units.
Set on 1.1 acres in Traverse City, the property uses a private well and septic system serving both units. Culligan iron sulfur buster water systems were installed in both residences in 2019 and are owned. Windows in the occupied unit were replaced in 2019, and mechanical systems in both units were updated in 2026. The property is approximately 12 minutes from Traverse City and 5 minutes from Spider Lake and Arbutus Lake.
The Multi-Family zoning supports the duplex configuration. Its layout accommodates continued rental use, owner occupancy of one residence, or shared living arrangements across the two units.
Key Highlights
- 1,872‑square‑foot duplex on 1.1 acres
- One unit occupied; second unit updated with new paint, light fixtures, and remodeled kitchen
- Separate garages positioned between the residences with no shared walls
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$20,273
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.77%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$405,460
$405.5K
Cap Rate 7%
$289,614
$289.6K
Cap Rate 9%
$225,256
$225.3K
Market Conditions
NOI Build-Up for 1,872 SF
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.
Gross rent
$30.3K $16.20/SF
− Vacancy
−$1.4K −$0.73/SF
EGI
$29.0K $15.47/SF
− OpEx
−$8.7K −$4.64/SF
NOI
$20.3K $10.83/SF
Area
Grand Traverse County, MI
Vacancy
4.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$405,460
Cap Rate 7%
$289,614
Cap Rate 9%
$225,256
Alternative Uses
Best Use
Multifamily LT 5
$289.6K
$253.4K – $337.9K
NOI $20,273 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$254.2K
$222.4K – $296.5K
NOI $17,791 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$406.7K
$355.8K – $474.4K
NOI $28,466 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with one occupied residence and a newly refreshed vacancy on an oversized private-well and septic lot.
Where is this duplex located?
The property is located at 3434 & 3436 Mahoney Drive Traverse City, MI.
What is the asking price?
The asking price for this property is $424,900.
What are key features of this property?
This property features: 1,872‑square‑foot duplex on 1.1 acres; One unit occupied; second unit updated with new paint, light fixtures, and remodeled kitchen; Separate garages positioned between the residences with no shared walls
