One-Story Duplex with Two
New
For Sale
$385,000
4364 Wyatt Road, Traverse City, MI 49684
Multi-Family, 1 Story, Traverse City, MI
Property Size1,728 SF
Lot Size0.34 Acres
Price / SF$222.80
Days on Market2
Property Features for 4364 Wyatt Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Residential
Zoning description
Residential
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 1, Bedroom 5, Bedroom 6
Appliances
Refrigerator, Oven/Range, Washer, Dryer
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 onto US-31 S/N Division St (0.9 mi), then right onto Silver Lake Rd (1.6 mi), then right onto Wyatt Rd.
Subdivision
Grand Traverse
Standard status
Active
Size
1,728 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Description
LOT 27 HEARTHSIDE ACRES
Legal Description
LOT 27 HEARTHSIDE ACRES
Amenities
in-unit washer/dryer hookups
Building Details
Year built
1972
Floors in Building
1
Number of units
2
Building materials
Frame
Roof type
Asphalt
Architectural style
Other
Listing Agency:
REMAX Bayshore - West Shore Dr TC · RE/MAX International
(231) 941-4500
Listed By:
Jen Warren
(231) 941-5600
Added: Sep 2
Last Checked: Sep 3 at 9:06AM
MLS# 1950126
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 one-story duplex contains two side-by-side residences with a combined 1,728 square feet. Each unit includes three bedrooms, one bathroom, a living room, an eat-in kitchen, and hookups for an in-unit washer and dryer. The building was constructed in 1972 with frame construction and an asphalt roof, and the property occupies 0.34 acres.
Both residences are currently occupied, and the property has rental history. Included appliances are refrigerators, oven/ranges, washers, and dryers. The address is in Traverse City, Michigan, within the Traverse City Area Public Schools district and in Grand Traverse County. Residential zoning applies.
Both residences are currently occupied, and the property has rental history. Included appliances are refrigerators, oven/ranges, washers, and dryers. The address is in Traverse City, Michigan, within the Traverse City Area Public Schools district and in Grand Traverse County. Residential zoning applies.
Key Highlights
- Two side‑by‑side units with three bedrooms and one bathroom each
- 1,728 square feet of total property size on 0.34 acres
- Both units include living rooms, eat‑in kitchens, and washer/dryer hookups
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
$18,714
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
4.86%
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%
$374,280
$374.3K
Cap Rate 7%
$267,343
$267.3K
Cap Rate 9%
$207,933
$207.9K
Market Conditions
NOI Build-Up for 1,728 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
$28.0K $16.20/SF
− Vacancy
−$1.3K −$0.73/SF
EGI
$26.7K $15.47/SF
− OpEx
−$8.0K −$4.64/SF
NOI
$18.7K $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%
$374,280
Cap Rate 7%
$267,343
Cap Rate 9%
$207,933
Alternative Uses
Best Use
Multifamily LT 5
$267.3K
$233.9K – $311.9K
NOI $18,714 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$234.6K
$205.3K – $273.7K
NOI $16,423 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$375.4K
$328.5K – $438.0K
NOI $26,277 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
140
Businesses Nearby
Explore this area
Business Placement
Demographics for 49684, MI
22,025
Population
10,959
Households
2
Avg Household Size
49
Median Age
46%
College-Educated
96%
High-School Grad
52.8 sq mi
ZIP Area
417
Density / Sq Mi
$75,678
Median Household Income
$39,553
Median Earnings
$1,216
Median Rent
$375,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Frame construction, residential zoning, and laundry hookups support a practical income-property configuration.
Where is this duplex located?
The property is located at 4364 Wyatt Road Traverse City, MI.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Two side‑by‑side units with three bedrooms and one bathroom each; 1,728 square feet of total property size on 0.34 acres; Both units include living rooms, eat‑in kitchens, and washer/dryer hookups
