Legal Duplex on Triple
535 W Twelfth Street Traverse City, MI 49684
535 W Twelfth Street, Traverse City, MI, 49684
$599,000
For Sale
Under Contract
$599,000
SINGLE_FAMILY - Traverse City, MI
Property Size2,490 SF
Lot Size0.28 Acres
Price / SF$240.56
Days on Market33
Property Features for 535 W Twelfth Street
General Information
- Property type
- Residential
- Property subtype
- Duplex
- Zoning
- Residential,Multi-Family,
- Bedrooms
- 3
- Bathrooms
- 3
- Rooms
- Bedroom 1, Bedroom 2, Bathroom 2, Bathroom 3, Bathroom 1, Bedroom 3, Den
- Patio and Porch features
- Patio
- Interior features
- Granite Kitchen Tops, Den/Study
- Exterior features
- Patio, Sidewalk, Landscaped
- Fireplace
- 1
- Appliances
- Refrigerator, Oven/Range, Dishwasher, Microwave, Washer, Dryer, Blinds, Drapes, Curtain Rods
- Standard status
- Active Under Contract
- Size
- 2,490 SF
- Lot size
- 0.28 Acres
Taxes and HOA fees
- Tax Description
- LOTS 16-17-18 BLOCK 5 HANNAH'S 5TH ADD
Building Details
- Year built
- 1948
- Floors in Building
- 2
- Building materials
- Frame
- Roof type
- Asphalt
- Architectural style
- Other
Listing Agency
REMAX Bayshore - Union St TC
(231) 941-4500
500 S Union Street, Traverse City, MI
Listed by
Troy Daily · License #6501442788
(231) 288-7676
Added: Jun 18 Updated: Jul 14 at 5:15 am Checked: Jul 20 at 6:06 pm
MLS# 1946785
Listing URL
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.
Located at 535 W Twelfth Street in Traverse City, this legal duplex sits on a triple lot and offers two separate living setups with multiple update and improvement points. The main level features a 2-bed, 1-bath residence with approximately 1,870 square feet, including a kitchen remodeled in 2020 and a bathroom updated in 2023. A dining room and greenhouse addition (2009) provide additional functional space, and new storm doors and a front entry were added in 2026.
The upper unit is currently operating as a licensed hair salon, updated in 2012 with A/C added at that time. It can convert back to a 1-bed, 1-bath apartment with removal of a wash station and tile replacement. The turnkey salon business is available for purchase separately at $12,500 and could transfer to a qualified buyer; transfer of the business is not required for the real estate sale, and additional information can be requested from the listing agent.
The lower level includes a full kitchen and full bathroom, along with a non-conforming room that could be converted to a bedroom with the addition of an egress window. Mechanical updates include a furnace and water heater replaced in 2018. Windows are original, and siding with storms was updated approximately in 2003. Parking includes a 2-car driveway accessed from the alley, with street parking serving the salon.
The upper unit is currently operating as a licensed hair salon, updated in 2012 with A/C added at that time. It can convert back to a 1-bed, 1-bath apartment with removal of a wash station and tile replacement. The turnkey salon business is available for purchase separately at $12,500 and could transfer to a qualified buyer; transfer of the business is not required for the real estate sale, and additional information can be requested from the listing agent.
The lower level includes a full kitchen and full bathroom, along with a non-conforming room that could be converted to a bedroom with the addition of an egress window. Mechanical updates include a furnace and water heater replaced in 2018. Windows are original, and siding with storms was updated approximately in 2003. Parking includes a 2-car driveway accessed from the alley, with street parking serving the salon.
Key Highlights
- Legal duplex on a triple lot with a lower unit and upper unit, plus room for gardens and outdoor living
- Main level 2‑bed, 1‑bath layout across 1,870 sq ft; kitchen remodeled in 2020 and bathroom updated in 2023
- Upper unit currently operated as a licensed hair salon; updated in 2012 with A/C added at that time
Local Financial Insights For Multifamily LT 5
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 | $40.3k | $16.20 |
| − Vacancy | −$1.8k | −$0.73 |
| EGI | $38.5k | $15.47 |
| − OpEx | −$11.6k | −$4.64 |
| NOI | $27.0k | $10.83 |
2,490 SF · lease $16.20/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$385.2K
$337.1K – $449.4K
NOI $26,966 @ 7.0% cap · market cap 4.50%
Second Best
Apartment 5plus
$338.1K
$295.8K – $394.4K
NOI $23,665 @ 7.0% cap · market cap 3.95%
Theoretical Best
Office A
$540.9K
$473.3K – $631.1K
NOI $37,864 @ 7.0% cap · market cap 6.32%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Twisted Hair
Hair Salon
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Turnkey duplex with main-level 2 bed/1 bath and an upper unit operating as a licensed salon, plus outdoor living on a triple lot.
Where is this duplex located?
The property is located at 535 W Twelfth Street Traverse City, MI.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Legal duplex on a triple lot with a lower unit and upper unit, plus room for gardens and outdoor living; Main level 2‑bed, 1‑bath layout across 1,870 sq ft; kitchen remodeled in 2020 and bathroom updated in 2023; Upper unit currently operated as a licensed hair salon; updated in 2012 with A/C added at that time
