Multifamily Property with Multiple
For Sale
Under Contract
$3,500,000
55 S Hope Ridge, Traverse City, MI 49696
MULTI_FAMILY - Traverse City, MI
Property Size15,383 SF
Lot Size40.39 Acres
Price / SF$227.52
Days on Market94
Property Features for 55 S Hope Ridge
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Zoning
Residential,Outbuildings
Zoning description
Residential, Outbuildings Allowed
Bedrooms
435
Bathrooms
1
Full bathrooms
11
Rooms
Bedroom 417, Bedroom 350, Bedroom 334, Bedroom 33, Bedroom 71, Bedroom 77, Bedroom 52, Bedroom 197, Bedroom 53, Bedroom 343, Bedroom 428, Bedroom 88, Bedroom 154, Bedroom 194, Bedroom 344, Bedroom 168, Bedroom 112, Bedroom 107, Bedroom 145, Bedroom 199, Bedroom 365, Bedroom 113, Bedroom 84, Bedroom 313, Bedroom 414, Bedroom 398, Bedroom 36, Bedroom 308, Bedroom 27, Bedroom 227, Bedroom 29, Bedroom 327, Bedroom 116, Bedroom 102, Bedroom 425, Bedroom 191, Bedroom 317, Bathroom 8, Bathroom 3, Bedroom 208, Bedroom 144, Bedroom 380, Bedroom 122, Bedroom 153, Bedroom 433, Bedroom 311, Bedroom 303, Bedroom 156, Bedroom 141, Bedroom 175, Bedroom 35, Bedroom 221, Bedroom 132, Bedroom 309, Bedroom 294, Bedroom 64, Bedroom 166, Bedroom 418, Bedroom 133, Bedroom 217, Bedroom 290, Bedroom 242, Bedroom 91, Bedroom 47, Bedroom 176, Bedroom 134, Bedroom 108, Bathroom 4, Bedroom 32, Bedroom 426, Bedroom 236, Bedroom 50, Bedroom 248, Bedroom 37, Bedroom 351, Bedroom 373, Bedroom 46, Bedroom 86, Bedroom 23, Bedroom 379, Bedroom 352, Bedroom 157, Bedroom 330, Bedroom 209, Bedroom 6, Bedroom 11, Bedroom 28, Bedroom 372, Bedroom 161, Bedroom 345, Bedroom 403, Bedroom 288, Bathroom 6, Bedroom 96, Bedroom 219, Bedroom 276, Bedroom 382, Bedroom 54, Bedroom 218, Bedroom 284, Bedroom 269, Bedroom 44, Bedroom 120, Bedroom 20, Bedroom 104, Bedroom 4, Bedroom 381, Bedroom 363, Bedroom 336, Bedroom 397, Bedroom 273, Bathroom 11, Bedroom 74, Bedroom 404, Bedroom 100, Bedroom 220, Bedroom 358, Bedroom 279, Bedroom 143, Bedroom 277, Bedroom 266, Bedroom 5, Bedroom 111, Bedroom 158, Bedroom 226, Bedroom 174, Bedroom 73, Bedroom 241, Bedroom 395, Bedroom 57, Bedroom 355, Bathroom 1, Bedroom 136, Bedroom 1, Bedroom 150, Bedroom 171, Bedroom 202, Bedroom 9, Bedroom 431, Bedroom 118, Bedroom 271, Bedroom 421, Bedroom 67, Bedroom 59, Bedroom 114, Bedroom 17, Bedroom 151, Bedroom 148, Bedroom 61, Bedroom 212, Bathroom 10, Bedroom 99, Bedroom 368, Bedroom 196, Bedroom 210, Bathroom 2, Bedroom 65, Bedroom 324, Bedroom 407, Bedroom 189, Bedroom 185, Bedroom 82, Bedroom 140, Bedroom 342, Bedroom 289, Bedroom 94, Bedroom 315, Bedroom 278, Bedroom 346, Bedroom 427, Bedroom 255, Bedroom 299, Bedroom 90, Bedroom 335, Bedroom 429, Bedroom 263, Bedroom 142, Bedroom 19, Bedroom 155, Bedroom 435, Bedroom 45, Bedroom 234, Bedroom 258, Bedroom 321, Bedroom 98, Bedroom 106, Bedroom 125, Bathroom 5, Bathroom 9, Bedroom 386, Bedroom 409, Bedroom 228, Bedroom 306, Bedroom 424, Bedroom 341, Bedroom 235, Bedroom 109, Bedroom 422, Bedroom 357, Bedroom 293, Bedroom 49, Bedroom 31, Bedroom 66, Bedroom 127, Bedroom 264, Bedroom 7, Bedroom 79, Bedroom 302, Bedroom 400, Bedroom 224, Bedroom 268, Bedroom 215, Bedroom 187, Bedroom 390, Bedroom 75, Bedroom 40, Bedroom 34, Bedroom 214, Bedroom 39, Bedroom 38, Bedroom 25, Bedroom 304, Bedroom 178, Bedroom 393, Bedroom 117, Bedroom 249, Bedroom 48, Bedroom 43, Bedroom 165, Bedroom 192, Bedroom 384, Bedroom 275, Bedroom 375, Bedroom 58, Bedroom 374, Bedroom 184, Bedroom 251, Bedroom 213, Bedroom 200, Bedroom 149, Bedroom 172, Bedroom 297, Bedroom 173, Bedroom 124, Bedroom 339, Bedroom 291, Bedroom 16, Bedroom 8, Bedroom 320, Bedroom 333, Bedroom 163, Bedroom 250, Bedroom 188, Bedroom 370, Bedroom 62, Bedroom 198, Bedroom 319, Bedroom 87, Bedroom 394, Bedroom 42, Bedroom 369, Bedroom 26, Bedroom 41, Bedroom 103, Bedroom 159, Bedroom 364, Bedroom 169, Bedroom 287, Bedroom 223, Bedroom 419, Bedroom 408, Bedroom 152, Bedroom 280, Bedroom 121, Bedroom 274, Bedroom 24, Bedroom 405, Bedroom 253, Bedroom 432, Bedroom 323, Bedroom 376, Bedroom 207, Bedroom 295, Bedroom 128, Bedroom 237, Bedroom 332, Bedroom 402, Bedroom 340, Bedroom 298, Bedroom 135, Bedroom 78, Bedroom 225, Bedroom 126, Bedroom 3, Bedroom 182, Bedroom 292, Bedroom 361, Bedroom 13, Bedroom 69, Bedroom 63, Bedroom 70, Bedroom 286, Bedroom 147, Bedroom 412, Bedroom 85, Bathroom 7, Bedroom 378, Bedroom 318, Bedroom 265, Bedroom 181, Bedroom 314, Bedroom 105, Bedroom 326, Bedroom 411, Bedroom 10, Bedroom 259, Bedroom 312, Bedroom 399, Bedroom 434, Bedroom 262, Bedroom 180, Bedroom 396, Bedroom 387, Bedroom 55, Bedroom 164, Bedroom 377, Bedroom 146, Bedroom 353, Bedroom 316, Bedroom 322, Bedroom 329, Bedroom 12, Bedroom 21, Bedroom 430, Bedroom 80, Bedroom 283, Bedroom 349, Bedroom 119, Bedroom 301, Bedroom 328, Bedroom 383, Bedroom 177, Bedroom 101, Bedroom 232, Bedroom 97, Bedroom 415, Bedroom 14, Bedroom 410, Bedroom 285, Bedroom 305, Bedroom 193, Bedroom 261, Bedroom 257, Bedroom 367, Bedroom 222, Bedroom 131, Bedroom 167, Bedroom 247, Bedroom 123, Bedroom 81, Bedroom 310, Bedroom 162, Bedroom 281, Bedroom 240, Bedroom 186, Bedroom 272, Bedroom 371, Bedroom 231, Bedroom 238, Bedroom 325, Bedroom 296, Bedroom 416, Bedroom 270, Bedroom 204, Bedroom 246, Bedroom 300, Bedroom 254, Bedroom 95, Bedroom 245, Bedroom 130, Bedroom 110, Bedroom 183, Bedroom 423, Bedroom 229, Bedroom 203, Bedroom 201, Bedroom 72, Bedroom 92, Bedroom 216, Bedroom 60, Bedroom 93, Bedroom 83, Bedroom 267, Bedroom 179, Bedroom 337, Bedroom 205, Bedroom 139, Bedroom 2, Bedroom 22, Bedroom 252, Bedroom 170, Bedroom 160, Bedroom 68, Bedroom 392, Bedroom 230, Bedroom 260, Bedroom 115, Bedroom 385, Bedroom 18, Bedroom 190, Bedroom 348, Bedroom 360, Bedroom 391, Bedroom 401, Bedroom 195, Bedroom 138, Bedroom 362, Bedroom 243, Bedroom 366, Bedroom 76, Bedroom 206, Bedroom 137, Bedroom 15, Bedroom 129, Bedroom 388, Bedroom 331, Bedroom 356, Bedroom 89, Bedroom 347, Bedroom 239, Bedroom 244, Bedroom 282, Bedroom 406, Bedroom 354, Bedroom 51, Bedroom 56, Bedroom 389, Bedroom 338, Bedroom 359, Bedroom 256, Bedroom 233, Bedroom 420, Bedroom 413, Bedroom 307, Bedroom 30, Bedroom 211
Patio and Porch features
Deck, Patio, Porch
Interior features
Cathedral Ceiling, Walk-In Closets, Hardwood Floors, Handicap Access/Equipment, Island Kitchen, Pantry, Foyer Entrance, Workshop, Solid Surface Counters
Exterior features
Deck, Countryside View, Patio, Handicap Access, Porch, Screened Porch, Covered Porch
Fireplace
1
Accessibility
Accessible Approach with Ramp
Appliances
Refrigerator, Oven/Range, Dishwasher, 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
Off Hoch Road west of Garfield Rd and East of N Keystone Rd See SIGN
Subdivision
Grand Traverse
Standard status
Active Under Contract
Size
15,383 SF
Lot size
40.39 Acres
Taxes and HOA fees
Tax Description
COM N 1/4 COR FOR POB TH W 903.84' TH S 2,689.32' TH E 558.28' TH N 1894' TH E 345' TH N 795.89' TO POB SEC 2 T26N R11W
Legal Description
COM N 1/4 COR FOR POB TH W 903.84' TH S 2,689.32' TH E 558.28' TH N 1894' TH E 345' TH N 795.89' TO POB SEC 2 T26N R11W
Utilities
Sewer type
Shared Septic
Water source
Well
Water front features
Pond
Building Details
Year built
1989
Floors in Building
2
Number of units
7
Building materials
Frame, Modular/BOCA, Manufactured/HUD
Roof type
Asphalt
Architectural style
Ranch, Other
Additional Structures
Workshop
Listing Agency:
REMAX Bayshore - Union St TC · RE/MAX International
(231) 941-4500
Listed By:
Matthew Dakoske · License #148333
(231) 590-7722
Added: Apr 30
Changed: Jul 28
Last Checked: Aug 1 at 10:06AM
MLS# 1944464
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 multifamily property is offered on approximately 40.39 acres and includes eight homes totaling more than 16,000 square feet, along with four large barns. The site combines open fields with wooded privacy and existing residential and outbuilding improvements.
The property is described as being about eight minutes from downtown Traverse City, providing a balance between proximity to town and a more secluded setting.
With multiple residences and substantial outbuilding space, the compound’s configuration supports a range of residential and redevelopment possibilities, subject to applicable zoning and approvals.
The property is described as being about eight minutes from downtown Traverse City, providing a balance between proximity to town and a more secluded setting.
With multiple residences and substantial outbuilding space, the compound’s configuration supports a range of residential and redevelopment possibilities, subject to applicable zoning and approvals.
Key Highlights
- 40‑acre property about 8 minutes from downtown Traverse City, offering redevelopment potential for residential, commercial, or creative uses
- 8 homes on site totaling over 16,000 sq ft, providing multiple living spaces and flexible configuration options
- Includes 4 large barns for storage and potential on‑site work or events use
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 | $276.9k | $18.00 |
| − Vacancy | −$11.1k | −$0.72 |
| EGI | $265.8k | $17.28 |
| − OpEx | −$119.6k | −$7.78 |
| NOI | $146.2k | $9.50 |
15,383 SF · lease $18.00/SF/yr · vacancy 4.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.09M
$1.83M – $2.44M
NOI $146,200 @ 7.0% cap · market cap 4.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.34M
$2.92M – $3.90M
NOI $233,920 @ 7.0% cap · market cap 6.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3
Businesses Nearby
Explore this area
Business Placement
Demographics for 49696, MI
9,528
Population
5,005
Households
1.9
Avg Household Size
43
Median Age
41%
College-Educated
96%
High-School Grad
68.7 sq mi
ZIP Area
139
Density / Sq Mi
$96,138
Median Household Income
$46,893
Median Earnings
$1,309
Median Rent
$289,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Forty-acre multifamily compound with eight homes and four large barns, positioned about eight minutes from downtown.
Where is this apartment building located?
The property is located at 55 S Hope Ridge Traverse City, MI.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 40‑acre property about 8 minutes from downtown Traverse City, offering redevelopment potential for residential, commercial, or creative uses; 8 homes on site totaling over 16,000 sq ft, providing multiple living spaces and flexible configuration options; Includes 4 large barns for storage and potential on‑site work or events use
