Nursing Home with Staff
For Sale
$895,000
5840 Culver Road, Traverse City, MI 49685
Commercial, Traverse City, MI
Property Size5,545 SF
Lot Size1.00 Acre
Price / SF$161.41
Days on Market96
Property Features for 5840 Culver Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Residential, Multi-Family
Bathrooms
10
Full bathrooms
10
Rooms
Bathroom 8, Bathroom 4, Bathroom 3, Bathroom 5, Bathroom 10, Bathroom 9, Bathroom 2, Bathroom 6, Bathroom 1, Bathroom 7
Parking features
Parking Lot
Exterior features
Vinyl
Directions
From TC take 31 S to right on W South Airport Rd. Tturn left onto Silver Lake Rd. Continue straight road becomes N West Silver Lake Rd. Turn right on Culver Rd. Property on right by school entrance.
Subdivision
Grand Traverse
Special listing conditions
In Foreclosure
Standard status
Active
Size
5,545 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Description
PT GOVT LOT 7 SEC 31 T27N R11W COM W1/4 COR TH S 88 DEG 54'E 820.5' TH N 01DEG 6'E 33' TO POB TH N 290.4' TH E 150' TH S 290.4' TH W TO POB.
Legal Description
PT GOVT LOT 7 SEC 31 T27N R11W COM W1/4 COR TH S 88 DEG 54'E 820.5' TH N 01DEG 6'E 33' TO POB TH N 290.4' TH E 150' TH S 290.4' TH W TO POB.
Utilities
Water source
Private
Amenities
large deck
shed with electric
patio with radiant heat
security system
generator
Building Details
Building materials
Frame
Roof type
Asphalt
Listing Agency:
Krause Realty Solutions
(231) 714-7219
Listed By:
Thomas Krause
(231) 357-2040
Added: Jul 2
Changed: Sep 14
Last Checked: Oct 5 at 9:06PM
MLS# 1936103
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 5,545-square-foot nursing home property occupies 1 acre and includes 12 private bedrooms across the main and lower levels. Most rooms connect to a private or shared half bath, while each care area has an ADA-accessible shower room. The upper level provides a separate residence with 3 bedrooms, 1 bath, and its own secure entrance, offering dedicated staff or owner living space.
Exterior improvements include a large deck, radiant-heated patio, powered shed, parking lot, and 3-car garage. The property also includes a security system, fire suppression equipment, generator, and furnishings associated with the former foster care operation. Frame construction, vinyl exterior siding, asphalt roofing, and a private water source complete the core property features.
Exterior improvements include a large deck, radiant-heated patio, powered shed, parking lot, and 3-car garage. The property also includes a security system, fire suppression equipment, generator, and furnishings associated with the former foster care operation. Frame construction, vinyl exterior siding, asphalt roofing, and a private water source complete the core property features.
Key Highlights
- 5,545‑square‑foot nursing home property on 1 acre
- 12 private bedrooms with private or shared half baths
- ADA‑accessible shower room serving each care area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$79,271
Cap Rate
8.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,585,420
$1.6M
Cap Rate 7%
$1,132,443
$1.1M
Cap Rate 9%
$880,789
$880.8K
Market Conditions
NOI Build-Up for 5,545 SF
Gross rent
$144.4K $26.04/SF
− Vacancy
−$12.3K −$2.21/SF
EGI
$132.1K $23.83/SF
− OpEx
−$52.8K −$9.53/SF
NOI
$79.3K $14.30/SF
Area
Grand Traverse County, MI
Vacancy
8.50%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,585,420
Cap Rate 7%
$1,132,443
Cap Rate 9%
$880,789
Alternative Uses
Best Use
Healthcare Medical
$1.13M
$990.9K – $1.32M
NOI $79,271 @ 7.0% cap · market cap 8.86%
Second Best
Apartment 5plus
$752.9K
$658.8K – $878.3K
NOI $52,700 @ 7.0% cap · market cap 5.89%
Theoretical Best
Office A
$1.20M
$1.05M – $1.41M
NOI $84,319 @ 7.0% cap · market cap 9.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
37
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 49685, MI
20,856
Population
9,395
Households
2.2
Avg Household Size
40
Median Age
38%
College-Educated
95%
High-School Grad
54.2 sq mi
ZIP Area
385
Density / Sq Mi
$82,639
Median Household Income
$45,783
Median Earnings
$1,338
Median Rent
$309,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Nursing home - Former care facility with accessible bathing areas, private bedrooms, and separate on-site living quarters.
Where is this nursing home located?
The property is located at 5840 Culver Road Traverse City, MI.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 5,545‑square‑foot nursing home property on 1 acre; 12 private bedrooms with private or shared half baths; ADA‑accessible shower room serving each care area
