Downtown Duplex Rental
633 E Eighth Traverse City, MI 49686
New
For Sale
$350,000
Duplex property with two long-term rental units, each featuring separate kitchens, living rooms, and two bedrooms.
Property Size1,428 SF
Lot Size0.09 Acres
Price / SF$245.10
Days on Market5
Property Features for 633 E Eighth
General Information
- Standard status
- Active
- Size
- 1,428 SF
- Lot size
- 0.09 Acres
- Property subtype
- Investment
Building Details
- Year Built
- 1891
Listing Agency:
MI Properties North Real Estate Group
(231) 944-5296
Listed By:
Stacy Allman · License #6501378259
(231) 944-5296
Source:
Elliman
Added: Jul 21
Changed: Jul 22
Last Checked: Jul 24 at 1:50PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of MI Properties North Real Estate Group
Investment Insights
Based on property information with market context.
This downtown duplex investment offers 1,428 square feet of residential income space on 0.09 acres. The property is currently configured as two long-term rental units, and each unit includes its own kitchen and living room, along with two bedrooms and one bathroom. The property is fully leased, with tenants interested in remaining in place, and is being sold as-is.
Located along the Eighth Street corridor in Traverse City, the property is described as within walking distance to downtown shopping, restaurants, beaches, parks, and trails. The listing notes D-2 zoning, which allows long-term rentals, short-term rentals, or commercial uses.
As presented in the offering materials, this is a stable, income-producing residential property with a flexible D-2 zoning designation supporting multiple operating paths.
Located along the Eighth Street corridor in Traverse City, the property is described as within walking distance to downtown shopping, restaurants, beaches, parks, and trails. The listing notes D-2 zoning, which allows long-term rentals, short-term rentals, or commercial uses.
As presented in the offering materials, this is a stable, income-producing residential property with a flexible D-2 zoning designation supporting multiple operating paths.
Key Highlights
- 1,428‑SF downtown Traverse City duplex built in 1891 on 0.09 acres
- Configured as 2 long‑term rental units; each unit has its own kitchen and living room
- Each unit offers 2 bedrooms and 1 bathroom; fully leased with tenants who wish to stay
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 | $23.1k | $16.20 |
| − Vacancy | −$1.0k | −$0.73 |
| EGI | $22.1k | $15.47 |
| − OpEx | −$6.6k | −$4.64 |
| NOI | $15.5k | $10.83 |
1,428 SF · lease $16.20/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$220.9K
$193.3K – $257.8K
NOI $15,465 @ 7.0% cap · market cap 4.42%
Second Best
Apartment 5plus
$193.9K
$169.7K – $226.2K
NOI $13,572 @ 7.0% cap · market cap 3.88%
Theoretical Best
Office A
$310.2K
$271.4K – $361.9K
NOI $21,715 @ 7.0% cap · market cap 6.20%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Duplex property with two long-term rental units, each featuring separate kitchens, living rooms, and two bedrooms.
Where is this duplex located?
The property is located at 633 E Eighth Traverse City, MI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 1,428‑SF downtown Traverse City duplex built in 1891 on 0.09 acres; Configured as 2 long‑term rental units; each unit has its own kitchen and living room; Each unit offers 2 bedrooms and 1 bathroom; fully leased with tenants who wish to stay
