End-Unit Residential Income
New
For Sale
$550,000
6455 Mission Ridge, Traverse City, MI 49686
The condo includes two gas fireplaces, a finished lower level, and an attached garage.
Property Size2,439 SF
Days on Market4
Property Features for 6455 Mission Ridge
General Information
Standard status
Active
Size
2,439 SF
Total Parking Spaces
2
Property subtype
Unimproved Land
Additional Details
Multifamily Units
1
Amenities
skylights
gas fireplaces
deck
patio
covered porch
laundry
Building Details
Building Size
2,439 SF
Year Built
1992
Listing Agency:
Brookstone Realtors
Listed By:
William Calunas
(586) 206-5553
Source:
Barrteam.kw
Added: Oct 5
Changed: Oct 7
Last Checked: Oct 7 at 2:43PM
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 Brookstone Realtors
Investment Insights
Based on property information with market context.
This end-unit condo in the Port of Old Mission community was built in 1992. Its interior includes tall ceilings, skylights, and two gas fireplaces. The main floor is arranged with a kitchen, dining area, primary suite, and laundry. A finished lower level adds flexible living space, and an attached one-car garage is complemented by a second detached one-car garage.
Outdoor areas include a deck, patio, and covered porch, all set against a wooded backdrop. Old Mission Peninsula wineries, hiking trails, and West Bay are described as minutes away.
Outdoor areas include a deck, patio, and covered porch, all set against a wooded backdrop. Old Mission Peninsula wineries, hiking trails, and West Bay are described as minutes away.
Key Highlights
- End‑unit condo in the Port of Old Mission community
- Built in 1992
- Two gas fireplaces, skylights, and tall ceilings
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,180
Cap Rate
4.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$463,600
$463.6K
Cap Rate 7%
$331,143
$331.1K
Cap Rate 9%
$257,556
$257.6K
Market Conditions
NOI Build-Up for 2,439 SF
Gross rent
$43.9K $18.00/SF
− Vacancy
−$1.8K −$0.72/SF
EGI
$42.1K $17.28/SF
− OpEx
−$19.0K −$7.78/SF
NOI
$23.2K $9.50/SF
Area
Grand Traverse County, MI
Vacancy
4.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$463,600
Cap Rate 7%
$331,143
Cap Rate 9%
$257,556
Alternative Uses
Best Use
Apartment 5plus
$331.1K
$289.8K – $386.3K
NOI $23,180 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$529.8K
$463.6K – $618.1K
NOI $37,088 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
40
Businesses Nearby
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Business Placement
Demographics for 49686, MI
25,859
Population
13,261
Households
2
Avg Household Size
45
Median Age
46%
College-Educated
95%
High-School Grad
47.3 sq mi
ZIP Area
547
Density / Sq Mi
$71,198
Median Household Income
$40,373
Median Earnings
$1,209
Median Rent
$295,500
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The condo includes two gas fireplaces, a finished lower level, and an attached garage.
Where is this residential income property located?
The property is located at 6455 Mission Ridge Traverse City, MI.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: End‑unit condo in the Port of Old Mission community; Built in 1992; Two gas fireplaces, skylights, and tall ceilings
