Mixed-Use Building with Furnished
New
For Sale
$4,150,000
902 W Front, Traverse City, MI 49684
Eight furnished residential units accompany a leased ground-floor commercial space.
Property Size12,870 SF
Price / SF$322.46
Days on Market5
Property Features for 902 W Front
General Information
Standard status
Active
Size
12,870 SF
Property subtype
Commercial
Zoning
C2
Units
Unit Mix
4 x 2BR/2BA, 4 x 1BR/1BA
Multifamily Units
8
Additional Details
Furnished
Yes
Road Access
Yes
Building Details
Year Built
2022
Listing Agency:
The Mitten Real Estate Group
Listed By:
Trent Sims · License #6501402035
(231) 388-0770
Source:
Findmichiganhomelistings
Added: Oct 7
Changed: Oct 10
Last Checked: Oct 10 at 2:48AM
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 The Mitten Real Estate Group
Investment Insights
Based on property information with market context.
Built in 2022, this 12,870-square-foot mixed-use property contains nine separately tax-identified units. Eight are furnished residences: four have two bedrooms and two bathrooms, while four have one bedroom and one bathroom. The first-floor commercial unit is leased through the end of 2027. The residential units are licensed for short-term rental use, providing an established hospitality component alongside the commercial tenancy.
The property occupies the corner of West Front and Spruce streets in Traverse City’s Slabtown neighborhood. It is between Munson Medical Center and downtown, with the Boardman River, restaurants, and retail also noted in the surrounding area. The parcel is zoned C2.
The property occupies the corner of West Front and Spruce streets in Traverse City’s Slabtown neighborhood. It is between Munson Medical Center and downtown, with the Boardman River, restaurants, and retail also noted in the surrounding area. The parcel is zoned C2.
Key Highlights
- 12,870‑square‑foot mixed‑use property built in 2022
- Nine units, each with an individual tax ID
- Eight furnished residences: four 2‑bedroom, 2‑bath units and four 1‑bedroom, 1‑bath units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$122,316
Cap Rate
2.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,446,320
$2.4M
Cap Rate 7%
$1,747,371
$1.7M
Cap Rate 9%
$1,359,067
$1.4M
Market Conditions
NOI Build-Up for 12,870 SF
Gross rent
$231.7K $18.00/SF
− Vacancy
−$9.3K −$0.72/SF
EGI
$222.4K $17.28/SF
− OpEx
−$100.1K −$7.78/SF
NOI
$122.3K $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%
$2,446,320
Cap Rate 7%
$1,747,371
Cap Rate 9%
$1,359,067
Alternative Uses
Best Use
Apartment 5plus
$1.75M
$1.53M – $2.04M
NOI $122,316 @ 7.0% cap · market cap 2.95%
Second Best
Mixed Use
$1.57M
$1.37M – $1.83M
NOI $109,797 @ 7.0% cap · market cap 2.65%
Theoretical Best
Office A
$2.80M
$2.45M – $3.26M
NOI $195,706 @ 7.0% cap · market cap 4.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
8
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,534
Businesses Nearby
Explore this area
Business Placement
Demographics for 49684, MI
22,025
Population
10,959
Households
2
Avg Household Size
49
Median Age
46%
College-Educated
96%
High-School Grad
52.8 sq mi
ZIP Area
417
Density / Sq Mi
$75,678
Median Household Income
$39,553
Median Earnings
$1,216
Median Rent
$375,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Eight furnished residential units accompany a leased ground-floor commercial space.
Where is this mixed-use property located?
The property is located at 902 W Front Traverse City, MI.
What is the asking price?
The asking price for this property is $4,150,000.
What are key features of this property?
This property features: 12,870‑square‑foot mixed‑use property built in 2022; Nine units, each with an individual tax ID; Eight furnished residences: four 2‑bedroom, 2‑bath units and four 1‑bedroom, 1‑bath units
