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    Garfield Woods Dr Traverse City, MI 49686

    Sponsored
    For Sale
    $2,950,000

    8.04 Acres, 84-Unit Potential

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    396
    This exceptional 8.04-acre parcel in Traverse City, Michigan, presents a truly unique development opportunity. Zoned for commercial use, this "shovel-ready" property is ideally suited for an 84-unit apartment or condominium complex. All necessary permits, building and site plans, engineering, and approvals are already secured, eliminating significant pre-construction hurdles and allowing for immediate commencement of the project. The property boasts ample frontage on Garfield Woods Drive, providing excellent visibility and accessibility. Its strategic location offers convenient proximity to shopping centers, the airport, and Costco, enhancing its appeal to potential residents. Adding to its desirability is the adjacency to over 100 acres of conservancy property and the Mitchell Creek Nature Sanctuary, providing a tranquil natural setting. This prime location within Grand Traverse County, with its zip code 49686, offers a strong rental market, making this a compelling investment for developers seeking a high-return project. The asking price is $2,950,000. This is a chance to capitalize on the thriving Traverse City market and create a significant residential development. Contact us to explore development options and begin building your next project.

    Property Features for 0 Garfield Woods Dr

    General Information

    Property type
    Land
    Lot Size
    350,222 SF

    HighLights

    • $2,950,000 asking price.
    • 8.04‑acre land parcel.
    • Commercial zoning permitted.
    • Shovel‑ready 84‑unit apartment/condo development opportunity.
    • Located in Traverse City, MI, on Garfield Woods Dr.
    • All permits, plans, and approvals in place.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.5950214
    Latitude
    44.7238073

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    FAQs

    What type of property is this?
    Land - 8.04 Acres, 84-Unit Potential
    Where is this land located?
    The property is located at Garfield Woods Dr Traverse City, MI.
    What is the asking price?
    The asking price for this property is $2,950,000.
    What are key features of this property?
    This property features: $2,950,000 asking price.; 8.04-acre land parcel.; Commercial zoning permitted.
    (231) 714-4787
    Request Owner's contact information
    Garfield Woods Dr Traverse City, MI 49686
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Garfield Woods Dr Traverse City, MI 49686
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