Multifamily Property for Sale in Traverse City, MI

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Traverse City, MI 49684

Description

Marcus & Millichap is pleased to present First Point MHC, a 50-unit and 100% occupied, entirely tenant owned home community that is stabilized with significant upside, located in Traverse City, MI. Located in Grand Traverse County in the heart of Northern Michigan, Traverse City serves as the economic, cultural, and recreational hub of the region. The four-county Traverse City MSA (Benzie, Grand Traverse, Kalkaska, and Leelanau counties) had a total population of approximately 157,000 in 2024 and has been the fastest-growing MSA in Michigan over the past decade, adding roughly 8,000 people (5.6%) since 2014 — far outpacing the statewide growth rate of 1.7%. Grand Traverse County’s population is approximately 96,961, with a median household income of $79,486. Traverse City benefits from a diversified employment base anchored by healthcare (Munson Medical Center), tourism, agriculture, education (Northwestern Michigan College), and a growing technology and remote-worker sector attracted by the area’s exceptional quality of life. This park is 50 total manufactured housing units consisting of 50 tenant owned homes(TOH) on approximately 10.56 acres. The average lot rent is $490/month, with projected mark-to-market lot rents of $750/month. The community also generates approximately $63/unit/month in utility revenue. There are no park-owned homes, no RTO contracts, no RV lots, and no SFH units — 100% TOH community with zero vacancy. First Point MHC is serviced by private well water (tenant pays, billed back) and a private septic system (tenant pays, billed back). Trash is curbside and direct-billed to tenants. Electric, gas/propane, and cable are all tenant-paid via direct bill. The landlord is responsible for mowing common areas and snow plowing. The septic system is currently undergoing an active replacement project with EPA oversight and will be completed before closing, leaving an investor with a brand new system. The community is on approximately 10.56 acres. The park

Market Context

This multifamily in Traverse City, MI is listed for sale. It is offered at an approximate 7.1% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 67 days. Compare it against other multifamily listings for sale in Traverse City, MI — <a href="/search/sale/multifamily/michigan/traverse-city">view the full market</a>.

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