Rare opportunity in downtown Traverse city, with commercial HR zoning, a large 63-70 unit building and a large property, bound by five city streets - a block from the public beach! This property was originally developed as a hotel (with 70 units), leased to a senior living operation for many years, and is now ready for a new owner to create apartments, condos, operate as a hotel or long term care facility, or to create something all their own. With a large commercial kitchen, huge dining room, many common lounges, on-site commercial laundry, fiber optic internet installed and ready, a lovely back patio, expansive grounds and nicely outfitted units, this property has many things going well! There is potential to easily add up to seven additional units within the current building, and the property and building size could allow for added amenities too. This is an exciting property - bring your creativity!
Calculate your estimated monthly expenses for this listing. Play with the values below to better understand your monthly payment and utilities.
$42.4K
Per Month
Principal & Interest
$42.4K
Home PriceThe dollar amount you pay for the home.
$
Interest RateMortgage interest rates fluctuate, but they're typically in the 5% to 9% range. Your rate will be calculated based on personal details including your credit score.
%
Down PaymentThe initial money paid at closing that is usually a percentage of the purchase price. Most loans require at least 3% down, but a 0% down payment may be possible if you're eligible for a VA or USDA loan.
$%
Loan TermThis is how long you'll pay on the loan. A longer term gives you smaller payments, while a shorter term saves you money on interest.
Property Taxes
$0
Property Taxes -Annual CostEvery homeowner pays taxes to their local government based on their home's value and the property tax rates for the county or city. Most areas charge property taxes semiannually.
$/ Year
Mortgage Insurance
$0
Mortgage Insurance -Monthly PremiumMortgage insurance helps secure a mortgage with a lower down payment. It typically costs 0.1% - 2% of your loan amount per year.
$/ Month
Homeowners Insurance
$67
Homeowners Insurance -Monthly PremiumMost homeowners pay about $1,000 a year for homeowners insurance, but the cost varies based on your location, home and coverage.
$/ Month
Homeowners Association (HOA)
$0
Homeowners Association -Monthly FeesHomeowners Association (HOA) fees can range from $30 per month to $500+ per month. Be sure to ask your agent about HOA fees on a home as it can impact your affordability or check the online home listing.
$/ Month
Utilities
$0
Utilities - Monthly CostYou'll need to budget for utilities as a homeowner, which typically includes water and sewer, gas and electric, internet and cable. Cost will depend on your location and the size of your home. On a monthly basis, Americans pay $239 - $442 per month.
$/ Month
Recommended Financing
30-Year Fixed
Rate/APR
7.5% / 6.68%
Total Monthly Payment
$25.5K
Powered By
Advertisement
NMLS#3030
Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
Elementary School
8
/10
Eastern Elementary School
1600 Eastern Ave
Distance between this listing and this school0.80 miles
Public District Grades PK-5
6
/10
Tcaps Montessori School
1009 S Oak St
Distance between this listing and this school2.55 miles
Public District Grades PK-6
Middle School
6
/10
East Middle School
1776 3 Mile Rd N
Distance between this listing and this school3.47 miles
Public District Grades 6-8
High School
8
/10
Central High School
1150 Milliken Dr
Distance between this listing and this school0.79 miles
Public District Grades 9-12
Assigned Schools
8
/10
Eastern Elementary School
1600 Eastern Ave
Distance between this listing and this school0.80 miles
Public District Grades PK-5
6
/10
Tcaps Montessori School
1009 S Oak St
Distance between this listing and this school2.55 miles
Public District Grades PK-6
Nearby Schools
5
/10
Traverse Heights Elementary School
933 Rose St
Distance between this listing and this school1.20 miles
Public District Grades PK-5
Assigned Schools
6
/10
East Middle School
1776 3 Mile Rd N
Distance between this listing and this school3.47 miles
Public District Grades 6-8
Nearby Schools
4
/10
The Greenspire School
1026 Red Dr
Distance between this listing and this school3.35 miles
Public Charter Grades 6-8
7
/10
West Middle School
3950 Silver Lake Rd
Distance between this listing and this school3.93 miles
Public District Grades 6-8
Assigned Schools
8
/10
Central High School
1150 Milliken Dr
Distance between this listing and this school0.79 miles
Public District Grades 9-12
Nearby Schools
8
/10
Grand Traverse Academy
1245 Hammond Rd E
Distance between this listing and this school3.10 miles
Public Charter Grades KG-12
9
/10
West Senior High School
5376 N Long Lake Rd
Distance between this listing and this school5.30 miles
The neighbors living near this home have an average income of $69,937. The most common annual income of people living in Traverse City, MI is between $35k-100k. The most common type of family is single, no kids. Typical level of education for residents in this area is post secondary degree.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 461 Munson Ave
What is the listing price of this property?
The listing price of 461 Munson Ave property is $8,500,000.
What type of property is this?
The property 461 Munson Ave is a house located in Traverse City, Michigan, 49686.
Is this property for sale now?
Active Listing: 461 Munson Ave is For Sale (Active/New) which means the seller is accepting offers.
What are the assigned schools for this property?
The assigned schools for 461 Munson Ave are: Eastern Elementary School: GreatSchools Rating 8/10Tcaps Montessori School: GreatSchools Rating 6/10East Middle School: GreatSchools Rating 6/10Central High School: GreatSchools Rating 8/10
What is the annual property tax for this property?
According to the records, the last property tax for 2021 is $64,826 (source: MLS/based on county public records data).
What is the square footage of this property?
The property 461 Munson Ave is 32,711 SqFt (source: MLS/tax record).
Which year was this property built?
The year of construction for 461 Munson Ave is 1995.
By checking this box and submitting your personal information, you agree to our Terms of Use and Privacy Policy. You also expressly consent to having Rocket Homes Real Estate LLC, its Family of Companies, Rocket Homes Network Partners, and potentially our mortgage partners contact you about your inquiry by text message or phone (including automatic telephone dialing system or an artificial or prerecorded voice) to the residential or cellular telephone number you have provided, even if that telephone number is on a corporate, state, or national Do Not Call Registry. You do not have to agree to receive such calls or messages as a condition of getting any services from Rocket Homes Real Estate, LLC or its partners. By communicating with us by phone, you consent to calls being recorded and monitored. You also agree that we can share your personal data and contact information with third parties such as mortgage partners, partner companies, and affiliates, and that these parties may use your personal data and contact information for marketing and analytic purposes, and to improve your experience.
This home is located at 461 Munson Ave in Traverse City, MI and zip code 49686. This 32,711 square foot home, which was built in 1995, sits on a 1.87 acre lot. It has been listed on Rocket Homes since December 01, 2023 and is currently priced at $8,500,000.
In March 2024, from all listings sold in Traverse City, MI there were more than 22 sold above asking price, over 24 sold below and more than 20 were sold right at the asked price. In March 2024 in Traverse City, MI there were 12.5% more homes for sale than in February 2024. In March 2024 median list price was $366,000 and the average listing age was 56 days.
From Rocket Homes Real Estate and based on county public records data.
Pro Boxing
Pro Boxing
Figure Skating
Hiking/backpacking
Family Dollar
Chico's
Nordstrom Rack
White Castle
Bob Evans
Chipotle
Chevrolet
Oldsmobile
Mazda
Rock
News
Classical