This is a fantastic redevelopment opportunity directly on Front Street, where the value lies in the land. It comes with engineered plans for a cutting-edge project featuring twelve luxury condos, each about 1,400 square feet. Three out of twelve units are eligible for STR. There's also 3,000 square feet of flexible commercial space on the ground floor that could be used for retail or common space for condominium owners: gym, shared workspace, lounge, etc., and a huge rooftop lounge perfect for relaxing. We've crunched the numbers and see a potential sellout value of $15 million. You'll need to wrap up some additional engineering before breaking ground. Do your own due diligence to determine your comfort level with the project.
Property Details
Property Features
Listing Office:
Office Name: The Mitten Real Estate Group
Listing Agent: Abigail Vannatter
Exterior Features
Exterior Information:
Waterfront: None
Exterior: None
Lot Features
Lot Information:
Lot: Other
Lot Size: 0.19 Acres
School Info
Assigned Schools Information:
Central High School, Public District Grades 9-12
East Middle School, Public District Grades 6-8
Tcaps Montessori School, Public District Grades PK-6
Other
Directions Information:
Directions: W Front St East of Division. Inbetween Nail Bar and Scarbrough Eyecare.
Price Information
Listing Price Info
Price Summary:
List Price: $1,825,000
Tax Information:
Annual Amount: $12,258
Tax Year: 2021
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Housing Market Comparison
See how this home compares to others in Traverse City, MI.
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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
6
/10
Tcaps Montessori School
1009 S Oak St
Distance between this listing and this school0.75 miles
Public District Grades PK-6
Middle School
6
/10
East Middle School
1776 3 Mile Rd N
Distance between this listing and this school5.19 miles
Public District Grades 6-8
High School
8
/10
Central High School
1150 Milliken Dr
Distance between this listing and this school2.09 miles
Public District Grades 9-12
Assigned Schools
6
/10
Tcaps Montessori School
1009 S Oak St
Distance between this listing and this school0.75 miles
Public District Grades PK-6
Nearby Schools
6
/10
Central Grade School
301 W Seventh St
Distance between this listing and this school0.39 miles
Public District Grades PK-5
7
/10
Willow Hill Elementary School
1250 Hill St
Distance between this listing and this school0.72 miles
Public District Grades PK-5
Assigned Schools
6
/10
East Middle School
1776 3 Mile Rd N
Distance between this listing and this school5.19 miles
Public District Grades 6-8
Nearby Schools
4
/10
The Greenspire School
1026 Red Dr
Distance between this listing and this school1.05 miles
Public Charter Grades 6-8
7
/10
West Middle School
3950 Silver Lake Rd
Distance between this listing and this school1.88 miles
Public District Grades 6-8
Assigned Schools
8
/10
Central High School
1150 Milliken Dr
Distance between this listing and this school2.09 miles
Public District Grades 9-12
Nearby Schools
9
/10
West Senior High School
5376 N Long Lake Rd
Distance between this listing and this school2.86 miles
Public District Grades 9-12
8
/10
Grand Traverse Academy
1245 Hammond Rd E
Distance between this listing and this school5.02 miles
The neighbors living near this home have an average income of $40,147. The majority of Traverse City, MI residents have income less than $35k annually. The majority of families are single, no kids. The most common level of education of people living in this area is post secondary degree.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 531 W Front St
What is the listing price of this property?
The listing price of 531 W Front St property is $1,825,000.
What type of property is this?
The property 531 W Front St is land located in Traverse City, Michigan, 49684.
Is this property for sale now?
Active Listing: 531 W Front St is For Sale (Active/New) which means the seller is accepting offers.
What are the assigned schools for this property?
The assigned schools for 531 W Front St are: Tcaps 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 $12,258 (source: MLS/based on county public records data).
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This home is located at 531 W Front St in Traverse City, MI and zip code 49684. This home sits on a 0.19 acre lot. It has been listed on Rocket Homes since April 18, 2024 and is currently priced at $1,825,000.
While more than 19 listings in Traverse City, MI in April 2024 were sold above asking price, there were more than 20 listings sold at asking price, and more than 34 were sold below. The number of homes for sale in Traverse City, MI increased by 21.4% between March 2024 and April 2024. The median list price of listings available in April 2024 was $424,000, while the average time on the real estate market was 68 days.
From Rocket Homes Real Estate and based on county public records data.
Hiking/backpacking
Hiking/backpacking
PGA/LPGA
Minor League Baseball Games
Nordstrom Rack
Stein Mart
New York & Company
Chipotle
Bonefish Grill
Chick-fil-A
Mazda
Lincoln
Kia
Rock
Classical
Talk/Personality