509 Rose Street, Traverse City

$440,000

202 N. First St.
Leland, MI    49654

(415 ) 254-1622
info@manitou-life.com

Listing is courtesy of REMAX Bayshore - Union St TC
231-941-4500

• Bedrooms: 2
• Bathrooms: 1.50
• Style: None
• Condo: Yes
• Square Feet: 977
• Acres: 0.05
• School District: Traverse City Area Public Schools
• Year Built: 1896
• Township: Traverse City
• County: Grand Traverse
• Basement: Exterior Entry, Stone
• Garage: Gravel, Private, Shared Driveway, Alley Access
• Interior: Breakfast Nook, Drywall, WiFi
• Exterior: Sidewalk
• Appliances: Refrigerator, Oven/Range, Dishwasher, Microwave
• Out Buildings: None
• Heating/Cooling Source: Wall Furnace, Natural Gas
• Heating/Cooling Type: Ductless

Rare opportunity to own a fully renovated, income-producing duplex in the heart of Traverse City, steps from downtown, fully furnished, and operating as a short-term rental since 2019. Both units are actively permitted and generating approximately $60,000 combined annually, with upside potential. Commercial zoning requires STR permits to remain active to preserve them both, making this a true turnkey investment with the infrastructure already in place. The lower unit offers 500 sq ft of thoughtfully designed living space with a 1 bedroom, 1 bath layout, fully equipped kitchen (stove/oven, dishwasher, microwave, refrigerator), king bed, and twin trundle beds sleeping up to 4 guests. The upper unit is 477 sq ft, also 1 bed/1 bath, with a kitchenette (no stove), queen bed, twin trundle beds, and the same modern mid-century aesthetic. Both units feature mini-split heating and cooling, flat-screen TVs, WiFi, and plush contemporary finishes throughout. The full renovation was completed in 2019. This property works two ways: run both units as short-term rentals for maximum cash flow, or house hack by living in one unit while offsetting your mortgage with the other. Peak season nightly rates regularly exceed $300 per unit, with strong shoulder-season performance as well. The permits are active, the units are furnished, and the guests are already coming. Full-service property manager in place for a true turn-key opportunity. Walking distance to downtown restaurants, breweries, and the waterfront. Near Potter's Bakery, Oakwood Proper, and Common Good Bakery.