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.
For sale
$440,000
509 Rose St, Traverse City, MI 49686
2beds
977sqft
Single Family Residence, Duplex
Built in 1896
-- sqft lot
$419,300 Zestimate®
$450/sqft
$-- HOA
What's special
Modern mid-century aestheticKing bedMini-split heating and coolingPlush contemporary finishes throughoutFlat-screen tvsThoughtfully designed living spaceFully furnished
- 25 days |
- 1,376 |
- 101 |
Zillow last checked:
Listing updated:
Listed by:
Troy Daily 231-288-7676,
REMAX Bayshore - Union St TC 231-941-4500
Source: NGLRMLS,MLS#: 1946364
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Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 2
- Bathrooms: 2
- 3/4 bathrooms: 2
- Main level bathrooms: 1
Primary bedroom
- Area: 80
- Dimensions: 10 x 8
Primary bathroom
- Features: Shared
Kitchen
- Area: 60
- Dimensions: 6 x 10
Living room
- Area: 96
- Dimensions: 8 x 12
Heating
- Wall Furnace, Natural Gas
Cooling
- Ductless
Appliances
- Included: Refrigerator, Oven/Range, Dishwasher, Microwave
- Laundry: None
Features
- Breakfast Nook, Drywall, WiFi
- Basement: Exterior Entry
- Has fireplace: No
- Fireplace features: None
Interior area
- Total structure area: 977
- Total interior livable area: 977 sqft
- Finished area above ground: 977
- Finished area below ground: 0
Property
Parking
- Parking features: Alley Access, Gravel, Private, Shared Driveway
Accessibility
- Accessibility features: None
Features
- Levels: Two
- Stories: 2
- Exterior features: Sidewalk
- Waterfront features: None
Lot
- Size: 2,178 Square Feet
- Dimensions: 40 x 50
- Features: Corner Lot
Details
- Additional structures: None
- Parcel number: 285177802100
- Zoning description: Residential,Multi-Family,Commercial
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Single Family Residence, Duplex
- Attached to another structure: Yes
Materials
- Frame, Timber Frame, Vinyl Siding
- Foundation: Stone
- Roof: Asphalt
Condition
- New construction: No
- Year built: 1896
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
Community & HOA
Community
- Features: None
- Subdivision: na
HOA
- Services included: None
Location
- Region: Traverse City
Financial & listing details
- Price per square foot: $450/sqft
- Tax assessed value: $100,881
- Annual tax amount: $5,437
- Price range: $440K - $440K
- Date on market: 6/10/2026
- Cumulative days on market: 26 days
- Listing agreement: Exclusive Right Sell
- Listing terms: Conventional,Cash,Other
- Ownership type: Private Owner
- Road surface type: Asphalt, Concrete
Estimated market value
$419,300
$398,000 - $440,000
$1,552/mo
Price history
| Date | Event | Price |
|---|---|---|
| 6/10/2026 | Listed for sale | $440,000+252%$450/sqft |
Source:  NGLRMLS #1946364 Report a problem | ||
| 3/28/2014 | Listing removed | $125,000$128/sqft |
Source: Keller Williams - Greater Grand Traverse #1777257 Report a problem | ||
| 1/29/2014 | Price change | $125,000-3.8%$128/sqft |
Source: Keller Williams - Greater Grand Traverse #1777257 Report a problem | ||
| 10/10/2013 | Listed for sale | $130,000$133/sqft |
Source: Keller Williams - Greater Grand Traverse #1777257 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $5,437 +6.7% | $171,200 -5.3% |
| 2024 | $5,096 +4.8% | $180,800 +14.9% |
| 2023 | $4,862 +2.5% | $157,300 +55.6% |
| 2022 | $4,745 +1.1% | $101,100 +4% |
| 2021 | $4,693 +4% | $97,200 +3.8% |
| 2020 | $4,511 | $93,600 +16.1% |
| 2019 | $4,511 +85.3% | $80,600 +27.1% |
| 2018 | $2,434 | $63,400 -10.7% |
| 2017 | -- | $71,000 +30.5% |
| 2016 | -- | $54,400 +23.9% |
| 2014 | -- | $43,900 +10.3% |
| 2012 | -- | $39,800 -8.1% |
| 2011 | -- | $43,300 -6.3% |
| 2010 | -- | $46,200 -8.2% |
| 2009 | -- | $50,300 -0.1% |
| 2008 | -- | $50,340 +0.2% |
| 2007 | -- | $50,230 +13.1% |
| 2005 | -- | $44,400 +29.1% |
| 2004 | -- | $34,400 +0.7% |
| 2003 | -- | $34,160 +1.3% |
| 2002 | -- | $33,730 +16.4% |
| 2001 | -- | $28,980 +8.2% |
| 2000 | -- | $26,790 |
Find assessor info on the county website
Monthly payment
Est. payment$--/mo
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.
HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.
Mortgage interest rates are dependent on a number of factors, including credit score, down payment, and repayment length. Interest rate data provided by Zillow Group Marketplace, Inc. as of 1/1/1970 from various mortgage lenders with which we have lead or other similar arrangements; the Estimated Payment is an average of those rates.
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Climate risks
Neighborhood: Traverse Heights
Nearby schools
GreatSchools rating
- 5/10Traverse Heights Elementary SchoolGrades: PK-5Distance: 0.6 mi
- 7/10Central High SchoolGrades: 8-12Distance: 0.9 mi
- 7/10East Middle SchoolGrades: 6-8Distance: 4 mi
Schools provided by the listing agent
- District: Traverse City Area Public Schools
Source: NGLRMLS. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
A local agent can set up tours, give advice and negotiate with sellers.
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