509 Rose Street
Traverse City, MI, 49686 $ 440,000
Bedrooms2 Baths2.0 Sq 977 Monthly Estimate*
$ 2,709
for $440,000 with 2 bedrooms and 2 full baths. This 977 square foot home was built in 1896 on a lot size of 0.05.
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.
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FeaturesInteriorInterior Amenities Breakfast Nook Drywall WiFi
Basement Exterior Entry
Fireplace Features None
Basement (Y/N) N
Air Conditioning Y/N Y
Heating Y/N N
Fireplace Y/N N
Above Grade Finished Area 977
Half Baths 0
3/4 Baths 2
Laundry Features None
Total Bedrooms 2
Below Grade Finished Area 0
Main Level Bathrooms 1
Below Grade Finished Area Unit Type Square Feet
Above Grade Finished Area Unit Type Square Feet
Total Baths 2
Primary Bathroom Features Shared
Kitchen Area 60
Kitchen Length 6
Kitchen Width 10
Living Room Area 96
Living Room Length 8
Living Room Width 12
Primary Bedroom Area 80
Primary Bedroom Length 10
Primary Bedroom Width 8
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GeneralSewer Public Sewer
Heating Wall Furnace Natural Gas
Cooling Ductless
Possession Close Of Escrow
Roof Asphalt
Appliances Refrigerator Oven/Range Dishwasher Microwave
Garage Spaces 0
Association Fee Includes None
Construction Materials Frame Timber Frame Vinyl Siding
Pets Allowed false
Year Built 1896
Stories Count 2
Township Traverse City
Levels Two
Property Subtype Single Family Residence
Waterfront Features None
Community Features None
Accessibility None
Assoc Fee Paid Per Annually
County Grand Traverse
New Construction N
Property Type Residential
Attached Garage N
Subdivision Name na
Garage Y/N N
Other Structures None
Full Baths 0
Status Active
Directions On Rose St. near Eighth St. right behind Potter's Bakery
City Traverse City
High School District Traverse City Area Public Schools
Zoning Description Residential Multi-Family Commercial
Lot Size Units Acres
Lot Size Square Feet 2178
Carport Y/N N
Home Warranty Y/N N
Lease Renewal Y/N N
Lease Considered Y/N N
Structure Type Duplex
Living Area Units Square Feet
Standard Status Active
Middle/Junior School District Traverse City Area Public Schools
Elementary School District Traverse City Area Public Schools
Tax Assessed Value 100881
Tax Lot 18
Ownership Type Private Owner
Lease Amount Frequency Annually
Legal Description S 40 FT OF LOT 18 OAK HTS ADD
Freehold IDX
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ExteriorExterior Amenities Sidewalk
Parking Features Gravel Private Shared Driveway Alley Access
Lot Features Corner Lot
Water Source Public
Lot Size Area 0.05
Foundation Details Stone
Number of Buildings 1
Spa N
Lot Dimensions 40x50
Lot Size Acres 0.05
Road Surface Type Asphalt Concrete
Waterfront Y/N N
Horse Y/N N
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* Excluded FeaturesList ByRemax Bayshore - Union St TcBroker
Affordability Calculator
- Monthly Principal & Interest
- $2,709
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 6.25% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbySingle family listings in Traverse City, MI
Average List Price $788,173
Percent of Sale Price 79%
About Traverse City, MI 15,817 Population
7% Since 2002
$ 49,237 Median Income
41.86 Median Age
21% Households with Children
Trends Information provided by ATTOM Data Solutions.
2034238 Elementary School
2034116 Middle School
Unknown High School High School
Pricing History| Date | Price | Price Change | Description |
|---|
| 6/10/2026 | $440,000 | | Listed Price |