Omena MI Multi-Family Real Estate, Homes for Sale

1950229 MLS ⋅ Paradise Pines BLDG.

A piece of Northern Michigan history, reimagined for what's next. Tucked along Elk Rapids' bayside, Paradise Pines Resort is a rare offering: a beautifully restored 1938 cottage court spread across five wooded acres, just steps from the water. Directly across the street, Elk Rapids Day Park offers public beach access along a quarter-mile of East Grand Traverse Bay shoreline. Ten individual cottages, each with its own character, have been completely transformed from the ground up. New flooring, electrical, and plumbing throughout. Furniture and decor sourced from repurposed materials, giving every space warmth and story in equal measure. Nine cottages are currently in the rental program, ranging from a cozy 160-square-foot efficiency to a spacious two-bedroom retreat, together capable of hosting up to 28 guests. A shared fire pit, group dining area, and lawn space for games round out the property, creating the kind of communal, laid-back atmosphere that turns first-time guests into regulars. The owners' residence sits on-site as well, with five acres offering plenty of room to grow, whether that means additional cottages, expanded gathering spaces, or new amenities altogether. This is more than a vacation rental. It's a turnkey business with deep roots in the community, established goodwill, and real upside for the right owner. For the right buyer, Paradise Pines represents a rare chance to own a piece of Elk Rapids' history, and build onto its next chapter.

917 S Bayshore Drive, Elk Rapids

$720,000

2 Baths ⋅ 1950207 MLS ⋅ Wildwood Park BLDG.

Rare Spider Lake waterfront investment opportunity featuring two separate, nicely updated cottages on a deep, level lot with a sandy beach and beautiful lake frontage. The property includes a 1-bedroom, 1-bath cottage and a 2-bedroom, 1-bath cottage with sunroom and large lakeside deck. Both cottages are comfortable and appealing, with mini-splits for efficient heating and cooling, and have an established rental history.------ A major advantage is the property's Cabin Court designation by the township, making it exempt from local short-term rental restrictions—an increasingly valuable feature in the Traverse City area. This provides excellent flexibility for continued vacation rental use, owner occupancy combined with rental income, extended family use, or a waterfront retreat.----------- Offered turnkey, including furnishings, household goods, kayaks and much of what is needed to continue operating and enjoying the property from day one. Spider Lake is a highly desirable all-sports lake just minutes from downtown Traverse City. The property is also convenient to the VASA Trail, extensive state land, hiking, biking, ORV trails and year-round recreation. A unique opportunity to own two waterfront cottages with sandy frontage, proven rental potential and an outstanding Traverse City location.

4256 North Spider Lake Road, Traverse City

$599,900

2 Baths ⋅ 1950184 MLS ⋅ Hannah Lay & Co's 3rd Add BLDG.

Slabtown homes don't turn over often, and a true two-residence property here turns over even less. This is a rare opportunity to let a second residence help offset the mortgage while putting you in one of Traverse City’s most walkable, sought after locations. The neighborhood lives up to the reputation, with multiple parks, the TART Trail and a beach just blocks away. Local staples like Slabtown Burgers, Tom's Food Markets, and Dairy Lodge are all within easy reach, so plenty of errands turn into a walk instead of a drive. The home offers two distinct living spaces, each with its own entrance, kitchen, and bath. Use the secondary living quarters as a rental to help offset the mortgage, create a comfortable mother-in-law suite, give adult kids their own space when they move back home, accommodate a caretaker, host long-term guests, or simply keep a separate space for work or hobbies. The main home features refinished hardwood floors and an updated bathroom, while the three-stall garage brings serious utility, including one bay with a raised door built for a boat. A large concrete parking pad alongside the garage provides even more room for vehicles or a trailer. Out back, a generous yard framed by mature trees leads to a patio to catch the afternoon sun. There’s plenty of room to spread out, entertain, garden, or simply enjoy having outdoor space of your own. Income, family, guests, caregiving, or just more room to live, this is a property that can evolve with you. In a neighborhood where opportunities like this rarely come along, the flexibility is already built in. This is Slabtown living, ready for its next owner.

131 N Spruce, Traverse City

$539,900

4 Baths ⋅ 1950164 MLS ⋅ Bayside Add BLDG.

Turnkey Four-Unit Investment Set on a rare double lot (.19 acres) just off East Front Street's downtown-to-bay corridor, this four-unit property offers a strong income stream in one of Traverse City's most walkable, in-demand locations. Mature trees give the property a shaded, established feel just minutes from downtown shops, restaurants, and the East Bay waterfront. Three of the four units are currently leased, generating $3,425/month in combined rent; Unit 2 is available and listed at $1,750/month. Units 2 and 4 have been most recently updated, and Unit 3 includes its own washer and dryer. Each unit offers a private entryway and an efficient layout that appeals to a steady renter pool. This walk-everywhere location has a track record of long-term tenants. On-site parking for tenants is located in the rear of the building, off the alley. This is a compelling opportunity for an investor to step into immediate cash flow while retaining long-term upside through lease renewals and light updates.

1055 E Front Street, Traverse City

$385,000

2 Baths ⋅ 1950126 MLS ⋅ Hearthside Acres BLDG.

Turnkey income property in the desirable Hearthside Acres neighborhood of Garfield Township! This well-maintained side-by-side duplex offers two identical units, each featuring 3 bedrooms, 1 bath, and 877 square feet of comfortable living space with a living room, eat-in kitchen, and in-unit washer/dryer hookups. Currently occupied with reliable rental history, this property is an excellent addition to any investment portfolio or a great owner-occupy option. Located within Traverse City Area Public Schools and just minutes from downtown TC, shopping, and all the Grand Traverse region has to offer. Don't miss this rare multi-family opportunity in a fast-growing market!

4364 Wyatt Road, Traverse City

$1,899,000

5 Baths ⋅ 1950006 MLS

This exceptional Long Lake offering with 143 feet of private sandy beach frontage, a main home, and separate cottages is a prime opportunity for both personal enjoyment and income. The boathouse on the property is an additional bonus with lot's of storage for toys and lawn equipment. Just a short drive from downtown Traverse City, this property offers the best of lake living with the flexibility to use it in a variety of ways. Enjoy boating, swimming, sunsets, and summer days on the water, while the additional cottages provide excellent potential for rental income, guest accommodations, or extended family. The property’s Hamlet zoning designation allows for commercial uses, adding even more flexibility and opportunity for the next owner. Whether envisioned as a private family retreat, vacation rental, investment property, or a combination of uses, the possibilities are plentiful. With Long Lake at your doorstep and Traverse City, Lake Ann, and Silver Lake nearby, this is a truly special property with rare waterfront, multiple structures, flexible zoning, and strong income-producing potential.

9321 N Long Lake Road, Traverse City

$4,260,000

1949598 MLS ⋅ Old Mission Peninsula BLDG.

The historic Old Mission Inn is a beautifully restored Victorian hotel in the heart of Traverse City's renowned Old Mission Peninsula wine region. Situated on approximately 10 scenic acres with favorable zoning, this iconic property offers 13 guest rooms, 11 baths, a spacious commercial kitchen, elegant dining areas, and a large covered porch with beautiful Lake Michigan views.------ Included in the sale is the thriving Mission Bay Café, now open to the public and becoming a popular destination for both locals and visitors. An exceptional opportunity for a boutique inn, restaurant, wedding and event venue, or expanded hospitality business.----- Please do not visit or contact staff regarding the sale. All showings are by appointment only, and proof of financial ability is required prior to scheduling tours.

18599 Mission Road, Traverse City

$394,000

2 Baths ⋅ 1949522 MLS ⋅ Metes And Bounds BLDG.

Excellent investment opportunity just minutes south of Bellaire! Fully updated, the building is currently configured as a duplex with two spacious units, offering flexibility for investors, owner-occupants, or those seeking comfortable space for extended family. Renovated from top to bottom just a couple of years ago, it features wood, tile and LVP flooring, updated windows, plumbing & electrical, modern kitchens, newer appliances, and remodeled bathrooms. Both levels include laundry accommodations, with laundry conveniently located in the upstairs bathroom and a separate laundry room on the lower level. One lower-level bedroom is currently non-conforming, but an egress window could be added to increase functionality and value. Quality rental options like this are rare in the market, positioning you to generate strong income while offering tenants a clean, comfortable, and well-maintained living environment. The seller will split the property prior to closing, as the residence currently shares the parcel with a retail building and pole building. For buyers looking for an even larger live-work opportunity, the neighboring commercial property is also available. Imagine living next door to your business while generating rental income from the second unit. The adjacent property offers a large retail showroom, garages, office space, two bathrooms, warehouse storage, and a pole building—ideal for inventory, equipment, and expansion. (See MLS#1949523) Located across from a popular campground, this unique setting invites creative business possibilities and offers exceptional versatility for the right buyer.

7228 S M-88, Bellaire

$595,000

1949365 MLS

Exceptional value is evident with these three properties; they are contiguous and collectively provide an excellent investment opportunity. These properties have been used for commercial use as well as professional office and warehouses over the past several decades. 3 individual and contiguous properties all affordably priced offering several options depending on your usage. You could use these properties for your own offices, or you could use them as investment property and rent each unit individually, you could also use or rent out the 4,800 sq. ft. of storage in the large 60X80 building. Another thought is considering the need for housing in and near downtown Traverse City and zoning being R-3, this location and these properties highest and best use may very well be an excellent location for apartment buildings or a condominium location. The adjoining property on the eastern boundary is owned by MDOT and the City of Traverse City providing an expansive open area extending all the way to Boardman Lake for future generations. The walking trail is contiguous to the southern boundary for easy access for exercising and watching sunrises over Boardman Lake. Downtown Traverse City is just a short walk as well to enjoy and experience the many excellent restaurants and wonderful shopping opportunities. Collectively there is over 9,000 sq ft of warehouse, 2,275 sq ft of offices, and over 38,000 sq ft of property, that in total is just under 1 full acre! There are so many options being offered for either personal use or for an investor, any way you consider it these properties are certainly one of the better investments for this location of Traverse City.

723 Lake Avenue, Traverse City

$495,000

1949270 MLS

Exceptional value is evident with these three properties; they are contiguous and collectively provide an excellent investment opportunity. These properties have been used for commercial use as well as professional office and warehouses over the past several decades. 3 individual and contiguous properties all affordably priced offering several options depending on your usage. You could use these properties for your own offices, or you could use them as investment property and rent each unit individually, you could also use or rent out the 4,800 sq. ft. of storage in the large 60X80 building. Another thought is considering the need for housing in and near downtown Traverse City and zoning being R-3, this location and these properties highest and best use may very well be an excellent location for apartment buildings or a condominium location. The adjoining property on the eastern boundary is owned by MDOT and the City of Traverse City providing an expansive open area extending all the way to Boardman Lake for future generations. The walking trail is contiguous to the southern boundary for easy access for exercising and watching sunrises over Boardman Lake. Downtown Traverse City is just a short walk as well to enjoy and experience the many excellent restaurants and wonderful shopping opportunities. Collectively there is over 9,000 sq ft of warehouse, 2,275 sq ft of offices, and over 38,000 sq ft of property, that in total is just under 1 full acre! There are so many options being offered for either personal use or for an investor, any way you consider it these properties are certainly one of the better investments for this location of Traverse City.

807 Lake Avenue, Traverse City

$395,000

1949269 MLS

Exceptional value is evident with these three properties; they are contiguous and collectively provide an excellent investment opportunity. These properties have been used for commercial use as well as professional office and warehouses over the past several decades. 3 individual and contiguous properties all affordably priced offering several options depending on your usage. You could use these properties for your own offices, or you could use them as investment property and rent each unit individually, you could also use or rent out the 4,800 sq. ft. of storage in the large 60X80 building. Another thought is considering the need for housing in and near downtown Traverse City and zoning being R-3, this location and these properties highest and best use may very well be an excellent location for apartment buildings or a condominium location. The adjoining property on the eastern boundary is owned by MDOT and the City of Traverse City providing an expansive open area extending all the way to Boardman Lake for future generations. The walking trail is contiguous to the southern boundary for easy access for exercising and watching sunrises over Boardman Lake. Downtown Traverse City is just a short walk as well to enjoy and experience the many excellent restaurants and wonderful shopping opportunities. Collectively there is over 9,000 sq ft of warehouse, 2,275 sq ft of offices, and over 38,000 sq ft of property, that in total is just under 1 full acre! There are so many options being offered for either personal use or for an investor, any way you consider it these properties are certainly one of the better investments for this location of Traverse City.

811 Lake Avenue, Traverse City

$4,200,000

20 Baths ⋅ 1948996 MLS ⋅ Whaleback Inn BLDG.

Iconic investment property in Leland, Michigan, now offered at recently appraised value. Boasting five buildings totaling 9,244 square ft, 18 short term rental units, 4-plus beautiful acres, world class lake views and 200 ft of across-the-road private frontage on North Lake Leelanau, this is a stunning property currently run as a profitable hotel with an average of 4.8 star reviews. The historic 1906 main lodge functions as an innkeeper's quarters and main office/gift shop. Kayak and paddle board rentals are offered at the lakefront. The current operating schedule is mid April to late October but in the past the hotel has operated all 12 months. Detailed list of property and building improvements as well as financials are available upon request. Owner is a licensed real estate agent in the state of Michigan.

1757 N Manitou Trail, Leland

$599,900

3 Baths ⋅ 1948158 MLS ⋅ N/A BLDG.

This sunny short term triplex is located in downtown Beulah--just two blocks from the beautiful village beach on iconic Crystal Lake and next door to the Five Shores Brewery. The triplex is only 15 minutes to Crystal Mountain Ski Resort. Close to Sleeping Bear Dunes and Frankfort, plus easy access to Traverse City, Empire, and beyond. Apartment A, the largest at 1054 sq ft., has 3 bedrooms, 1 full bath along with a living room and full kitchen with an attached dining room. Apartment B, the second largest at 703 sq ft, has 2 bedrooms, 1 full bath along with a living room and full kitchen. Apartment A and B are currently operated as short term rentals with Airbnb; they are to sold completely furnished. There is a large deck which Apartment A and B share; each with their own entrances and their own table and chairs; the deck sits adjacent to the Five Shores Brewing outdoor area which makes for an entertaining and lively atmosphere. Apartment C is the third of three apartments and is located in the lower level. At 650 sq. ft., it has 1 bedroom, a kitchen, full bathroom, a living room and dining area. Apartment C is used as a long term rental. Converting this third apartment to an STR would make a nice value-add for a new owner, or an owner could live in one unit and let the other two pay the bills. All 3 apartments have access to a shared, free-to-use, laundry space which has two washers and two dryers.

143 S Benzie Boulevard, Beulah

$550,000

3 Baths ⋅ 1947705 MLS

Excellent Investment Opportunity at the Base of Old Mission Peninsula! This well-maintained duplex offers outstanding income potential with a proven rental history and current gross rental income of $4,790 per month. The property features three income-producing units, providing flexibility for investors or those seeking an owner-occupied opportunity. The duplex can also be converted back to a single-family home. Unit A (Main Level) offers 3 bedrooms, 1 bath, and an attached two-car garage. Unit B (Upper Level) features 2 bedrooms, 1 bath, in-unit laundry, and a private deck. A separate, non-conforming Cottage (Unit C) includes 1 bedroom and 1 bath, creating an additional income stream. Ideally located in one of Traverse City's most desirable in-town neighborhoods at the base of Old Mission Peninsula, the property is just two blocks from East Bay Beach, with convenient access to Northern Michigan College, Eastern Elementary, Central High School, downtown Traverse City, shopping, restaurants, beaches, and the TART Trail. Whether you're looking to expand your investment portfolio or convert the duplex back to a single-family home, this is an exceptional opportunity in a highly sought-after location.

316 Huron Street, Traverse City

$639,900

2 Baths ⋅ 1946566 MLS ⋅ Platte Lakes Resort BLDG.

Surrounded by mature hardwoods and ideally situated between Platte Lake and Little Platte Lake, this unique offering includes two fully furnished cabins on 1.21 acres, just minutes from Lake Michigan, Crystal Lake, and Sleeping Bear Dunes National Lakeshore. With a proven short-term rental history and prime location, these properties present an exceptional Northern Michigan investment, getaway, or family compound opportunity. Known as Kodiak and Brown Bear, the cabins combine rustic charm, privacy, and modern comfort. Together they offer 5 bedrooms and 2 bathrooms, providing flexibility for continued rental use, multi-family ownership, or personal enjoyment. Kodiak is a classic log home featuring 3 bedrooms and 1 bathroom. Since 2021, extensive improvements have included exterior sandblasting, chinking and staining, plumbing and electrical updates, refinished cement under the carport, and updated furnishings. Historically rented year-round, Kodiak has demonstrated strong income potential and offers the possibility of adding a future half bath. Brown Bear features 2 bedrooms and 1 bathroom with a cozy cottage feel surrounded by towering trees. Updates since 2021 include underground power service and updated furnishings. Its peaceful wooded setting creates an inviting retreat for owners and guests alike. Outdoor recreation is abundant in every season, with nearby access to the Platte River, Little Platte Lake, boating, fishing, kayaking, hiking, snowmobiling, golfing, and miles of trails. Enjoy close proximity to Sleeping Bear Dunes, Lake Michigan beaches, local orchards and wineries, the Leelanau Peninsula, and Crystal Mountain Resort. Traverse City and Frankfort are both within an easy drive for dining, shopping, entertainment, and seasonal events. Offered fully furnished and ready for immediate use, this rare two-cabin property delivers privacy, flexibility, established rental income, and the Northern Michigan lifestyle.

8646 Deadstream Road, Honor

$424,900

2 Baths ⋅ 1946116 MLS ⋅ N/A BLDG.

Turn-key duplex ready to be house hacked with a tenant already in place on one side and the vacant side freshly updated with new paint, light fixtures, and whole kitchen remodel. Just 12 minutes to Traverse City and 5 minutes to Spider and Arbutus lake this duplex location is hard to beat. Both units have separate garages in the center of the duplex meaning no shared walls or hearing your neighbors. New windows installed in the rented unit in 2019 and mechanicals updated in both units in 2026. Iron sulfur buster water systems installed in both units by Culligan in 2019 and are owned. Property is on a private well and septic that services both units. Duplex sits on over an acre lot meaning ample yard space for tenants enjoyment. Extremely versatile property, use as an income producing investment, live in one side and rent the other to offset your living costs, or could work well for multi-generational living.

3434 & 3436 Mahoney Drive, Traverse City

$3,500,000

11 Baths ⋅ 1944464 MLS ⋅ Abba's House BLDG.

Just 8 minutes from downtown Traverse City, this exceptional 40-acre property offers endless potential. With 8 homes totaling over 16,000 square feet and 4 large barns, it’s ideal for a variety of ventures—think destination wedding venue, retreat center, boutique resort, private school, or family compound. Capacity to hold over 80 guests! The blend of open fields, wooded privacy, and close proximity to town creates a one-of-a-kind setting for residential, commercial, or creative redevelopment opportunities.

55 S Hope Ridge, Traverse City

$849,000

1944133 MLS ⋅ 1627 Rasho Rd BLDG.

Updated 4-unit property on the east side of Traverse City near Timber Ridge. 1627 Rasho Rd features three 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit, with shared front/rear entry and common laundry. Major 2023/2024 improvements include new flooring, countertops, appliances, lighting, paint, HVAC units, 3 new water heaters, exterior paint, and a new roof in February 2024. Detached 5-stall garage, adjacent deck area, and large lawn bordering woods. Gross monthly income of $6,814 includes rent, pet rent, and trash fees.

1627 Rasho Road, Traverse City

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