Prime development parcel located right next to Munson Medical Center. This property is approximately 0.5 acres in size and has been used as a parking lot for many years (can accommodate up to 42 vehicles). With municipal water & sewer, this parcel is perfect for a multifamily development, medical office development, continued use as a parking lot, or many other uses allowed under H-1 zoning. Bring your ideas and take advantage of this excellent location! Sale of this property is contingent on sale of 224 Circle Dr (MLS #185177). Seller will entertain offers on 103 S Madison St lot but reserves the right to wait until 224 Circle Dr is sold prior to selling 103 S Madison St lot.
Property Details
Property Features
Listing Office:
Office Name: Coldwell Banker Schmidt-402
Listing Agent: Alex MacKenzie
Exterior Features
Exterior Information:
Waterfront: None
Exterior: Sidewalks, Other, Development Property
Lot Features
Lot Information:
Lot: Level, Cleared, Corner Lot
Lot Size: 0.45 Acres
Other
Directions Information:
Directions: West on Front St from Downtown Traverse City, left on S Madison St, property will be on your left
Price Information
Listing Price Info
Price Summary:
List Price: $500,000
Tax Information:
Annual Amount: $5,068
Tax Year: 2021
What can I afford?
Understand what home price range makes sense for your budget.
Housing Market Comparison
See how this home compares to others in Traverse City, MI.
Calculate your estimated monthly expenses for this listing. Play with the values below to better understand your monthly payment and utilities.
$2,563
Per Month
Principal & Interest
$2,496
Home PriceThe dollar amount you pay for the home.
$
Interest RateMortgage interest rates fluctuate, but they're typically in the 5% to 9% range. Your rate will be calculated based on personal details including your credit score.
%
Down PaymentThe initial money paid at closing that is usually a percentage of the purchase price. Most loans require at least 3% down, but a 0% down payment may be possible if you're eligible for a VA or USDA loan.
$%
Loan TermThis is how long you'll pay on the loan. A longer term gives you smaller payments, while a shorter term saves you money on interest.
Property Taxes
$0
Property Taxes -Annual CostEvery homeowner pays taxes to their local government based on their home's value and the property tax rates for the county or city. Most areas charge property taxes semiannually.
$/ Year
Mortgage Insurance
$0
Mortgage Insurance -Monthly PremiumMortgage insurance helps secure a mortgage with a lower down payment. It typically costs 0.1% - 2% of your loan amount per year.
$/ Month
Homeowners Insurance
$67
Homeowners Insurance -Monthly PremiumMost homeowners pay about $1,000 a year for homeowners insurance, but the cost varies based on your location, home and coverage.
$/ Month
Homeowners Association (HOA)
$0
Homeowners Association -Monthly FeesHomeowners Association (HOA) fees can range from $30 per month to $500+ per month. Be sure to ask your agent about HOA fees on a home as it can impact your affordability or check the online home listing.
$/ Month
Utilities
$0
Utilities - Monthly CostYou'll need to budget for utilities as a homeowner, which typically includes water and sewer, gas and electric, internet and cable. Cost will depend on your location and the size of your home. On a monthly basis, Americans pay $239 - $442 per month.
$/ Month
Recommended Financing
30-Year Fixed
Rate/APR
7.5% / 6.68%
Total Monthly Payment
$1,566
Powered By
Advertisement
NMLS#3030
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.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
7
/10
Willow Hill Elementary School
1250 Hill St
Distance between this listing and this school0.51 miles
Public District Grades PK-5
7
/10
Central Grade Elementary School
301 7th St
Distance between this listing and this school0.87 miles
Public District Grades PK-5
3
/10
Traverse Heights Elementary School
933 Rose St
Distance between this listing and this school2.35 miles
Public District Grades PK-5
Nearby Schools
9
/10
Tcaps Montessori School
1009 S Oak St
Distance between this listing and this school0.86 miles
Public District Grades PK-7
7
/10
Traverse City West Middle School
3950 Silver Lake Rd
Distance between this listing and this school1.58 miles
Public District Grades 6-8
6
/10
Traverse City East Middle School
1776 3 Mile Rd N
Distance between this listing and this school5.77 miles
Public District Grades 6-8
Nearby Schools
6
/10
The Greenspire School
1026 Red Dr
Distance between this listing and this school0.84 miles
Public Charter Grades 6-12
8
/10
West Senior High School
5376 N Long Lake Rd
Distance between this listing and this school2.39 miles
Public District Grades 9-12
8
/10
Central High School
1150 Milliken Dr
Distance between this listing and this school2.67 miles
The neighbors living near this home have an average income of $50,142. Typical income of Traverse City, MI residents is between $35k-100k annually. Residents typically live in single, no kids family. Typical level of education for residents in this area is post secondary degree.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 103 S Madison St
What is the listing price of this property?
The listing price of 103 S Madison St property is $500,000.
What type of property is this?
The property 103 S Madison St is land located in Traverse City, Michigan, 49684.
Is this property for sale now?
Active Listing: 103 S Madison St is For Sale (Active/New) which means the seller is accepting offers.
What is the annual property tax for this property?
According to the records, the last property tax for 2021 is $5,068 (source: MLS/based on county public records data).
By checking this box and submitting your personal information, you agree to our Terms of Use and Privacy Policy. You also expressly consent to having Rocket Homes Real Estate LLC, its Family of Companies, Rocket Homes Network Partners, and potentially our mortgage partners contact you about your inquiry by text message or phone (including automatic telephone dialing system, AI voice, or an artificial or prerecorded voice) to the residential or cellular telephone number you have provided, even if that telephone number is on a corporate, state, or national Do Not Call Registry. You do not have to agree to receive such calls or messages as a condition of getting any services from Rocket Homes Real Estate, LLC or its partners. By communicating with us by phone, you consent to calls being recorded and monitored. You also agree that we can share your personal data and contact information with third parties such as mortgage partners, partner companies, and affiliates, and that these parties may use your personal data and contact information for marketing and analytic purposes, and to improve your experience.
This home is located at 103 S Madison St in Traverse City, MI and zip code 49684. This home sits on a 0.45 acre lot. It has been listed on Rocket Homes since February 14, 2024 and is currently priced at $500,000.
In October 2024, from all listings sold in Traverse City, MI there were more than 19 sold above asking price, over 41 sold below and more than 23 were sold right at the asked price. The number of listings in Traverse City, MI increased by 5.3% between September 2024 and October 2024. In October 2024 median list price was $446,781 and the average listing age was 73 days.
From Rocket Homes Real Estate and based on county public records data.
Skiing/snowboarding
Skiing/snowboarding
PGA/LPGA
College Football
BJs Wholesale Club
Stein Mart
Best Buy
Panera
Cracker Barrel
Bob Evans
Infiniti
Lexus
Lincoln
Adult Hits
Oldies
News/Talk/Information