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    109 & 111 Brg Charlevoix, MI 49720

    Sponsored
    For Sale
    $1,700,000

    Commercial/Industrial - Charlevoix, MI

    Property size:
    5,656 SF
    Days on Market:
    175
    Last Refresh:
    Jan 20 at 10:06 pm

    Property Features for 109 & 111 Brg

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Commercial
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2
    Bedrooms
    2
    Bathrooms
    2
    APN
    052-242-005-00, 006-0
    Interior features
    Refrigerator, Washer, Natural Gas, Off-Street Parking, Air-Conditioning, Ample Parking, Liquor License, Hardwood Floors, Dryer, Range, Exhaust Fan, Refrigerator Fan, Patio/Deck, Paved Roads
    Basement Y/N
    1
    Appliances
    Dryer, Range, Refrigerator
    Size
    5,656 SF

    Utilities

    Utilities
    Natural Gas Available
    Heating system
    Natural Gas

    Building Details

    Floors in Building
    2
    Number of units
    3
    Architectural style
    Other

    We can help!

    Listing Contact
    Austen Lobenherz
    Austen Lobenherz

    Berkshire Hathaway HomeServices Real Estate (231) 547-9905 [email protected]

    Listing agent Austen Lobenherz (231) 547-9905

    Listing date Jul 30, 2025

    MLS# 477336 Listing URL

    Copyright © 2026 Northern Michigan MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Mixed-Use Building in Downtown Charlevoix

    Located at 107 & 111 Bridge Street in Downtown Charlevoix, Michigan, this 5,656-square-foot mixed-use building offers an investment opportunity. Positioned directly on US-31, the property benefits from over 15,000 vehicles passing daily during peak summer months, providing visibility and foot traffic in one of Northern Michigan’s downtown districts. The ground level is occupied by The Happy Troll Restaurant, operating under a five-year lease, providing commercial income. Above the restaurant are two one-bedroom residential condos, each with private balconies and views of Round Lake Harbor, suitable for short-term rentals, long-term tenants, or owner use. Additional features include rear alley parking, prominent Bridge Street frontage, and a Class C liquor license. Charlevoix experiences year-round tourism, with a surge in the summer and fall seasons. The property is suited for a range of buyers, from REITs and 1031 exchange investors to owner-occupants seeking a downtown residence with income-producing potential. This is a turnkey opportunity to acquire a property in a growing market with appreciation potential and long-term upside. The possibility of expansion of residential units is viable.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mixed-use properties

    Map

    City
    Charlevoix
    County
    Charlevoix
    State
    Michigan
    Longitude
    -85.3038
    Latitude
    45.2393

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    FAQs

    What type of property is this?
    Mixed-use property - Prime mixed-use property with restaurant and residential units.
    Where is this mixed-use property located?
    The property is located at 109 & 111 Brg Charlevoix, MI.
    What is the asking price?
    The asking price for this property is $1,700,000.
    What are key features of this property?
    This property features: - Prime Downtown Charlevoix location on US-31 with high visibility and foot traffic.; - Diversified income streams from a fully leased commercial restaurant and two residential condos.; - Stable commercial income with a solid five-year lease in place for the restaurant.
    (231) 675-4474
    Request Owner's contact information
    109 & 111 Brg Charlevoix, MI 49720
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    109 & 111 Brg Charlevoix, MI 49720
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    We can help!
    Listing Contact
    Austen Lobenherz
    Austen Lobenherz
    (231) 675-4474
    Learn more
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