Fully Leased Mixed-Use
For Sale
$1,595,000
201 State Street, Charlevoix, MI 49720
Commercial/Industrial, Charlevoix, MI
Property Size14,937 SF
Price / SF$106.78
Days on Market64
Property Features for 201 State Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
commerical
Elementary school district
Charlevoix
Middle school district
Charlevoix
High school district
Charlevoix
Directions
Corner of State and Clinton St downtown Charlevoix
Subdivision
Charlevoix City
Standard status
Active
APN
052-250-001-10 and 003-00
Size
14,937 SF
Taxes and HOA fees
Tax Description
DDA 1984 LOTS 1 & 2 OF BLK 10 OF THE ORIG PLAT OF VILL (NOW CITY) OF CX 92COMB 250-001-00/001-50 &
Legal Description
DDA 1984 LOTS 1 & 2 OF BLK 10 OF THE ORIG PLAT OF VILL (NOW CITY) OF CX 92COMB 250-001-00/001-50 &
Utilities
Heating system
Natural Gas, Forced Air, Oil
Building Details
Building materials
Wood Frame
Roof type
Shingle
Listing Agency:
Berkshire Hathaway HomeServices Real Estate
(231) 547-9905
Listed By:
A. Mitts Lee
(231) 675-1977
Added: Jul 7
Changed: Sep 2
Last Checked: Sep 8 at 6:06AM
MLS# 478289
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.
Investment Insights
Based on property information with market context.
This 14,937-square-foot mixed-use commercial building is fully leased to three established occupants: a law firm, The Vault coworking space operated by the Charlevoix Chamber of Commerce, and a Huntington Bank branch. The structure features wood-frame construction, a shingle roof, and heating systems that include oil, natural gas, and forced air.
The property is located at 201 State Street in Charlevoix, one block from Bridge Street and the Downtown Marina and two blocks from Lake Michigan Beach. Its tenant mix combines professional office, coworking, and financial services within a single commercial asset. The property is zoned commerical.
The property is located at 201 State Street in Charlevoix, one block from Bridge Street and the Downtown Marina and two blocks from Lake Michigan Beach. Its tenant mix combines professional office, coworking, and financial services within a single commercial asset. The property is zoned commerical.
Key Highlights
- 14,937 SF mixed‑use commercial building
- Fully leased to three established tenants
- Tenant mix includes law office, The Vault coworking space, and Huntington Bank
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$146,801
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
9.20%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,936,020
$2.9M
Cap Rate 7%
$2,097,157
$2.1M
Cap Rate 9%
$1,631,122
$1.6M
Market Conditions
NOI Build-Up for 14,937 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$250.9K $16.80/SF
− Vacancy
−$55.2K −$3.70/SF
EGI
$195.7K $13.10/SF
− OpEx
−$48.9K −$3.28/SF
NOI
$146.8K $9.83/SF
Area
Charlevoix County, MI
Vacancy
22.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,936,020
Cap Rate 7%
$2,097,157
Cap Rate 9%
$1,631,122
Alternative Uses
Best Use
Retail
$2.67M
$2.33M – $3.11M
NOI $186,701 @ 7.0% cap · market cap 11.71%
Second Best
Specialty Retail
$2.56M
$2.24M – $2.98M
NOI $179,059 @ 7.0% cap · market cap 11.23%
Theoretical Best
Office A
$3.02M
$2.65M – $3.53M
NOI $211,651 @ 7.0% cap · market cap 13.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
505
Businesses Nearby
Explore this area
Business Placement
Demographics for 49720, MI
9,127
Population
6,236
Households
1.5
Avg Household Size
52
Median Age
38%
College-Educated
97%
High-School Grad
95.5 sq mi
ZIP Area
96
Density / Sq Mi
$76,127
Median Household Income
$41,563
Median Earnings
$985
Median Rent
$265,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully occupied commercial property with office, coworking, and banking uses in downtown Charlevoix.
Where is this mixed-use property located?
The property is located at 201 State Street Charlevoix, MI.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: 14,937 SF mixed‑use commercial building; Fully leased to three established tenants; Tenant mix includes law office, The Vault coworking space, and Huntington Bank
