Waterfront Mixed-Use
For Sale
$4,999,000
204 Water Street, East Jordan, MI 49727
Commercial, East Jordan, MI
Property Size19,845 SF
Lot Size3.40 Acres
Price / SF$251.90
Days on Market794
Property Features for 204 Water Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
Commercial
Exterior features
Vinyl, Steel
Directions
From downtown East Jordan cross the bridge, property will be on the right.
Subdivision
Charlevoix
Standard status
Active
Size
19,845 SF
Lot size
3.40 Acres
Taxes and HOA fees
Tax Description
Multiple - See Assoc Dox
Legal Description
Multiple - See Assoc Dox
Utilities
Water front
1
Building Details
Building materials
Steel, Frame
Roof type
Metal, Asphalt
Listing Agency:
Pat O'Brien & Associates
(231) 547-7701
Listed By:
Mark Snyder
(231) 675-7711
Added: Jul 23, 2024
Changed: Sep 5
Last Checked: Sep 24 at 1:06AM
MLS# 1925101
Copyright © 2026 Northern Great Lakes Realtors 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 mixed-use assemblage spans 8 parcels and includes 19,845 square feet of improvements across 3.4 acres. The property combines a wedding and special-event venue, a boat restoration warehouse, two short-term rental units, and an office or retail building. Improvements feature steel and frame construction, vinyl and steel exterior elements, and metal and asphalt roofing.
The site provides 360 feet of waterfront on Lake Charlevoix and is positioned at 204 Water Street in East Jordan, within walking distance of downtown. All parcels are located within Michigan Opportunity Zones, adding a designated economic-development component to the property’s commercial and mixed-use profile.
The site provides 360 feet of waterfront on Lake Charlevoix and is positioned at 204 Water Street in East Jordan, within walking distance of downtown. All parcels are located within Michigan Opportunity Zones, adding a designated economic-development component to the property’s commercial and mixed-use profile.
Key Highlights
- 8‑parcel mixed‑use assemblage totaling 3.4 acres
- 360 feet of Lake Charlevoix waterfront
- 19,845 square feet of improvements
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
$189,768
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
3.80%
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%
$3,795,360
$3.8M
Cap Rate 7%
$2,710,971
$2.7M
Cap Rate 9%
$2,108,533
$2.1M
Market Conditions
NOI Build-Up for 19,845 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
$357.2K $18.00/SF
− Vacancy
−$53.6K −$2.70/SF
EGI
$303.6K $15.30/SF
− OpEx
−$113.9K −$5.74/SF
NOI
$189.8K $9.56/SF
Area
Charlevoix County, MI
Vacancy
15.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$3,795,360
Cap Rate 7%
$2,710,971
Cap Rate 9%
$2,108,533
Alternative Uses
Best Use
Mixed Use
$2.71M
$2.37M – $3.16M
NOI $189,768 @ 7.0% cap · market cap 3.80%
Second Best
Apartment 5plus
$2.32M
$2.03M – $2.71M
NOI $162,608 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$4.02M
$3.51M – $4.69M
NOI $281,196 @ 7.0% cap · market cap 5.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
274
Businesses Nearby
Explore this area
Business Placement
Demographics for 49727, MI
6,887
Population
4,075
Households
1.7
Avg Household Size
46
Median Age
24%
College-Educated
92%
High-School Grad
120.0 sq mi
ZIP Area
57
Density / Sq Mi
$70,288
Median Household Income
$42,500
Median Earnings
$821
Median Rent
$187,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated waterfront assemblage combines event, warehouse, short-term rental, office, and retail components.
Where is this mixed-use property located?
The property is located at 204 Water Street East Jordan, MI.
What is the asking price?
The asking price for this property is $4,999,000.
What are key features of this property?
This property features: 8‑parcel mixed‑use assemblage totaling 3.4 acres; 360 feet of Lake Charlevoix waterfront; 19,845 square feet of improvements
