Flex Building with Updated
2489 N US 31 Highway Petoskey, MI 49770
For Sale
$440,000
COMMERCIAL - Petoskey, MI
Property Size2,700 SF
Price / SF$162.96
Days on Market31
Property Features for 2489 N US 31 Highway
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- EC B2
- Standard status
- Active
- APN
- 01-16-25-101-005
- Size
- 2,700 SF
Taxes and HOA fees
- Tax Description
- HIAWATHA HEIGHTS, LOTS 29 & 30, SECTION 25, T35N, R5W.
Utilities
- Water source
- Well
Listing Agency:
Graham Real Estate
(231) 526-6251
Listed By:
Kevin Olson
(231) 881-7303
Added: Jun 25
Changed: Jul 2
Last Checked: Jul 25 at 8:06AM
MLS# 476913
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 for-sale flex property combines a spacious workshop with comfortable, updated office space. The workshop includes radiant heat and is climate-controlled for year-round functionality. The building also features bright front offices and three-phase power, along with two restrooms and a kitchenette for day-to-day operations. Significant upgrades were completed in 2019, including new windows, a new roof, exterior insulation, and an air exchanger.
The property is located north of Petoskey on US 31 Highway in Emmet County, Michigan. The setting is described as a high-traffic location, which can support businesses that benefit from visibility and accessible roadside presence.
This configuration is a practical fit for owner-operators or tenants who need a single site for both work space and administration. The combination of a heated shop, updated office areas, and in-building conveniences such as restrooms and a kitchenette can help streamline scheduling and client or staff use. The recent building and mechanical improvements listed for 2019 are also a helpful consideration for buyers evaluating near-term maintenance needs.
The property is located north of Petoskey on US 31 Highway in Emmet County, Michigan. The setting is described as a high-traffic location, which can support businesses that benefit from visibility and accessible roadside presence.
This configuration is a practical fit for owner-operators or tenants who need a single site for both work space and administration. The combination of a heated shop, updated office areas, and in-building conveniences such as restrooms and a kitchenette can help streamline scheduling and client or staff use. The recent building and mechanical improvements listed for 2019 are also a helpful consideration for buyers evaluating near-term maintenance needs.
Key Highlights
- Well‑maintained commercial building just north of Petoskey with a spacious workshop and updated office space
- Upgrades completed in 2019: new windows, new roof, exterior insulation, and an air exchanger
- Radiant heat in the shop area and a climate‑controlled workshop for year‑round use
Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $54.1k | $20.04 |
| − Vacancy | −$3.8k | −$1.40 |
| EGI | $50.3k | $18.64 |
| − OpEx | −$15.1k | −$5.59 |
| NOI | $35.2k | $13.05 |
2,700 SF · lease $20.04/SF/yr · vacancy 7.00% · expense 30.00%
Alternative Uses
Best Use
Warehouse
$611.0K
$534.7K – $712.9K
NOI $42,772 @ 7.0% cap · market cap 9.72%
Second Best
Industrial
$503.2K
$440.3K – $587.1K
NOI $35,224 @ 7.0% cap · market cap 8.01%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Flex space
FAQs
What type of property is this?
Flex space - Well-maintained flex facility with climate-controlled shop improvements and updated office space on a high-traffic corridor.
Where is this flex space located?
The property is located at 2489 N US 31 Highway Petoskey, MI.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Well‑maintained commercial building just north of Petoskey with a spacious workshop and updated office space; Upgrades completed in 2019: new windows, new roof, exterior insulation, and an air exchanger; Radiant heat in the shop area and a climate‑controlled workshop for year‑round use
