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    Versatile Commercial Building in Petoskey Title is generated by Realmo AI

    2489 N US 31, Petoskey, MI 49770

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    For Sale
    $465,000

    Commercial/Industrial - Petoskey, MI

    Property size:
    2,700 SF
    Price / SF:
    $172/SF
    Added:
    Jun 26, 2025
    Days on Market:
    350
    Last Refresh:
    Jun 10 at 2:06 am

    Property Features for 2489 N US 31

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    EC B2
    Interior features
    Paved Roads
    Standard status
    Active
    APN
    01-16-25-101-005
    Size
    2,700 SF

    Building Details

    Floors in Building
    1
    Architectural style
    Other

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    Listing Contact
    Kevin Olson
    Kevin Olson

    Listing agent Kevin Olson

    Listing office Graham Real Estate 198 E MAIN ST., Harbor Springs, MI

    Listing date Jun 26, 2025

    MLS# 476913 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.

    HighLights

    • High‑traffic location near Petoskey offers excellent business visibility.
    • Updated office space and spacious workshop provide versatile functionality.
    • Significant upgrades in 2019 including new roof, windows, and exterior insulation.
    • Radiant heat in the shop area ensures year‑round usability.
    • Climate‑controlled workshop for optimal working conditions.
    • 3 Phase power, 2 restrooms, and kitchenette included.

    Overview

    This commercial building, located just north of Petoskey, offers a versatile space suitable for various business needs. The property includes a spacious workshop and updated office space. Significant upgrades were completed in 2019, including new windows, a new roof, exterior insulation, and an air exchanger. Radiant heat has been installed in the shop area. The front offices are designed to be bright and welcoming. The workshop is climate-controlled, ensuring year-round functionality. The property is equipped with 3-phase power, two restrooms, and a kitchenette. The building is zoned EC B2 and has a size of 2700 square feet.

    Local 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
    Industrial
    $503.2K
    $440.3K – $587.1K (±1% cap)
    NOI $35,224 @ 7.0% cap · market cap 7.58%
    Second Best
    Office B
    $461.8K
    $404.1K – $538.8K (±1% cap)
    NOI $32,328 @ 7.0% cap · market cap 6.95%
    Theoretical Best
    Warehouse
    $611.0K
    $534.7K – $712.9K (±1% cap)
    NOI $42,772 @ 7.0% cap · market cap 9.20%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Big Box & Wholesale Store Hair Salon Nail Salon Pharmacy Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Petoskey
    County
    Emmet
    State
    Michigan
    Longitude
    -84.8827
    Latitude
    45.3433

    FAQs

    What type of property is this?
    Flex space - Well-maintained commercial building with updated office and spacious workshop.
    Where is this flex space located?
    The property is located at 2489 N US 31 Petoskey, MI.
    What is the asking price?
    The asking price for this property is $465,000.
    What are key features of this property?
    This property features: High‑traffic location near Petoskey offers excellent business visibility.; Updated office space and spacious workshop provide versatile functionality.; Significant upgrades in 2019 including new roof, windows, and exterior insulation.
    More about this property
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