2489 N US 31, Petoskey, MI 49770
- 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
Listing agent Kevin Olson (231) 526-6251
Listing office Graham Real Estate 198 E MAIN ST., Harbor Springs, MI (231) 526-6251
Listing date Jun 26, 2025
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
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 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Petoskey
- County
- Emmet
- State
- Michigan
- Longitude
- -84.8827
- Latitude
- 45.3433