Retail and Office Building with
For Sale
$1,850,000
321 E Lake Street, Petoskey, MI 49770
COMMERCIAL - Petoskey, MI
Property Size7,958 SF
Price / SF$232.47
Days on Market17
Property Features for 321 E Lake Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B-2
Elementary school district
Petoskey
Middle school district
Petoskey
High school district
Petoskey
Directions
Follow US 31 N to East Lake Street, turn East. 321 E Lake St. is just before Howard St.
Subdivision
Petoskey City
Standard status
Active
APN
52-19-06-226-017
Size
7,958 SF
Taxes and HOA fees
Tax Description
SHAW & MC MILLAN'S ADDITION LOT 12 BLK 9. SECTION 6, T34N, R5W.
Legal Description
SHAW & MC MILLAN'S ADDITION LOT 12 BLK 9. SECTION 6, T34N, R5W.
Utilities
Heating system
Natural Gas
Building Details
Year built
1907
Listing Agency:
Berkshire Hathaway HomeServices Michigan Real Estate - HS
(231) 526-9800
Listed By:
Tom Mooradian
(616) 334-6672
Added: Jul 21
Changed: Aug 4
Last Checked: Aug 6 at 12:06AM
MLS# 477427
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 retail and office building totals 7,958 square feet and is arranged with street-level retail space plus a second floor of office suites. The first level includes 3,958 square feet of retail currently occupied by a clothing store, with the ability to be retrofitted for two separate retail stores. The second level offers 4,000 square feet comprised of five office suites and two restrooms.
Located along E Lake Street in Petoskey’s Gaslight District, the property is described as having high-traffic visibility with a daily count of 3,970 vehicles. The building includes eight dedicated private parking spaces at the rear, supporting convenient access for customers and staff. Zoning is B-2.
Located along E Lake Street in Petoskey’s Gaslight District, the property is described as having high-traffic visibility with a daily count of 3,970 vehicles. The building includes eight dedicated private parking spaces at the rear, supporting convenient access for customers and staff. Zoning is B-2.
Key Highlights
- 7,958‑SF commercial building in Petoskey’s Gaslight District with street‑level retail and second‑floor office suites
- 3,958 SF retail space on the street level, currently occupied by a clothing store and can be retrofitted for two retail stores
- Second level offers 4,000 SF with five office suites and two restrooms
Financial Insights For Office B
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 | $150.9k | $18.96 |
| − Vacancy | −$23.8k | −$3.00 |
| EGI | $127.0k | $15.96 |
| − OpEx | −$31.8k | −$3.99 |
| NOI | $95.3k | $11.97 |
7,958 SF · lease $18.96/SF/yr · vacancy 15.80% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.36M
$1.19M – $1.59M
NOI $95,283 @ 7.0% cap · market cap 5.15%
Second Best
Retail
$1.18M
$1.03M – $1.38M
NOI $82,611 @ 7.0% cap · market cap 4.47%
Theoretical Best
Warehouse
$1.80M
$1.58M – $2.10M
NOI $126,068 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Office units
3,970 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,430
Businesses Nearby
Explore this area
Business Placement
Demographics for 49770, MI
17,643
Population
10,244
Households
1.7
Avg Household Size
44
Median Age
47%
College-Educated
97%
High-School Grad
109.4 sq mi
ZIP Area
161
Density / Sq Mi
$80,431
Median Household Income
$42,154
Median Earnings
$1,077
Median Rent
$309,900
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?
Retail space - Street-level retail and second-floor office suites with eight dedicated rear parking spaces.
Where is this retail space located?
The property is located at 321 E Lake Street Petoskey, MI.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 7,958‑SF commercial building in Petoskey’s Gaslight District with street‑level retail and second‑floor office suites; 3,958 SF retail space on the street level, currently occupied by a clothing store and can be retrofitted for two retail stores; Second level offers 4,000 SF with five office suites and two restrooms
