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    Prime Petoskey Retail and Office Title is generated by Realmo AI

    321 E Lake, Petoskey, MI 49770

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    Claim this Listing
    For Sale
    $1,850,000

    Commercial/Industrial - Petoskey, MI

    Property size:
    7,958 SF
    Price / SF:
    $232/SF
    Added:
    Sep 4, 2025
    Days on Market:
    278
    Last Refresh:
    Jun 8 at 4:06 pm

    Property Features for 321 E Lake

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    B-2
    Rooms
    Basement
    Interior features
    Natural Gas, Air-Conditioning, Common Area
    Basement Y/N
    1
    Standard status
    Active
    APN
    52-19-06-226-017
    Size
    7,958 SF

    Utilities

    Utilities
    Natural Gas Available
    Heating system
    Natural Gas

    Building Details

    Year built
    1907
    Floors in Building
    2
    Architectural style
    Other

    We can help!

    Listing Contact
    Tom Mooradian

    Listing agent Tom Mooradian

    Listing office Berkshire Hathaway HomeServices Michigan Real Estate - HS 102 E Main St., Harbor Springs, MI

    Listing date Sep 4, 2025

    MLS# 477427 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

    • Prime location in Petoskey's historic Gaslight District, a high‑traffic area.
    • High visibility with a daily traffic count of 3,970 vehicles.
    • Rare and valuable asset of eight dedicated private parking spaces.
    • Versatile 7,958 sq ft building with retail and office space.
    • Located in Petoskey, a top‑tier resort destination.
    • Building includes natural gas, air‑conditioning, and a basement.

    Overview

    Located in the historic Gaslight District of Petoskey, this 7,958-square-foot commercial building offers retail and office space. The street-level features 3,958 square feet of retail space, which is currently occupied by a clothing store but can be retrofitted for two separate retail stores. The second level features a total of 4,000 square feet, consisting of five office suites and two restrooms. The property includes eight dedicated private parking spaces at the rear of the building. Situated in a resort community along Lake Michigan, the Gaslight District is a hub of boutiques, galleries, and dining, attracting year-round residents and seasonal tourists. The location benefits from a daily traffic count of 3,970 vehicles. The property's versatility makes it suitable for boutique retail, art galleries, specialty food shops, and professional services.

    Local 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 (±1% cap)
    NOI $95,283 @ 7.0% cap · market cap 5.15%
    Second Best
    Retail
    $1.18M
    $1.03M – $1.38M (±1% cap)
    NOI $82,611 @ 7.0% cap · market cap 4.47%
    Theoretical Best
    Warehouse
    $1.80M
    $1.58M – $2.10M (±1% cap)
    NOI $126,068 @ 7.0% cap · market cap 6.81%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center 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
    -84.9562046
    Latitude
    45.3752387

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    FAQs

    What type of property is this?
    Retail space - Commercial building in Petoskey's Gaslight District with high visibility.
    Where is this retail space located?
    The property is located at 321 E Lake 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: Prime location in Petoskey's historic Gaslight District, a high‑traffic area.; High visibility with a daily traffic count of 3,970 vehicles.; Rare and valuable asset of **eight dedicated private parking spaces**.
    (616) 334-6672
    We can help!
    Listing Contact
    Tom Mooradian
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