Updated Duplex with Private
For Sale
$559,900
415 Liberty Street, Petoskey, MI 49770
Commercial/Industrial, Petoskey, MI
Property Size2,318 SF
Price / SF$241.54
Days on Market143
Property Features for 415 Liberty Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Residential
Window features
Wood Frames, Vinyl Frames
Elementary school district
Petoskey
Middle school district
Petoskey
High school district
Petoskey
Directions
US 31 North to right on Liberty. Property on corner of Liberty & Grace.
Subdivision
Petoskey City
Standard status
Active
APN
52-19-06-202-044
Size
2,318 SF
Taxes and HOA fees
Tax Description
THE VILLAGE OF WACHTEL QUINLAN & MC CARTY'S ADD. W 77 1/2 FT OF LOT 31. SECTION 6, T34N, R5W.
Legal Description
THE VILLAGE OF WACHTEL QUINLAN & MC CARTY'S ADD. W 77 1/2 FT OF LOT 31. SECTION 6, T34N, R5W.
Amenities
in-unit laundry
off-street parking
Building Details
Building materials
Wood Frame
Roof type
Shingle
Listing Agency:
Pat O'Brien & Associates - Charlevoix
(231) 547-7701
Listed By:
Carol Sullivan · License #6501406040
(231) 675-9571
Added: Apr 24
Changed: Sep 5
Last Checked: Sep 13 at 5:06PM
MLS# 479041
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.
Located at 415 Liberty Street in Petoskey, this 2,318-square-foot duplex was renovated in 2016 and includes two distinct residential units with private entrances. The wood-frame property has a shingle roof and Residential zoning.
The upper residence contains three bedrooms, two full bathrooms, and in-unit laundry. The lower unit offers one bedroom, a den that may serve as an additional bedroom, one full bathroom, in-unit laundry, and an open-concept kitchen. Driveway parking is available, with additional street parking throughout the year. The property is in downtown Petoskey near the Gaslight district, shopping, dining, big-box stores, and the Bear River path.
The upper residence contains three bedrooms, two full bathrooms, and in-unit laundry. The lower unit offers one bedroom, a den that may serve as an additional bedroom, one full bathroom, in-unit laundry, and an open-concept kitchen. Driveway parking is available, with additional street parking throughout the year. The property is in downtown Petoskey near the Gaslight district, shopping, dining, big-box stores, and the Bear River path.
Key Highlights
- 2,318‑square‑foot duplex renovated in 2016
- Separate private entrances for both units
- Upper unit includes 3 bedrooms, 2 full baths, and in‑unit laundry
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$20,648
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.69%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$412,960
$413.0K
Cap Rate 7%
$294,971
$295.0K
Cap Rate 9%
$229,422
$229.4K
Market Conditions
NOI Build-Up for 2,318 SF
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.
Gross rent
$31.2K $13.44/SF
− Vacancy
−$1.7K −$0.72/SF
EGI
$29.5K $12.72/SF
− OpEx
−$8.8K −$3.82/SF
NOI
$20.6K $8.91/SF
Area
Emmet County, MI
Vacancy
5.32%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$412,960
Cap Rate 7%
$294,971
Cap Rate 9%
$229,422
Alternative Uses
Best Use
Multifamily LT 5
$295.0K
$258.1K – $344.1K
NOI $20,648 @ 7.0% cap · market cap 3.69%
Second Best
Apartment 5plus
$262.0K
$229.3K – $305.7K
NOI $18,341 @ 7.0% cap · market cap 3.28%
Theoretical Best
Warehouse
$524.6K
$459.0K – $612.0K
NOI $36,721 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,389
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Remodeled two-unit residence with separate access, in-unit laundry, driveway parking, and a flexible lower-level den.
Where is this duplex located?
The property is located at 415 Liberty Street Petoskey, MI.
What is the asking price?
The asking price for this property is $559,900.
What are key features of this property?
This property features: 2,318‑square‑foot duplex renovated in 2016; Separate private entrances for both units; Upper unit includes 3 bedrooms, 2 full baths, and in‑unit laundry
