Remodeled Duplex with Private
415 Liberty Street Petoskey, MI 49770
415 Liberty Street, Petoskey, MI, 49770
$559,900
For Sale
$559,900
COMMERCIAL - Petoskey, MI
Property Size2,318 SF
Price / SF$241.54
Days on Market90
Property Features for 415 Liberty Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- Residential
- Window features
- Vinyl Frames, Wood Frames
- 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.
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 Updated: Jul 2 at 9:25AM Checked: Jul 22 at 4:06PM
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.
This remodeled duplex features two separate residential units with private entrances. The upper unit includes three bedrooms and two full bathrooms, plus in-unit laundry. The lower unit offers one bedroom, a den that could serve as an additional bedroom, and one full bathroom with in-unit laundry, along with an open-concept kitchen.
Located in Petoskey, the property is described as being in the heart of the city, just steps from the Gaslight district and close to shopping, dining, big box stores, and recreational opportunities connected to the Bear River path. Off-street driveway parking is available, with ample year-round street parking as well.
Designed for both owner-occupants and investors seeking a straightforward two-unit residential setup, the duplex provides functional separation between tenants through the private entrances. With the 2016 updates noted and in-unit laundry serving both levels, the layout supports everyday convenience while maintaining distinct space for each unit.
Located in Petoskey, the property is described as being in the heart of the city, just steps from the Gaslight district and close to shopping, dining, big box stores, and recreational opportunities connected to the Bear River path. Off-street driveway parking is available, with ample year-round street parking as well.
Designed for both owner-occupants and investors seeking a straightforward two-unit residential setup, the duplex provides functional separation between tenants through the private entrances. With the 2016 updates noted and in-unit laundry serving both levels, the layout supports everyday convenience while maintaining distinct space for each unit.
Key Highlights
- Remodeled and updated duplex with wood frame construction and shingle roof
- Fully updated/renovated in 2016 with separate private entrances for each unit
- Upper unit: 3 bedrooms, 2 full baths, plus in‑unit laundry
Local Financial Insights For Multifamily LT 5
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 | $31.2k | $13.44 |
| − Vacancy | −$1.7k | −$0.72 |
| EGI | $29.5k | $12.72 |
| − OpEx | −$8.8k | −$3.82 |
| NOI | $20.6k | $8.91 |
2,318 SF · lease $13.44/SF/yr · vacancy 5.32% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Duplex - Updated duplex offers two separate units with private entrances and in-unit laundry for flexible owner or tenant use.
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: Remodeled and updated duplex with wood frame construction and shingle roof; Fully updated/renovated in 2016 with separate private entrances for each unit; Upper unit: 3 bedrooms, 2 full baths, plus in‑unit laundry
