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    Downtown Boyne City Office/Retail Title is generated by Realmo AI

    5 W Main, Boyne City, MI 49712

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    For Sale
    $1,499,000

    Commercial/Industrial - Boyne City, MI

    Property size:
    10,560 SF
    Price / SF:
    $141/SF
    Added:
    Nov 22, 2024
    Days on Market:
    541
    Last Refresh:
    May 17 at 6:06 am

    Property Features for 5 W Main

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Com
    Rooms
    Basement
    Interior features
    Natural Gas, Off-Street Parking, Air-Conditioning, Common Area, Ample Parking, Paved Roads
    Basement Y/N
    1
    Standard status
    Active
    APN
    051-453-023-20
    Size
    10,560 SF

    Utilities

    Utilities
    Natural Gas Available
    Heating system
    Natural Gas

    Building Details

    Floors in Building
    1
    Roof type
    Built-Up
    Architectural style
    Other

    We can help!

    Listing Contact
    Marty Moody
    Marty Moody

    Listing agent Marty Moody

    Listing office Lynda's Real Estate Service 27 S Lake St., Boyne City, MI

    Listing date Nov 22, 2024

    MLS# 475354 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 downtown Boyne City overlooking Peninsula Beach and Lake Charlevoix
    • Substantial income potential with 16 individual office and retail suites
    • Significant owner‑occupancy opportunity with a 3,000 sq. ft. suite
    • Ample parking with 20,000 sq. ft. of parking space controlled by the owner
    • Large building with approximately 11,000 sq. ft. of office and retail space
    • Features 9 restrooms, natural gas heating, and air‑conditioning

    Overview

    Located in downtown Boyne City, this commercial building offers approximately 11,000 sq. ft. of office and retail space. The building includes 16 individual suites, with a mix of office and retail layouts, and features 9 restrooms. The largest suite provides 3,000 sq. ft. of space. The property overlooks Peninsula Beach and Lake Charlevoix. There is 20,000 sq. ft. of parking available. The building is suitable for business space or passive income generation.

    Financial Insights

    Value Estimation Calculated for Retail

    Conservative
    $1.47M
    NOI $131,992 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.89M
    NOI $131,992 @ 7.00% cap · market / base-case scenario
    Aggressive
    $2.64M
    NOI $131,992 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Retail

    Component $ $/SF
    Gross rent $202.8k $19.20
    − Vacancy −$14.2k −$1.34
    EGI $188.6k $17.86
    − OpEx −$56.6k −$5.36
    NOI $132.0k $12.50
    10,560 SF · lease $19.20/SF/yr · vacancy 7.00% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Retail
    $1.89M
    $1.65M – $2.20M (±1% cap)
    NOI $131,992 @ 7.0% cap · market cap 8.81%
    Second Best
    Office B
    $1.48M
    $1.30M – $1.73M (±1% cap)
    NOI $103,784 @ 7.0% cap · market cap 6.92%
    Theoretical Best
    Office A
    $2.14M
    $1.87M – $2.49M (±1% cap)
    NOI $149,631 @ 7.0% cap · market cap 9.98%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Matt Frollo Agency ... Insurance Agency Upsy-Daisy Floral (Bike/Boat/Book/etc) Store Camp Quality USA-Michigan Charitable Organization Sugared Skincare Hair Salon

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Boyne City
    County
    Charlevoix
    State
    Michigan
    Longitude
    -85.015802
    Latitude
    45.211608

    Nearby Similar for Sale

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    • $695,000
      1,629 SF

      Turnkey Bakery Opportunity in Boyne

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    FAQs

    What type of property is this?
    Office units - 11,000 sq ft office and retail space for sale.
    Where is this office units located?
    The property is located at 5 W Main Boyne City, MI.
    What is the asking price?
    The asking price for this property is $1,499,000.
    What are key features of this property?
    This property features: Prime location in downtown Boyne City overlooking Peninsula Beach and Lake Charlevoix; Substantial income potential with 16 individual office and retail suites; Significant owner‑occupancy opportunity with a **3,000 sq. ft. suite**
    (231) 633-2500
    We can help!
    Listing Contact
    Marty Moody
    Marty Moody
    Real Estate License ID: 6506043488
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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