Versatile Commercial Property Near
525 W Mitchell, Petoskey, MI 49770
- Added:
- Jan 26, 2026
- Days on Market:
- 115
- Last Refresh:
- May 21 at 8:06 am
Property Features for 525 W Mitchell
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- COMMERCIAL-IMPROVED
- Bedrooms
- 18
- Bathrooms
- 18
- Rooms
- Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
- Interior features
- Off-Street Parking, Paved Roads
- Basement Y/N
- 1
- Standard status
- Active
- APN
- 52-19-06-126-024 & 028
- Size
- 10,580 SF
Building Details
- Floors in Building
- 1
- Number of units
- 17
- Roof type
- Asphalt, Shingle
- Architectural style
- Other
Listing agent Carole Griffin (231) 838-4977
Listing office @properties Christie's International Real Estate - Petoskey 416 E. Mitchell, Suite 1, Boyne City, MI (231) 881-9400
Listing date Jan 26, 2026
MLS# 478039
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
- High Income Potential: 16 micro rental units, 2 commercial spaces, and a house offer diverse income streams.
- Prime Location: Across from a regional hospital and walkable to downtown Petoskey's restaurants and waterfront.
- Versatile Zoning: Commercially zoned COP‑B‑3 & RM‑2 allows for various business and residential uses.
- Substantial Rental Space: Approximately 10,580 sq ft of rental opportunity.
- Recent Upgrades: Includes a new $90K roof, new windows, and updated vanities/sinks.
- Fully Occupied: All units are currently leased, providing immediate income.
Overview
Located in Petoskey, Michigan, this commercially zoned property at 525 W. Mitchell St. and 516 Monroe St. presents a rare investment opportunity. The property is situated across the street from a regional hospital and within walking distance of downtown restaurants and the waterfront. Zoned COP-B-3 & RM-2, the property offers approximately 10,580 square feet of rental space. It includes a house with a backyard, two bedrooms, two bathrooms, and a one-car garage, along with 16 micro rental units each with a bathroom, and two large commercial spaces suitable for office or retail use. The property also features basement storage, a security system, city water and sewer services, and Wi-Fi availability. Off-street parking is available for approximately 10 cars, and there is a commercial laundry room. Recent upgrades include a $90,000 roof, new windows, and updated vanities and sinks in the small units. All units are currently occupied and leased. The property is suitable for various uses, including on-site rentals, employee housing, or a boutique hotel, with additional income potential from the house. It is located in the heart of Petoskey, known for its downtown area and proximity to local amenities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Retail space
Location Insight
- Map
- Local Demand
- City
- Petoskey
- County
- Emmet
- State
- Michigan
- Longitude
- -84.9685004
- Latitude
- 45.3727875
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Commercially zoned property with multiple rental units and commercial spaces.
Where is this mixed-use property located?
The property is located at 525 W Mitchell Petoskey, MI.
What is the asking price?
The asking price for this property is $1,930,000.
What are key features of this property?
This property features: High Income Potential: 16 micro rental units, 2 commercial spaces, and a house offer diverse income streams.; Prime Location: Across from a regional hospital and walkable to downtown Petoskey's restaurants and waterfront.; Versatile Zoning: Commercially zoned COP‑B‑3 & RM‑2 allows for various business and residential uses.
