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    525 W Mitchell St Petoskey, MI 49770

    For Sale
    $1,997,000

    Commercial/Industrial - Petoskey, MI

    Property size:
    10,580 SF
    Days on Market:
    23
    Last Refresh:
    Dec 6 at 8:06 am

    Property Features for 525 W Mitchell St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    COMMERCIAL-IMPROVED
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    18
    Bathrooms
    18
    APN
    52-19-06-126-024 & 028
    Interior features
    Off-Street Parking, Paved Roads
    Basement Y/N
    1
    Size
    10,580 SF

    Building Details

    Floors in Building
    1
    Number of units
    17
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    RE/MAX Resort Properties (231) 582-2400 [email protected]

    Listing agent Carole Griffin (231) 881-9400

    Listing date Nov 14, 2025

    MLS# 478039 Listing URL

    Copyright © 2025 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.

    Overview

    Versatile Commercial Property Near Hospital

    Located in Petoskey, Michigan, this commercially zoned property offers a versatile investment opportunity. Situated across the street from a regional hospital and within walking distance of downtown restaurants and the waterfront, the property includes a house with a backyard, two bedrooms, two bathrooms, and a one-car garage. Additionally, there are 16 micro rental units with bathrooms and two large commercial spaces suitable for office or retail use. The property also features basement storage, a security system, city water and sewer, and available Wi-Fi. 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 vanity and sinks in the small units. The property, zoned COP-B-3 & RM-2, offers approximately 10,580 square feet of rental opportunity. All units are currently occupied and leased. The property could serve as a place to live while managing on-site rentals, employee housing with income from a commercial business or office space, or a boutique hotel with a house for additional income or personal residence.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Petoskey
    County
    Emmet
    State
    Michigan
    Longitude
    -84.9685004
    Latitude
    45.3727875

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    FAQs

    What type of property is this?
    Mixed-use property - Commercially zoned property with multiple rental opportunities near downtown.
    Where is this mixed-use property located?
    The property is located at 525 W Mitchell St Petoskey, MI.
    What is the asking price?
    The asking price for this property is $1,997,000.
    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.
    (231) 881-9400
    Request Owner's contact information
    525 W Mitchell St Petoskey, MI 49770
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    Realmo Value Estimation

    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.

    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.

    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
    525 W Mitchell St Petoskey, MI 49770
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