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    525 W Mitchell St Petoskey, MI 49770

    View on Map
    Sponsored
    For Sale
    $1,930,000

    Commercial/Industrial - Petoskey, MI

    Property size:
    10,580 SF
    Days on Market:
    42
    Last Refresh:
    Mar 9 at 9:06 pm

    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

    We can help!

    Listing Contact
    Carole Griffin
    Carole Griffin

    RE/MAX Resort Properties (231) 582-2400

    Listing agent Carole Griffin (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.

    Learn more

    Property Insight Report

    Overview

    Versatile Commercial Property Near Hospital

    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

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    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 units and commercial spaces.
    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 $1,930,000.
    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.
    (231) 838-4977
    Request Owner's contact information
    525 W Mitchell St Petoskey, MI 49770
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    Petoskey, MI 49770
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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
    525 W Mitchell St Petoskey, MI 49770
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    We can help!
    Listing Contact
    Carole Griffin
    Carole Griffin
    (231) 838-4977 (231) 881-9400 (231) 347-7600
    Learn more
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