Two-Tenant Office
For Sale
$489,000
802 Bridge Street, Charlevoix, MI 49720
COMMERCIAL - Charlevoix, MI
Property Size4,000 SF
Price / SF$118.12
Days on Market49
Property Features for 802 Bridge Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
commercial
Elementary school district
Charlevoix
Middle school district
Charlevoix
High school district
Charlevoix
Directions
Heading south from downtown Charlevoix on Bridge Street the building is at the top of the hill on the Corner of East Upright and Bridge Street
Subdivision
Charlevoix City
Standard status
Active
APN
052-367-001-00
Size
4,140 SF
Taxes and HOA fees
Tax Description
800 & 802 BRIDGE C1 LOTS 1 & 2 OF BLOCK 7 OF MASONS ADDITION
Legal Description
800 & 802 BRIDGE C1 LOTS 1 & 2 OF BLOCK 7 OF MASONS ADDITION
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Building materials
Wood Frame
Listing Agency:
Berkshire Hathaway HomeServices Real Estate
(231) 547-9905
Listed By:
Matthew Murray · License #6501441581
(231) 675-3730
Added: Jul 2
Changed: Aug 4
Last Checked: Aug 19 at 8:06AM
MLS# 478662
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 4,140-square-foot office building is arranged for two current tenants and includes separate access points for each occupant. A shared conference room provides an additional common-use area within the property. The building is constructed with a wood-frame system and heated by forced-air natural gas equipment.
The property is located near downtown Charlevoix at 802 Bridge Street, Charlevoix, MI 49720. Commercial zoning supports its existing office configuration, while the current multi-tenant layout provides an established framework for occupancy and shared facilities.
The property is located near downtown Charlevoix at 802 Bridge Street, Charlevoix, MI 49720. Commercial zoning supports its existing office configuration, while the current multi-tenant layout provides an established framework for occupancy and shared facilities.
Key Highlights
- 4,140 SF office building
- Two current tenants with separate access points
- Shared conference room for tenant use
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$40,688
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.32%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$813,760
$813.8K
Cap Rate 7%
$581,257
$581.3K
Cap Rate 9%
$452,089
$452.1K
Market Conditions
NOI Build-Up for 4,140 SF
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.
Gross rent
$69.6K $16.80/SF
− Vacancy
−$15.3K −$3.70/SF
EGI
$54.3K $13.10/SF
− OpEx
−$13.6K −$3.28/SF
NOI
$40.7K $9.83/SF
Area
Charlevoix County, MI
Vacancy
22.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$813,760
Cap Rate 7%
$581,257
Cap Rate 9%
$452,089
Alternative Uses
Best Use
Office B
$581.3K
$508.6K – $678.1K
NOI $40,688 @ 7.0% cap · market cap 8.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$838.0K
$733.3K – $977.7K
NOI $58,662 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
440
Businesses Nearby
Explore this area
Business Placement
Demographics for 49720, MI
9,127
Population
6,236
Households
1.5
Avg Household Size
52
Median Age
38%
College-Educated
97%
High-School Grad
95.5 sq mi
ZIP Area
96
Density / Sq Mi
$76,127
Median Household Income
$41,563
Median Earnings
$985
Median Rent
$265,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Commercially zoned office building with separate entrances and shared conference room access.
Where is this office building located?
The property is located at 802 Bridge Street Charlevoix, MI.
What is the asking price?
The asking price for this property is $489,000.
What are key features of this property?
This property features: 4,140 SF office building; Two current tenants with separate access points; Shared conference room for tenant use
