1-144 River St, Elk Rapids, MI 49629
Ground-floor commercial space with a garden studio apartment and lower-level storage, supported by B2 zoning.
- Added:
- May 20, 2026
- Days on Market:
- 39
- Last Refresh:
- Jun 27 at 4:02 am
Property Features for 1-144 River St
General Information
- Standard status
- Active
- Size
- 2,953 SF
Listing office REO-TCRandolph-233022 (231) 714-4787
Listing date May 20, 2026
Source Exprealty
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All listing content including descriptions, pricing, images are the copyrighted material of REO-TCRandolph-233022
HighLights
- Mixed‑use building in downtown Elk Rapids with ground‑floor commercial space plus a garden studio apartment and lower‑level storage
- Garden studio apartment is currently rented month to month at $695
- Unit #1 includes a commercial space currently occupied with potential to re‑sign the lease in the fall
- Zoned B2, allowing for short‑term rentals and a variety of commercial and residential uses
- Historic building with architectural character in a downtown setting near shops, restaurants, the marina, and the beach
Overview
Located in the heart of downtown Elk Rapids, the property benefits from a walkable setting near local shops and restaurants, with access to the marina and beach nearby. The building is described as historic and character-filled, featuring architectural details that help define its downtown presence.
Zoned B2, the property supports a range of commercial and residential uses, including short-term rentals as referenced in the remarks. This combination makes it a strong fit for entrepreneurs looking to operate from the commercial space while maintaining an income-producing residence component, or for investors seeking a mixed-use structure with both tenancy and storage in place. The opportunity also allows buyers to evaluate options around the existing commercial occupancy and the month-to-month apartment rental.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $45.7k | $15.48 |
| − Vacancy | −$1.9k | −$0.65 |
| EGI | $43.8k | $14.83 |
| − OpEx | −$13.1k | −$4.45 |
| NOI | $30.7k | $10.38 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Elk Rapids
- County
- Antrim
- State
- Michigan
- Longitude
- -85.411997
- Latitude
- 44.898788
