Corner Office Space with Off-Street
For Sale
$249,900
101 Bridge Street, East Jordan, MI 49727
Corner office space renovated in 1994 with private off-street parking accessible from two streets.
Property Size1,344 SF
Price / SF$185.94
Days on Market152
Property Features for 101 Bridge Street
General Information
Standard status
Active
Size
1,344 SF
Property subtype
Office
Building Details
Building Size
1,344 SF
Year Renovated
1994
Listing Agency:
Pat O'Brien & Associates - Boyne City
(231) 675-7859
Listed By:
Gary Roberts
(231) 675-7859
Source:
Patobrien
Added: Mar 26
Changed: Aug 24
Last Checked: Aug 23 at 2:30AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Pat O'Brien & Associates - Boyne City
Investment Insights
Based on property information with market context.
This office space is set up to accommodate a range of business uses and was renovated in 1994. The property is positioned on a corner at Water and Mill streets and includes private off-street parking, creating a quiet setting while staying within reach of surrounding activity.
The office sits across from two city-owned parks. The parking lot is accessible from two streets, which can help streamline arrivals and limit congestion. A virtual walkthrough is available for prospective buyers.
Offered for sale as a dedicated office space, it presents a straightforward opportunity for an owner-operator or an investor looking to add a renovated commercial building to their portfolio.
The office sits across from two city-owned parks. The parking lot is accessible from two streets, which can help streamline arrivals and limit congestion. A virtual walkthrough is available for prospective buyers.
Offered for sale as a dedicated office space, it presents a straightforward opportunity for an owner-operator or an investor looking to add a renovated commercial building to their portfolio.
Key Highlights
- Corner office space with 1,344 SF, suited for a variety of uses
- Located at the corner of Water St and Mill St in East Jordan
- Private off‑street parking with access from two streets
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
$13,209
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
5.29%
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%
$264,180
$264.2K
Cap Rate 7%
$188,700
$188.7K
Cap Rate 9%
$146,767
$146.8K
Market Conditions
NOI Build-Up for 1,344 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
$22.6K $16.80/SF
− Vacancy
−$5.0K −$3.70/SF
EGI
$17.6K $13.10/SF
− OpEx
−$4.4K −$3.28/SF
NOI
$13.2K $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%
$264,180
Cap Rate 7%
$188,700
Cap Rate 9%
$146,767
Alternative Uses
Best Use
Office B
$188.7K
$165.1K – $220.2K
NOI $13,209 @ 7.0% cap · market cap 5.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$272.1K
$238.1K – $317.4K
NOI $19,044 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
275
Businesses Nearby
Explore this area
Business Placement
Demographics for 49727, MI
6,887
Population
4,075
Households
1.7
Avg Household Size
46
Median Age
24%
College-Educated
92%
High-School Grad
120.0 sq mi
ZIP Area
57
Density / Sq Mi
$70,288
Median Household Income
$42,500
Median Earnings
$821
Median Rent
$187,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Corner office space renovated in 1994 with private off-street parking accessible from two streets.
Where is this office units located?
The property is located at 101 Bridge Street East Jordan, MI.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Corner office space with 1,344 SF, suited for a variety of uses; Located at the corner of Water St and Mill St in East Jordan; Private off‑street parking with access from two streets
