Office Building with Finished
For Sale
$787,000
1031 May Street, Charlevoix, MI 49720
PO zoning and a five-year deed restriction allow commercial uses other than banking, subject to local zoning.
Property Size6,369 SF
Price / SF$123.57
Days on Market10
Property Features for 1031 May Street
General Information
Standard status
Active
Size
6,369 SF
Class
Class B
Property subtype
Office
Zoning
PO
Additional Details
Property Use
Office
Building Details
Building Size
6,369 SF
Year Built
1998
Buildings
1
Listing Agency:
Three West, LLC
Listed By:
Noah Endres · License #6501461941
(231) 632-1125
Source:
Patobrien
Added: Oct 28
Changed: Nov 4
Last Checked: Nov 4 at 7:37PM
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 Three West, LLC
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Investment Insights
Based on property information with market context.
This Class B office property contains 6,369 square feet in a single building, with a finished basement. Constructed in 1998, it is zoned PO and offers a professional office configuration.
The site occupies the northwest corner of Stover Road and May Street in the Charlevoix area. A five-year deed restriction bars use as a bank or credit union, including related ATMs and kiosks; other commercial uses are allowed subject to local zoning.
The site occupies the northwest corner of Stover Road and May Street in the Charlevoix area. A five-year deed restriction bars use as a bank or credit union, including related ATMs and kiosks; other commercial uses are allowed subject to local zoning.
Key Highlights
- 6,369‑square‑foot office building with a finished basement
- Built in 1998; Class B property
- PO zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$62,595
Cap Rate
7.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,251,900
$1.3M
Cap Rate 7%
$894,214
$894.2K
Cap Rate 9%
$695,500
$695.5K
Market Conditions
NOI Build-Up for 6,369 SF
Gross rent
$107.0K $16.80/SF
− Vacancy
−$23.5K −$3.70/SF
EGI
$83.5K $13.10/SF
− OpEx
−$20.9K −$3.28/SF
NOI
$62.6K $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 Rate 5%
$1,251,900
Cap Rate 7%
$894,214
Cap Rate 9%
$695,500
Alternative Uses
Best Use
Office B
$894.2K
$782.4K – $1.04M
NOI $62,595 @ 7.0% cap · market cap 7.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,246 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
305
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - PO zoning and a five-year deed restriction allow commercial uses other than banking, subject to local zoning.
Where is this office building located?
The property is located at 1031 May Street Charlevoix, MI.
What is the asking price?
The asking price for this property is $787,000.
What are key features of this property?
This property features: 6,369‑square‑foot office building with a finished basement; Built in 1998; Class B property; PO zoning
