Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2245 Charlevoix Ave Petoskey, MI 49770

    Sponsored
    For Sale
    $1,250,000

    High-traffic corner lot, 3,200 sq ft, heated garage.

    Property size:
    3,200 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    370
    This exceptional 3,200 square foot industrial building presents a unique investment opportunity in the thriving city of Petoskey, Michigan. Situated on a highly desirable corner lot spanning two acres, this property boasts over 640 feet of road frontage along a heavily trafficked state highway, ensuring maximum visibility and accessibility. The building itself features a spacious three-bay heated garage, perfect for various industrial or automotive uses. Two vehicle hoists are currently installed and their inclusion in the sale is negotiable. In addition to the garage, the property includes a well-appointed showroom and office space, ideal for showcasing products or conducting business operations. A full basement lies beneath the office area, offering ample storage or additional workspace. Parking is abundant, with a large lot capable of accommodating 80 or more vehicles, accessed through two gated entrances. Recent upgrades include a new furnace and air conditioning system, ensuring year-round comfort and efficiency. This property's combination of size, location, and features makes it an exceptional opportunity for a wide range of businesses seeking a prominent presence in Petoskey. The asking price is $1,250,000.

    Property Features for 2245 Charlevoix Ave

    General Information

    Property type
    Industrial properties
    Square Feet
    3,200 SF
    Lot Size
    87,120 SF

    We can help!

    Listing Contact
    Michael Davidson

    Learn more

    Property Profile Location Intelligence

    Current Use by Public Records

    Industrial properties

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Petoskey
    County
    Emmet
    State
    Michigan
    Longitude
    -84.98603
    Latitude
    45.36771

    Nearby Similar for Sale

    • $1,850,000
      7,958 SF

      Prime Petoskey Retail and Office

      Commercial building in Petoskey's Gaslight District with high visibility.
      321 Lake St E, Petoskey, MI 49770
      View Details
    • $1,930,000
      10,580 SF

      Versatile Commercial Property Near Hospital

      Commercially zoned property with multiple rental units and commercial spaces.
      525 W Mitchell St, Petoskey, MI 49770
      View Details
    • $120,000
      2,150 SF

      Established Restaurant in Petoskey, MI

      Well-established restaurant with growth potential in Petoskey/Bay Harbor, Michigan.
      3890 Charlevoix Ave, Petoskey, MI 49770
      View Details
    • $350,000
      1,816 SF

      Petoskey Duplex: Income Potential

      Centrally located Petoskey duplex with income potential near downtown.
      513 Liberty St, Petoskey, MI 49770
      View Details
    • $927,000
      3,256 SF

      Versatile Commercial Property on US 31

      Commercial property with open building, office, and parking lot.
      2356 N Us 31, Petoskey, MI 49770
      View Details
    • $850,000
      0.17 Acres

      Victorian-Style 5-Unit Multifamily Property

      Petoskey 5-unit with recent renovations and strong rental demand.
      624 Michigan St, Petoskey, MI 49770
      View Details
    • $465,000
      2,700 SF

      Versatile Commercial Building in Petoskey

      Well-maintained commercial building with updated office and spacious workshop.
      2489 N Us 31, Petoskey, MI 49770
      View Details
    • $875,000
      3.43 Acres

      Petoskey Multifamily Investment Opportunity

      Five-unit property near downtown Petoskey with strong cash flow.
      138 E Sheridan St, Petoskey, MI 49770
      View Details
    • $850,000
      0.16 Acres

      Petoskey Multifamily Investment Opportunity

      Well-maintained 6-unit multifamily property near downtown Petoskey.
      524 State St, Petoskey, MI 49770
      View Details
    • $2,076,923
      6,895 SF

      Advance Auto Parts Investment Opportunity

      Advance Auto Parts property in Petoskey, MI with corporate guarantee.
      730 Charlevoix Ave, Petoskey, MI 49770
      View Details
    • Contact for pricing

      Petoskey Town Center Retail Space

      Retail spaces available in the heart of Petoskey, Michigan.
      1305 Spring St, Petoskey, MI 49770
      View Details
    • $449,900
      3,800 SF

      Commercial Building in Petoskey, MI

      Commercial building with dining hall, kitchen, and parking.
      403 Madison St, Petoskey, MI 49770
      View Details

    FAQs

    What type of property is this?
    Industrial property - High-traffic corner lot, 3,200 sq ft, heated garage.
    Where is this industrial property located?
    The property is located at 2245 Charlevoix Ave Petoskey, MI.
    What is the asking price?
    The asking price for this property is $1,250,000.
    (810) 686-8667
    Request Owner's contact information
    2245 Charlevoix Ave Petoskey, MI 49770
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2245 Charlevoix Ave
    Petoskey, MI 49770
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    2245 Charlevoix Ave Petoskey, MI 49770
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Michael Davidson
    (810) 686-8667
    Learn more
    Google sign-in failed. Please try again or use another login method.