Petoskey Plaza Investment
For Sale
Contact for pricing
Pending
105 W Mitchell St, Petoskey, MI 49770
9,880 Sq Ft Plaza in Petoskey, Michigan for sale.
Property Size9,880 SF
Days on Market212
Property Features for 105 W Mitchell St
General Information
Standard status
Pending
Size
9,880 SF
Class
B
Property subtype
Retail
Occupancy
100%
Investment Type
Stabilized
Building Details
Year Built
1989
Listing Agency:
Marcus & Millichap - Detroit
Listed By:
John Nuzman · License #MI 6502389859
(248) 415-2616
Source:
Crexi
Added: Mar 9
Changed: Oct 2
Last Checked: Oct 5 at 6:29PM
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 Marcus & Millichap - Detroit
Investment Insights
Based on property information with market context.
This commercial real estate offering features a 9,880 square foot plaza located in Petoskey, Michigan. The property is currently for sale and presents a rare investment opportunity. The plaza is being offered with an 8.14% capitalization rate.
Key Highlights
- 8.14% CAP Rate**
- Rare Petoskey MI Plaza
- 9,880 Sq Ft
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$102,563
Cap Rate
5.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,051,260
$2.1M
Cap Rate 7%
$1,465,186
$1.5M
Cap Rate 9%
$1,139,589
$1.1M
Market Conditions
NOI Build-Up for 9,880 SF
Gross rent
$152.9K $15.48/SF
− Vacancy
−$6.4K −$0.65/SF
EGI
$146.5K $14.83/SF
− OpEx
−$44.0K −$4.45/SF
NOI
$102.6K $10.38/SF
Area
Emmet County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,051,260
Cap Rate 7%
$1,465,186
Cap Rate 9%
$1,139,589
Alternative Uses
Best Use
Retail
$1.47M
$1.28M – $1.71M
NOI $102,563 @ 7.0% cap · market cap 5.26%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.24M
$1.96M – $2.61M
NOI $156,515 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,136
Businesses Nearby
37k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 57%
Dining 25%
Home Improvements & Furnishings 12%
Apparel 6%
Arby's
Dining
7,264 visits/mo
0.4 miles
Marathon Petroleum
Shops & Services
6,886 visits/mo
0.4 miles
The UPS Store
Shops & Services
5,763 visits/mo
0.2 miles
Meyer Ace Hardware
Home Improvements & Furnishings
4,378 visits/mo
0.2 miles
Fifth Third Bank & ATM
Shops & Services
3,158 visits/mo
0.1 miles
Demographics for 49770, MI
17,643
Population
10,244
Households
1.7
Avg Household Size
44
Median Age
47%
College-Educated
97%
High-School Grad
109.4 sq mi
ZIP Area
161
Density / Sq Mi
$80,431
Median Household Income
$42,154
Median Earnings
$1,077
Median Rent
$309,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Similar Off Market Nearby
- Bay Mall — 910 Spring St, Petoskey, MI 49770
- Penn Plaza — Rose St, Petoskey, MI 49770
Frequently Asked Questions
What type of property is this?
Shopping center - 9,880 Sq Ft Plaza in Petoskey, Michigan for sale.
Where is this shopping center located?
The property is located at 105 W Mitchell St Petoskey, MI.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 8.14% CAP Rate**; Rare Petoskey MI Plaza; 9,880 Sq Ft
