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501 W Mitchell St, Unit Petoskey Petoskey, MI 49770

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For Sale
$700,000

Four-unit commercial building with three active leases in Petoskey, MI.

Property size:
1 SF

Property Features for 501 W Mitchell St

General Information

Size
1 SF

Building Details

Year built
1937

Source: Carrie Frisbie Agent Carrie Frisbie

Displayed information is deemed reliable but is not guaranteed and should be independently verified.


Overview

Petoskey Commercial Building with Leases

This 6,447 square foot commercial building, located at 501 and 515 W Mitchell (US 31) in Petoskey, MI, features four units. There are currently three active long-term net leases and one vacancy. All units are designed for commercial usage, but B-3 zoning permits residential and short term rentals. The location offers high customer visibility with an estimated daily traffic count exceeding 25,000, easy accessibility, and proximity to established businesses. McLaren Northern MI Hospital is located across the street, and the Downtown Petoskey Gaslight District is a half mile away. Several offices within the building offer views of Lake Michigan's Little Traverse Bay. The property includes 21 parking spots. Recent improvements include roofing on half of the building, a new A/C and furnace, and concrete repairs. Units 1-3 are on the main level. Vacant Unit 1 offers 1,320 sq ft with an open floor plan and a storage room, currently built-out as a salon. Unit 2 provides 1,660 sq ft configured as a medical office with a reception area, 3 offices, 3 exam rooms, and a break room. Unit 3, the largest at 1,840 sq ft, features a mostly open floor plan with 1 private office and a storage room. Unit 4, located on the second story, totals 1,670 sq ft and includes 6 private rooms suitable for versatile office space.
Property Profile Insight Report Location Intelligence

Current Use by Public Records

Medical offices

Suggested Use

Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness

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

Location Insight

  • Map
  • Local Demand
City
Petoskey
County
Emmet
State
Michigan
Longitude
-84.9519749
Latitude
45.3742048

FAQs

What type of property is this?
Mixed-use property - Four-unit commercial building with three active leases in Petoskey, MI.
Where is this mixed-use property located?
The property is located at 501 W Mitchell St, Unit Petoskey Petoskey, MI.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: - High-traffic location on US 31 with over 25,000 estimated daily traffic count, ensuring excellent visibility.; - Four-unit commercial building with three long-term net leases in place, providing immediate income.; - B-3 zoning allows for flexible usage.
More about this property
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