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    Commercial Building in Petoskey, MI Title is generated by Realmo AI

    403 Madison St, Petoskey, MI

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    Commercial building with dining hall, kitchen, and parking.

    Type:RETAIL
    Property size:
    3,800 SF
    Lot size:
    0.35 Acres
    Price / SF:
    $118/SF
    Added:
    May 15, 2024
    Days on Market:
    755
    Last Refresh:
    May 19 at 10:37 pm

    Property Features for 403 Madison St

    General Information

    Standard status
    Active
    Size
    3,800 SF
    Lot size
    0.35 Acres
    Property subtype
    RETAIL

    We can help!

    Listing Contact
    Mark Knapp
    Mark Knapp

    Listing agent Mark Knapp

    Listing office Coldwell Banker Commercial Schmidt, Realtors

    Listing date May 15, 2024

    Source Moodyscre

    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 Coldwell Banker Commercial Schmidt, Realtors

    HighLights

    • Commercial Zoning (RM‑2) offers endless possibilities.
    • Large finished area of over 3800 sq ft provides ample space.
    • Includes a full kitchen and dining hall, suitable for food service or events.
    • Conveniently located just one block off US 31 in Petoskey.
    • Features three bathrooms for convenience.
    • Ample parking available with a private parking lot and street parking.

    Overview

    This commercial building, zoned RM-2, offers over 3800 square feet of finished area. Currently used as a church, the property includes a dining hall with a full kitchen, three bathrooms, and office and classroom space in the lower level. The property features a parking lot and available street parking. Located one block from US 31 in Petoskey, Michigan, this building presents endless possibilities.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $58.8k $15.48
    − Vacancy −$2.5k −$0.65
    EGI $56.4k $14.83
    − OpEx −$16.9k −$4.45
    NOI $39.4k $10.38
    3,800 SF · lease $15.48/SF/yr · vacancy 4.20% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $563.5K
    $493.1K – $657.5K (±1% cap)
    NOI $39,447 @ 7.0% cap · market cap 8.77%
    Second Best
    Specialty Retail
    $459.3K
    $401.9K – $535.8K (±1% cap)
    NOI $32,148 @ 7.0% cap · market cap 7.15%
    Theoretical Best
    Warehouse
    $860.0K
    $752.5K – $1.00M (±1% cap)
    NOI $60,198 @ 7.0% cap · market cap 13.38%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Churches & religious facilities

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Petoskey
    County
    Emmet
    State
    Michigan
    Longitude
    -84.966
    Latitude
    45.3733

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    FAQs

    What type of property is this?
    Church & religious facility - Commercial building with dining hall, kitchen, and parking.
    Where is this church & religious facility located?
    The property is located at 403 Madison St Petoskey, MI.
    What is the asking price?
    The asking price for this property is $449,900.
    What are key features of this property?
    This property features: Commercial Zoning (RM‑2) offers endless possibilities.; Large finished area of over 3800 sq ft provides ample space.; Includes a full kitchen and dining hall, suitable for food service or events.
    (231) 547-4444 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Mark Knapp
    Mark Knapp
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