Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    214 Arthur St Manistee, MI 49660

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contract
    $239,000

    High-visibility triplex with commercial storefront and residential units.

    Lot size:
    0.38 Acres

    Property Features for 214 Arthur St

    General Information

    Property type
    Investment
    Standard status
    Contract
    Lot size
    0.38 Acres

    Building Details

    Year built
    1940

    We can help!

    Listing Contact
    Therran Ferguson
    Source: Elliman

    Listing Agency: Essential Real Estate Listing Agent: Therran Ferguson

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

    Learn more

    Overview

    Mixed-Use Triplex in North District

    This 1,944 sq. ft. mixed-use triplex is located in Manistee's North Business District. The property features a street-level commercial storefront, currently leased to a pet grooming business for $900 per month, with the lease negotiable upon sale. Additionally, there are two residential units: a studio apartment rented at $875 per month and a one-bedroom apartment rented at $825 per month. All units are currently occupied and have a solid rental history. The property includes paved rear parking, a fenced side yard, on-site washer and dryer, and separate residential entrances. It is conveniently located near Lake Michigan, the public boat launch, and downtown Manistee, offering excellent visibility and accessibility. The property is located within the Marihuana Sales Overlay, making it eligible for cannabis-related licensing, subject to buyer verification.
    Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office 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
    Manistee
    County
    Manistee
    State
    Michigan
    Longitude
    -86.31732
    Latitude
    44.262413

    Nearby Similar for Sale

    • $525,000
      Pending

      Manistee Commercial Building For Sale

      Well-maintained commercial building in growing Manistee community with great lease formats.
      84 Division St, Manistee, MI 49660
      View Details
    • $549,000
      2,261 SF

      Former Dental Office Prime Location

      Prime location with excellent visibility and ample parking.
      316 8Th St, Manistee, MI 49660
      View Details
    • $985,000
      9,000 SF

      Waterfront Motel, Marina, and Restaurant

      Commercial property with motel, marina, and restaurant on Manistee Lake.
      215 Arthur St, Manistee, MI 49660
      View Details
    • $499,000
      10,269 SF

      Versatile Commercial Property in Manistee

      Adaptable commercial space with warehouse, office, and income potential.
      156 8Th St, Manistee, MI 49660
      View Details
    • $239,000
      1,944 SF

      Mixed-Use Triplex in Manistee

      High-visibility triplex with commercial storefront and residential units.
      214 Arthur St, Manistee, MI 49660
      View Details
    • $279,000
      2,348 SF

      Manistee Commercial Building with Lake View

      Remodeled 2-story building with lake views and ample parking.
      212 Arthur St, Manistee, MI 49660
      View Details
    • $144,000
      2,200 SF

      Downtown Manistee Retail Space

      Retail space in downtown Manistee near marina and restaurants.
      437 River St, Manistee, MI 49660
      View Details
    • $225,000
      2,191 SF

      Turnkey Restaurant Space in Manistee

      Fully equipped restaurant space in a busy neighborhood.
      719 Kosciusko St, Manistee, MI 49660
      View Details
    • $179,900
      0.11 Acres

      Mixed-Use Building in Manistee, MI

      Multi-purpose building with rental units and retail space for sale.
      221 5Th St, Manistee, MI 49660
      View Details
    • $499,900
      13,000 SF

      Established Floral Business Opportunity

      Thriving floral business with real estate and established clientele.
      259 5Th St, Manistee, MI 49660
      View Details
    • $175,000
      2,388 SF

      Manistee Commercial Building For Sale

      Commercial building in excellent condition with many upgrades and features.
      303 1St St, Manistee, MI 49660
      View Details
    • $279,000
      2,348 SF

      Manistee Commercial Property with Lake View

      Remodeled 2-story building with lake views and commercial zoning.
      212 Arthur St, Manistee, MI 49660
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - High-visibility triplex with commercial storefront and residential units.
    Where is this mixed-use property located?
    The property is located at 214 Arthur St Manistee, MI.
    What is the asking price?
    The asking price for this property is $239,000.
    What are key features of this property?
    This property features: - High-visibility mixed-use triplex in Manistee's North Business District.; - Street-level commercial storefront leased to ''Best in Show'' at $900/month.; - Located within the Marihuana Sales Overlay, eligible for cannabis-related licensing (buyer to verify).
    (231) 510-1790
    Request Owner's contact information
    214 Arthur St Manistee, MI 49660
    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.
    214 Arthur St
    Manistee, MI 49660
    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
    214 Arthur St Manistee, MI 49660
    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
    Therran Ferguson
    Real Estate License ID: 6502429562
    (231) 510-1790 (231) 398-3800
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!