Historic Mixed-Use Building with
For Sale
$1,305,000
128 River Street, Elk Rapids, MI 49629
Historic mixed-use building with original bank vault and an established fine art gallery plus an owner’s residence.
Property Size4,564 SF
Price / SF$285.93
Days on Market135
Property Features for 128 River Street
General Information
Standard status
Active
Size
4,564 SF
Total Parking Spaces
2
Property subtype
General Commercial
Additional Details
Business Included
Yes
Fenced Yard
Yes
Taxes and HOA fees
Annual Taxes
$3,877
Amenities
original vault
wood-burning fireplace
spacious private deck
two-car garage
fenced outdoor area
jetted tub
walk-in closet
3
130X25
Building Details
Year Built
1948
Listing Agency:
Century 21 Northland
(231) 929-7900
Listed By:
Deirdre Carroll · License #MI6506047900
Source:
Xome
Added: Apr 12
Changed: Aug 23
Last Checked: Aug 24 at 3:16AM
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 Century 21 Northland
Investment Insights
Based on property information with market context.
This landmark mixed-use property was originally constructed around 1948 as a bank and retains historic character, including an original vault. The building is currently home to the Mullaly’s 128 Gallery, featuring a collection of fine art and mixed-media works. The upper level includes an owner’s residence added by the current owner, providing flexible living space with a primary suite, a walk-in closet, a jetted tub, a large guest bedroom, and a den that may be suitable for additional use.
The residence includes one wood-burning fireplace, while a second fireplace is located within the gallery addition. The property also offers a spacious private deck with views toward the harbor, along with a two-car garage and a fenced outdoor area.
The offering includes both the real estate and the business, with inventory transferred via a separate bill of sale. The property is shown by appointment only, and prospective buyers can review local zoning details through the Elk Rapids Village website.
The residence includes one wood-burning fireplace, while a second fireplace is located within the gallery addition. The property also offers a spacious private deck with views toward the harbor, along with a two-car garage and a fenced outdoor area.
The offering includes both the real estate and the business, with inventory transferred via a separate bill of sale. The property is shown by appointment only, and prospective buyers can review local zoning details through the Elk Rapids Village website.
Key Highlights
- Historic mixed‑use building built in 1948, originally constructed as a bank and retaining its original vault
- On‑site fine art gallery (Mullaly’s 128 Gallery) featuring work by 200+ artists and craftsmen from across North America
- Gallery inventory transferred via separate bill of sale; offering includes both the real estate and the business
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$47,378
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.63%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$947,560
$947.6K
Cap Rate 7%
$676,829
$676.8K
Cap Rate 9%
$526,422
$526.4K
Market Conditions
NOI Build-Up for 4,564 SF
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.
Gross rent
$70.7K $15.48/SF
− Vacancy
−$3.0K −$0.65/SF
EGI
$67.7K $14.83/SF
− OpEx
−$20.3K −$4.45/SF
NOI
$47.4K $10.38/SF
Area
Antrim 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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$947,560
Cap Rate 7%
$676,829
Cap Rate 9%
$526,422
Alternative Uses
Best Use
Retail
$676.8K
$592.2K – $789.6K
NOI $47,378 @ 7.0% cap · market cap 3.63%
Second Best
Mixed Use
$550.1K
$481.4K – $641.8K
NOI $38,509 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$812.2K
$710.7K – $947.6K
NOI $56,854 @ 7.0% cap · market cap 4.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
15k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Mobil
Shops & Services
9,553 visits/mo
0.3 miles
Shell
Shops & Services
2,168 visits/mo
0.4 miles
Fifth Third Bank & ATM
Shops & Services
1,722 visits/mo
0.4 miles
Huntington Bank
Shops & Services
1,626 visits/mo
0.1 miles
Demographics for 49629, MI
1,997
Population
1,696
Households
1.2
Avg Household Size
60
Median Age
46%
College-Educated
99%
High-School Grad
3.8 sq mi
ZIP Area
526
Density / Sq Mi
$74,318
Median Household Income
$46,250
Median Earnings
$1,032
Median Rent
$347,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic mixed-use building with original bank vault and an established fine art gallery plus an owner’s residence.
Where is this mixed-use property located?
The property is located at 128 River Street Elk Rapids, MI.
What is the asking price?
The asking price for this property is $1,305,000.
What are key features of this property?
This property features: Historic mixed‑use building built in 1948, originally constructed as a bank and retaining its original vault; On‑site fine art gallery (Mullaly’s 128 Gallery) featuring work by 200+ artists and craftsmen from across North America; Gallery inventory transferred via separate bill of sale; offering includes both the real estate and the business
