Flex Space with Dual Road
For Sale
$1,998,000
1327 N US 31, Petoskey, MI 49770
Commercial/Industrial, Petoskey, MI
Property Size5,120 SF
Lot Size3.60 Acres
Price / SF$390.23
Days on Market97
Property Features for 1327 N US 31
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
EC B-2
Elementary school district
Petoskey
Middle school district
Petoskey
High school district
Petoskey
Directions
Just north of the intersection where 31 and 119 meet. Between Lume and Walgreens.
Subdivision
Bear Creek
Standard status
Active
APN
01-16-34-100-012
Size
5,120 SF
Lot size
3.60 Acres
Taxes and HOA fees
Tax Description
COM 117 3/5 RDS N OF SE COR OF SW 1/4 OF NW 1/4, TH N43 degrees W 10 RD N45 degrees E 10 RD TO 1/8 LN, S 14.14 RD TO
Legal Description
COM 117 3/5 RDS N OF SE COR OF SW 1/4 OF NW 1/4, TH N43 degrees W 10 RD N45 degrees E 10 RD TO 1/8 LN, S 14.14 RD TO
Utilities
Heating system
Natural Gas
Water source
Well
Amenities
paved parking lot
Building Details
Building materials
Block
Listing Agency:
Berkshire Hathaway HomeServices Michigan Real Estate - HS
(231) 526-9800
Listed By:
Erin DeFrain
(231) 420-1394
Added: Jul 2
Changed: Sep 9
Last Checked: Oct 6 at 3:06PM
MLS# 476474
Copyright © 2026 Northern Michigan MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5,120-square-foot flex property occupies 3.6 acres and includes a block building configured for adaptable commercial use. The space is identified as suitable for retail, office, showroom, and light industrial applications, with natural gas heating and a private well water source. A large paved parking area serves the building.
The property has frontage along both US 31 and Pickerel Lake Road in Petoskey, Michigan. Zoning is EC B-2, and the site’s road exposure supports a range of commercial and industrial formats. The combination of building area, acreage, parking, and dual-road frontage provides a practical setting for an owner-user or commercial operator.
The property has frontage along both US 31 and Pickerel Lake Road in Petoskey, Michigan. Zoning is EC B-2, and the site’s road exposure supports a range of commercial and industrial formats. The combination of building area, acreage, parking, and dual-road frontage provides a practical setting for an owner-user or commercial operator.
Key Highlights
- 3.6‑acre parcel with frontage on both US 31 and Pickerel Lake Road
- 5,120 sq ft block building
- Large paved parking lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$66,796
Cap Rate
3.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,335,920
$1.3M
Cap Rate 7%
$954,229
$954.2K
Cap Rate 9%
$742,178
$742.2K
Market Conditions
NOI Build-Up for 5,120 SF
Gross rent
$102.6K $20.04/SF
− Vacancy
−$7.2K −$1.40/SF
EGI
$95.4K $18.64/SF
− OpEx
−$28.6K −$5.59/SF
NOI
$66.8K $13.05/SF
Area
Emmet County, MI
Vacancy
7.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,335,920
Cap Rate 7%
$954,229
Cap Rate 9%
$742,178
Alternative Uses
Best Use
Industrial
$954.2K
$835.0K – $1.11M
NOI $66,796 @ 7.0% cap · market cap 3.34%
Second Best
Retail
$759.3K
$664.4K – $885.8K
NOI $53,150 @ 7.0% cap · market cap 2.66%
Theoretical Best
Warehouse
$1.16M
$1.01M – $1.35M
NOI $81,109 @ 7.0% cap · market cap 4.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
102
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Similar Off Market Nearby
- Sweetwater Catering Co — 1106 Charlevoix Ave, Petoskey, MI 49770
Frequently Asked Questions
What type of property is this?
Flex space - Block building with paved parking and flexible commercial, showroom, office, and light industrial suitability.
Where is this flex space located?
The property is located at 1327 N US 31 Petoskey, MI.
What is the asking price?
The asking price for this property is $1,998,000.
What are key features of this property?
This property features: 3.6‑acre parcel with frontage on both US 31 and Pickerel Lake Road; 5,120 sq ft block building; Large paved parking lot
