Mixed-Use Property with
For Sale
$495,000
312 Pine Street, Elk Rapids, MI 49629
R-2-zoned property with grandfathered commercial use and potential for residential or approved community-oriented conversion.
Property Size3,475 SF
Price / SF$142.45
Days on Market527
Property Features for 312 Pine Street
General Information
Standard status
Active
Size
3,475 SF
Property subtype
Commercial/Industrial
Zoning
R-2
Building Details
Year Built
1947
Listing Agency:
Coldwell Banker Schmidt Traver
(231) 922-2350
Listed By:
Daniel J Stiebel · License #6502352362
(231) 633-0432
Source:
Exitrealty
Added: May 7, 2025
Changed: Oct 4
Last Checked: Oct 5 at 4:46PM
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 Schmidt Traver
Investment Insights
Based on property information with market context.
This mixed-use property includes a 3,475 SF building and a separate 960 SF garage on a large double lot. Constructed in 1947, the property is currently occupied by a business that is relocating. The existing improvements offer a basis for continued commercial occupancy, subject to applicable Village approval and zoning requirements.
Located three blocks from downtown Elk Rapids at 312 Pine Street, the property carries R-2 zoning with commercial use grandfathered. A five-year deed restriction prohibits funeral homes and related uses. Potential uses identified for Village consideration include daycare, a senior facility, a church, or multifamily use. Duplex development or two single-family homes are permitted by right, while other commercial applications would require zoning approval.
Located three blocks from downtown Elk Rapids at 312 Pine Street, the property carries R-2 zoning with commercial use grandfathered. A five-year deed restriction prohibits funeral homes and related uses. Potential uses identified for Village consideration include daycare, a senior facility, a church, or multifamily use. Duplex development or two single-family homes are permitted by right, while other commercial applications would require zoning approval.
Key Highlights
- 3,475 SF building plus a 960 SF garage
- Large double lot three blocks from downtown Elk Rapids
- R‑2 zoning with grandfathered commercial use
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,320
Cap Rate
5.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$586,400
$586.4K
Cap Rate 7%
$418,857
$418.9K
Cap Rate 9%
$325,778
$325.8K
Market Conditions
NOI Build-Up for 3,475 SF
Gross rent
$52.1K $15.00/SF
− Vacancy
−$5.2K −$1.50/SF
EGI
$46.9K $13.50/SF
− OpEx
−$17.6K −$5.06/SF
NOI
$29.3K $8.44/SF
Area
Antrim County, MI
Vacancy
10.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$586,400
Cap Rate 7%
$418,857
Cap Rate 9%
$325,778
Alternative Uses
Best Use
Mixed Use
$418.9K
$366.5K – $488.7K
NOI $29,320 @ 7.0% cap · market cap 5.92%
Second Best
Multifamily LT 5
$391.4K
$342.4K – $456.6K
NOI $27,395 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$618.4K
$541.1K – $721.5K
NOI $43,289 @ 7.0% cap · market cap 8.75%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
344
Businesses Nearby
Explore this area
Business Placement
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
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - R-2-zoned property with grandfathered commercial use and potential for residential or approved community-oriented conversion.
Where is this mixed-use property located?
The property is located at 312 Pine Street Elk Rapids, MI.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 3,475 SF building plus a 960 SF garage; Large double lot three blocks from downtown Elk Rapids; R‑2 zoning with grandfathered commercial use
