Downtown Mixed-Use
For Sale
$499,000
144 River Street, Elk Rapids, MI 49629
Historic commercial and residential property with a leased storefront, garden studio apartment, and lower-level storage.
Property Size2,953 SF
Days on Market103
Property Features for 144 River Street
General Information
Standard status
Active
Size
2,953 SF
Property subtype
Commercial
Zoning
Commercial
Financials
Asking Price
$549,000
Average Monthly Rent
$695
Units
Unit Mix
1 x garden studio
Multifamily Units
1
Building Details
Building Size
2,953 SF
Year Built
1900
Buildings
1
Tenancy
Multi
Listing Agency:
REO-TCRandolph-233022
(231) 714-4787
Listed By:
Blake Bernard · License #T6501380347
(231) 714-4787
Source:
Homesforsaleinmich
Added: May 20
Changed: Aug 30
Last Checked: Jul 21 at 4:43PM
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 REO-TCRandolph-233022
Investment Insights
Based on property information with market context.
Built in 1900, this mixed-use building combines a commercial storefront with residential and storage components across 2,953 square feet. Unit #1 includes commercial space, a garden studio apartment, and lower-level storage, providing separate areas for business, living, and inventory needs. The commercial portion is currently occupied, while the apartment is rented month to month.
The property is located at 144 River Street in downtown Elk Rapids, near local shops, restaurants, the marina, and the beach. B2 zoning supports short-term rentals along with a range of commercial and residential uses, subject to applicable requirements. The building’s configuration accommodates owner-use, continued leasing, or a combination of commercial and residential occupancy.
The property is located at 144 River Street in downtown Elk Rapids, near local shops, restaurants, the marina, and the beach. B2 zoning supports short-term rentals along with a range of commercial and residential uses, subject to applicable requirements. The building’s configuration accommodates owner-use, continued leasing, or a combination of commercial and residential occupancy.
Key Highlights
- 2,953‑square‑foot mixed‑use building at 144 River Street, Elk Rapids, MI 49629
- Built in 1900 with commercial, residential, and storage components
- Unit #1 includes commercial space and a garden studio apartment
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
$30,655
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
6.14%
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%
$613,100
$613.1K
Cap Rate 7%
$437,929
$437.9K
Cap Rate 9%
$340,611
$340.6K
Market Conditions
NOI Build-Up for 2,953 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
$45.7K $15.48/SF
− Vacancy
−$1.9K −$0.65/SF
EGI
$43.8K $14.83/SF
− OpEx
−$13.1K −$4.45/SF
NOI
$30.7K $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%
$613,100
Cap Rate 7%
$437,929
Cap Rate 9%
$340,611
Alternative Uses
Best Use
Retail
$437.9K
$383.2K – $510.9K
NOI $30,655 @ 7.0% cap · market cap 6.14%
Second Best
Mixed Use
$355.9K
$311.5K – $415.3K
NOI $24,916 @ 7.0% cap · market cap 4.99%
Theoretical Best
Office A
$525.5K
$459.8K – $613.1K
NOI $36,786 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic commercial and residential property with a leased storefront, garden studio apartment, and lower-level storage.
Where is this mixed-use property located?
The property is located at 144 River Street Elk Rapids, MI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 2,953‑square‑foot mixed‑use building at 144 River Street, Elk Rapids, MI 49629; Built in 1900 with commercial, residential, and storage components; Unit #1 includes commercial space and a garden studio apartment
