Commercial Land with Security
For Sale
$795,000
1518 & 1520 Bridge Street, Charlevoix, MI 49720
COMMERCIAL - Charlevoix, MI
Property Size2,900 SF
Lot Size1.50 Acres
Price / SF$274.14
Days on Market232
Property Features for 1518 & 1520 Bridge Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Elementary school district
Charlevoix
Middle school district
Charlevoix
High school district
Charlevoix
Directions
Corner of US31 & Marion center. US31 south from downtown.
Subdivision
Charlevoix City
Standard status
Active
APN
052-234-034-25, 034-40 ++
Size
2,900 SF
Lot size
1.50 Acres
Taxes and HOA fees
Tax Description
3 Lengthy Legal, see assoc docs.
Legal Description
3 Lengthy Legal, see assoc docs.
Utilities
Utilities
Cable Available
Heating system
Natural Gas
Building Details
Building materials
Wood Frame
Listing Agency:
Berkshire Hathaway HomeServices Real Estate
(231) 547-9905
Listed By:
Richard Lobenherz · License #6506029940
(231) 675-6285
Added: Dec 30, 2025
Changed: Aug 4
Last Checked: Aug 19 at 6:06AM
MLS# 473551
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 commercial land offering consists of three parcels totaling approximately 1.5 acres and includes a residential home, along with space currently leased to a security company. The combined property size is listed as 2,900 square feet.
The property has prime commercial frontage directly across from the entrance to the airport and provides frontage on three roads. The listing also notes high combined traffic counts on US-31 and Marion Center.
The current configuration and road frontage support flexible commercial use, including potential for drive-through operations as described in the remarks.
The property has prime commercial frontage directly across from the entrance to the airport and provides frontage on three roads. The listing also notes high combined traffic counts on US-31 and Marion Center.
The current configuration and road frontage support flexible commercial use, including potential for drive-through operations as described in the remarks.
Key Highlights
- Prime commercial frontage directly across from an airport entrance, with frontage on 3 roads
- Property is currently leased to a security company and includes a residential home
- 3 combined parcels total about 1.5 acres, with potential for a drive‑through layout
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
$28,501
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
3.59%
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%
$570,020
$570.0K
Cap Rate 7%
$407,157
$407.2K
Cap Rate 9%
$316,678
$316.7K
Market Conditions
NOI Build-Up for 2,900 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
$48.7K $16.80/SF
− Vacancy
−$10.7K −$3.70/SF
EGI
$38.0K $13.10/SF
− OpEx
−$9.5K −$3.28/SF
NOI
$28.5K $9.83/SF
Area
Charlevoix County, MI
Vacancy
22.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
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%
$570,020
Cap Rate 7%
$407,157
Cap Rate 9%
$316,678
Alternative Uses
Best Use
Office B
$407.2K
$356.3K – $475.0K
NOI $28,501 @ 7.0% cap · market cap 3.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$587.0K
$513.7K – $684.9K
NOI $41,092 @ 7.0% cap · market cap 5.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
233
Businesses Nearby
Explore this area
Business Placement
Demographics for 49720, MI
9,127
Population
6,236
Households
1.5
Avg Household Size
52
Median Age
38%
College-Educated
97%
High-School Grad
95.5 sq mi
ZIP Area
96
Density / Sq Mi
$76,127
Median Household Income
$41,563
Median Earnings
$985
Median Rent
$265,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Multiple parcels total 1.5 acres with frontage on three roads, currently leased to a security company.
Where is this office units located?
The property is located at 1518 & 1520 Bridge Street Charlevoix, MI.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Prime commercial frontage directly across from an airport entrance, with frontage on 3 roads; Property is currently leased to a security company and includes a residential home; 3 combined parcels total about 1.5 acres, with potential for a drive‑through layout
