Building Details

Building Size 2,936 SF

Buildings 1

Tenancy Single

Listing Agency: Graham Real Estate

Listed By: Jennifer Miller Show Phone

Source: Cpix.resimplifi

Added: Aug 25 Changed: Oct 10 Last Checked: Oct 16 at 5:53AM

Report an Issue

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 Graham Real Estate

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This 2,936-square-foot flex property is configured with retail areas on the main and second floors, complemented by a substantial warehouse and studio area at the rear. Additional storage is located above the rear space, while the site provides ample parking and room for expansion. The property currently operates as a specialty goods retail store and includes a layout that can accommodate office, studio, workshop, or other commercial functions supported by the existing improvements.

Set on 1.49 acres along M-119 between Petoskey and Harbor Springs, the property records an average daily traffic count of 15,626 automobiles. The Little Traverse Wheel Way runs along this stretch of M-119, and Petoskey State Park borders the property to the west. The parcel is currently zoned R-2.

Key Highlights

• 2,936‑square‑foot flex property on a 1.49‑acre site
• Retail configuration spans the main and second floors
• Rear warehouse/studio area with storage above

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$38,303

Cap Rate

4.82%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$766,060 $766.1K

Cap Rate 7%

$547,186 $547.2K

Cap Rate 9%

$425,589 $425.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,936 SF

Gross rent

$58.8K $20.04/SF

− Vacancy

−$4.1K −$1.40/SF

EGI

$54.7K $18.64/SF

− OpEx

−$16.4K −$5.59/SF

NOI

$38.3K $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%

$766,060

Cap Rate 7%

$547,186

Cap Rate 9%

$425,589

Alternative Uses

Best Use

Industrial

$547.2K

$478.8K – $638.4K (±1% cap)

NOI $38,303 @ 7.0% cap · market cap 4.82%

Second Best

Retail

$435.4K

$381.0K – $508.0K (±1% cap)

NOI $30,478 @ 7.0% cap · market cap 3.83%

Theoretical Best

Warehouse

$664.4K

$581.4K – $775.2K (±1% cap)

NOI $46,511 @ 7.0% cap · market cap 5.85%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Parking Lot & Garage HVAC Service Furniture & Home Goods Grocery & Convenience Store Garden Center Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

15,626 VPD

Traffic count

Single-tenant

Tenancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

70

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 49740, MI

7,511

Population

6,057

Households

1.2

Avg Household Size

55

Median Age

46%

College-Educated

97%

High-School Grad

124.9 sq mi

ZIP Area

60

Density / Sq Mi

$85,230

Median Household Income

$38,820

Median Earnings

$997

Median Rent

$332,600

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Similar For Sale Nearby

See more

Lofted Flex Space with RV Access

8932 Moeller Drive, Harbor Springs, MI 49740

$649,000

2,970 SF

View details

Storefront Property with Courtyard

175 E Main Street, Harbor Springs, MI 49740

$875,000

1,650 SF

View details

Heated Flex Space with Loft

8517 McBride Park Dr, Harbor Springs, MI 49740

$265,000

1,650 SF

View details

Leased Post Office Storefront

6340 N Lake Shore Dr, Harbor Springs, MI 49740

$209,000

700 SF

View details

Approved Condominium Development Opportunity

788 Fairways Dr, Harbor Springs, MI 49740

$1,300,000

2,500 SF

View details

Brewery with Covered Dining

6352 N Lake Shore Drive, Harbor Springs, MI 49740

$595,000

3,797 SF

View details

Climate-Controlled Garage Facility

1217 A Auto Avenue, Harbor Springs, MI 49740

$575,000

2,160 SF

View details

Commercial Kitchen in Historic Schoolhouse

3009 S State Road, Harbor Springs, MI 49740

$599,000

1,600 SF

View details

Climate-Controlled Warehouse

1229 Auto Drive, Harbor Springs, MI 49740

$1,395,000

5,780 SF

View details

Warehouse Storage Unit

684 W Conway Rd, Harbor Springs, MI 49740

$125,000

1,200 SF

View details

Clear-Span Recreation Facility

611 Woodview Dr, Harbor Springs, MI 49740

$2,200,000

30,000 SF

View details

Office Unit With Private Restroom

131 E Bay Street Unit: Rear Office, Harbor Springs, MI 49740

Contact for pricing

View details

Frequently Asked Questions

What type of property is this?

Flex space - Two-level retail areas pair with rear warehouse and studio space for a varied commercial layout.

Where is this flex space located?

The property is located at 1901 Harbor-Petoskey Rd Harbor Springs, 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: 2,936‑square‑foot flex property on a 1.49‑acre site; Retail configuration spans the main and second floors; Rear warehouse/studio area with storage above