Downtown Mixed-Use
201 River Street Elk Rapids, MI 49629
201 River Street, Elk Rapids, MI, 49629
$1,200,000
For Sale
$1,200,000
Multi-tenant mixed-use building with retail and office suites on the lower level plus two renovated residential units upstairs.
Property Size8,355 SF
Price / SF$143.63
Days on Market35
Property Features for 201 River Street
General Information
- Standard status
- Active
- Size
- 8,355 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1924
Listing Agency
REO-TCFront-233021
(210) 286-8954
Listed by
Erica S Foerster
(210) 286-8954
Source
Carolbollo
Added: Jun 13 Checked: Jul 17 at 2:11 am
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-TCFront-233021
Investment Insights
Based on property information with market context.
This mixed-use property includes retail space and two dedicated office suites on the lower level, along with two modern, fully renovated residential units on the upper level. The residential component includes elevator access, and the units are designed with an interconnecting door for flexible leasing configurations.
The building is located on the active River Street corridor in downtown Elk Rapids, supporting street-level retail exposure with residential access upstairs. Most current tenants are on month-to-month leases, which may provide flexibility for future leasing decisions.
Financial documents including P&L and Rent Roll are available upon signed NDA. All physical tours must be scheduled through the listing agent, and an interactive floor plan is available to review the interior layout.
The building is located on the active River Street corridor in downtown Elk Rapids, supporting street-level retail exposure with residential access upstairs. Most current tenants are on month-to-month leases, which may provide flexibility for future leasing decisions.
Financial documents including P&L and Rent Roll are available upon signed NDA. All physical tours must be scheduled through the listing agent, and an interactive floor plan is available to review the interior layout.
Key Highlights
- 8,355 sq. ft. mixed‑use building in downtown Elk Rapids with lower‑level retail/office and two upper‑level residential units
- Lower level includes 4,000 sq. ft. of versatile retail space plus two dedicated office suites
- Upper level has two modern, fully renovated residential units with elevator access
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $129.3k | $15.48 |
| − Vacancy | −$5.4k | −$0.65 |
| EGI | $123.9k | $14.83 |
| − OpEx | −$37.2k | −$4.45 |
| NOI | $86.7k | $10.38 |
8,355 SF · lease $15.48/SF/yr · vacancy 4.20% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.24M
$1.08M – $1.45M
NOI $86,732 @ 7.0% cap · market cap 7.23%
Second Best
Office B
$1.22M
$1.07M – $1.43M
NOI $85,635 @ 7.0% cap · market cap 7.14%
Theoretical Best
Office A
$1.49M
$1.30M – $1.73M
NOI $104,080 @ 7.0% cap · market cap 8.67%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Harbor Antique Mall
Home Decor Store
Mana North
Clothing & Fashion Store
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Multi-tenant mixed-use building with retail and office suites on the lower level plus two renovated residential units upstairs.
Where is this mixed-use property located?
The property is located at 201 River Street Elk Rapids, MI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 8,355 sq. ft. mixed‑use building in downtown Elk Rapids with lower‑level retail/office and two upper‑level residential units; Lower level includes 4,000 sq. ft. of versatile retail space plus two dedicated office suites; Upper level has two modern, fully renovated residential units with elevator access
