Mixed-Use Building with
For Sale
$1,200,000
201 River St, Elk Rapids, MI 49629
The upper floor contains two renovated apartments connected by an interior door, with elevator access between levels.
Property Size8,355 SF
Price / SF$143.63
Days on Market204
Property Features for 201 River St
General Information
Standard status
Active
Size
8,355 SF
Elevators
Yes
Additional Details
Road Access
Yes
Multifamily Units
2
Amenities
elevator access
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
REO-TCFront-233021
Listed By:
Erica Foerster
(210) 286-8954
Source:
Exprealty
Added: Mar 17
Changed: Sep 29
Last Checked: Oct 5 at 9:56PM
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.
At 201 River St in Elk Rapids, this 8,355-square-foot mixed-use building combines ground-floor commercial space with residential units above. The lower level includes approximately 4,000 square feet of retail area and two separate office suites. Two renovated residential units occupy the upper floor, which is served by an elevator; an interior door links the apartments and allows them to be connected or kept separate.
The property sits on River Street in downtown Elk Rapids. Most existing tenants have month-to-month leases, providing flexibility around tenancy as ownership changes. Together, the retail area, dedicated offices, and two upper-level apartments create a multi-component property within one building.
The property sits on River Street in downtown Elk Rapids. Most existing tenants have month-to-month leases, providing flexibility around tenancy as ownership changes. Together, the retail area, dedicated offices, and two upper-level apartments create a multi-component property within one building.
Key Highlights
- 8,355‑square‑foot mixed‑use building at 201 River St, Elk Rapids, MI
- Lower level has ±4,000 sq. ft. of retail space and two office suites
- Two renovated residential units on the upper level
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$86,732
Cap Rate
7.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,734,640
$1.7M
Cap Rate 7%
$1,239,029
$1.2M
Cap Rate 9%
$963,689
$963.7K
Market Conditions
NOI Build-Up for 8,355 SF
Gross rent
$129.3K $15.48/SF
− Vacancy
−$5.4K −$0.65/SF
EGI
$123.9K $14.83/SF
− OpEx
−$37.2K −$4.45/SF
NOI
$86.7K $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 Rate 5%
$1,734,640
Cap Rate 7%
$1,239,029
Cap Rate 9%
$963,689
Alternative Uses
Best Use
Retail
$1.24M
$1.08M – $1.45M
NOI $86,732 @ 7.0% cap · market cap 7.23%
Second Best
Mixed Use
$1.01M
$881.2K – $1.17M
NOI $70,495 @ 7.0% cap · market cap 5.87%
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 authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
334
Businesses Nearby
11k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Mobil
Shops & Services
9,553 visits/mo
0.4 miles
Huntington Bank
Shops & Services
1,626 visits/mo
0.3 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The upper floor contains two renovated apartments connected by an interior door, with elevator access between levels.
Where is this mixed-use property located?
The property is located at 201 River St 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‑square‑foot mixed‑use building at 201 River St, Elk Rapids, MI; Lower level has ±4,000 sq. ft. of retail space and two office suites; Two renovated residential units on the upper level
