Downtown Office Suite with
For Sale
$1,595,000
201 State Street, Charlevoix, MI 49720
Corner office suite with private conference room and break room, plus storage and onsite parking.
Property Size14,937 SF
Price / SF$106.78
Days on Market342
Property Features for 201 State Street
General Information
Standard status
Active
Size
14,937 SF
Property subtype
Commercial
Amenities
private conference room
break room
storage space
onsite parking
handicap accessible
elevator
24 hour access
utilities included
Listing Agency:
Berkshire Hathaway HomeServices Real Estate
Listed By:
A. Mitts Lee
(231) 675-1977
Source:
Harborsir
Added: Sep 29, 2025
Changed: Sep 4
Last Checked: Sep 4 at 10:14AM
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 Berkshire Hathaway HomeServices Real Estate
Investment Insights
Based on property information with market context.
Available for sale, this larger corner office suite is offered with a private conference room and break room use. The space also includes storage, and the building features handicap accessibility with an elevator.
Located in the heart of Downtown Charlevoix, the property is about half a block from the courthouse and the marina. Renters have 24-hour access.
The suite includes all utilities except phone and cable, supporting straightforward day-to-day operations for professional office uses.
Located in the heart of Downtown Charlevoix, the property is about half a block from the courthouse and the marina. Renters have 24-hour access.
The suite includes all utilities except phone and cable, supporting straightforward day-to-day operations for professional office uses.
Key Highlights
- Downtown Charlevoix corner office suite with a private conference room and break room
- Includes storage space and onsite parking
- Handicap accessible with elevator
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
$146,801
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
9.20%
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%
$2,936,020
$2.9M
Cap Rate 7%
$2,097,157
$2.1M
Cap Rate 9%
$1,631,122
$1.6M
Market Conditions
NOI Build-Up for 14,937 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
$250.9K $16.80/SF
− Vacancy
−$55.2K −$3.70/SF
EGI
$195.7K $13.10/SF
− OpEx
−$48.9K −$3.28/SF
NOI
$146.8K $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%
$2,936,020
Cap Rate 7%
$2,097,157
Cap Rate 9%
$1,631,122
Alternative Uses
Best Use
Office B
$2.10M
$1.84M – $2.45M
NOI $146,801 @ 7.0% cap · market cap 9.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.02M
$2.65M – $3.53M
NOI $211,651 @ 7.0% cap · market cap 13.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
505
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 - Corner office suite with private conference room and break room, plus storage and onsite parking.
Where is this office units located?
The property is located at 201 State Street Charlevoix, MI.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Downtown Charlevoix corner office suite with a private conference room and break room; Includes storage space and onsite parking; Handicap accessible with elevator
