Office Unit with
203 Lake Street, East Jordan, MI 49727
For Sale
$199,400
A commercial-zoned workspace combines a reception area, three offices, and rear parking.
Property Size1,008 SF
Price / SF$197.82
Days on Market19
Property Features for 203 Lake Street
General Information
Standard status
Size
Property subtype
Zoning
Building Details
Building Size
Listing Agency:
Pat O'brien & Associates - Boyne City
Listed By:
Gary Roberts · License MI #6506044332
(231) 675-7859
Source:
Jackvantreese
Added: Oct 22
Changed: Nov 9
Last Checked: Nov 9 at 4:11PM
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 Pat O'brien & Associates - Boyne City
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,008-square-foot office property at 203 Lake Street in East Jordan has a reception and lobby area, three additional offices, and parking behind the building. Commercial zoning is in place, and the layout provides distinct reception and work areas.
The property fronts Lake Street, also designated M-66, and sits half a block from Lake Charlevoix. A public boat launch, campground, and swimming area are within walking distance.
The property fronts Lake Street, also designated M-66, and sits half a block from Lake Charlevoix. A public boat launch, campground, and swimming area are within walking distance.
Key Highlights
- 1,008 square feet with a reception and lobby area
- Three additional offices
- Commercial zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,907
Cap Rate
4.97%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$198,140
$198.1K
Cap Rate 7%
$141,529
$141.5K
Cap Rate 9%
$110,078
$110.1K
Market Conditions
NOI Build-Up for 1,008 SF
Gross rent
$16.9K $16.80/SF
− Vacancy
−$3.7K −$3.70/SF
EGI
$13.2K $13.10/SF
− OpEx
−$3.3K −$3.28/SF
NOI
$9.9K $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 Rate 5%
$198,140
Cap Rate 7%
$141,529
Cap Rate 9%
$110,078
Alternative Uses
Best Use
Office B
$141.5K
$123.8K – $165.1K
NOI $9,907 @ 7.0% cap · market cap 4.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$204.0K
$178.5K – $238.1K
NOI $14,283 @ 7.0% cap · market cap 7.16%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
163
Businesses Nearby
Explore this area
Business Placement
Demographics for 49727, MI
6,887
Population
4,075
Households
1.7
Avg Household Size
46
Median Age
24%
College-Educated
92%
High-School Grad
120.0 sq mi
ZIP Area
57
Density / Sq Mi
$70,288
Median Household Income
$42,500
Median Earnings
$821
Median Rent
$187,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - A commercial-zoned workspace combines a reception area, three offices, and rear parking.
Where is this office unit located?
The property is located at 203 Lake Street East Jordan, MI.
What is the asking price?
The asking price for this property is $199,400.
What are key features of this property?
This property features: 1,008 square feet with a reception and lobby area; Three additional offices; Commercial zoning
