Restored Mixed-Use
For Sale
$3,995,000
211 Bridge, Charlevoix, MI 49720
Commercial/Industrial, Charlevoix, MI
Property Size10,500 SF
Price / SF$380.48
Days on Market81
Property Features for 211 Bridge
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Elementary school district
Charlevoix
Middle school district
Charlevoix
High school district
Charlevoix
Directions
Downtown Charlevoix, 2nd block, West side of Bridge Street.
Subdivision
Charlevoix City
Standard status
Active
APN
052-246-001-20
Size
10,500 SF
Taxes and HOA fees
Tax Description
BEG 24 FT N OF SE COR OF LOT 1 BLK 6 TH N 46FT TH W 82 FT TH S 46FT TH E TO POB BEING PT OF LOTS 1&2
Legal Description
BEG 24 FT N OF SE COR OF LOT 1 BLK 6 TH N 46FT TH W 82 FT TH S 46FT TH E TO POB BEING PT OF LOTS 1&2
Utilities
Utilities
Cable Available
Heating system
Natural Gas, Forced Air
Amenities
rooftop gathering area with loungers and plunge pool
Building Details
Building materials
Steel Frame, Wood Frame, Block
Listing Agency:
Pat O'Brien & Associates - Charlevoix
(231) 547-7701
Listed By:
Mark Snyder · License #10401234418
(231) 675-7711
Added: Jun 26
Changed: Sep 14
Last Checked: Sep 14 at 10:06PM
MLS# 479769
Copyright © 2026 Northern Michigan MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 10,500-square-foot mixed-use building in Charlevoix, Michigan, was constructed in 1915 and has undergone extensive restoration. The property retains its original brick facade along with numerous historic finishes and design details. Commercial zoning supports the building’s combination of retail and residential components.
Two retail spaces occupy the Bridge Street level, while the second floor contains three renovated short-term rental apartments. Two additional garden-level apartments are in the process of renovation. A rooftop gathering area includes loungers and a plunge pool, with views toward Downtown Charlevoix and Round Lake. Construction includes steel frame, wood frame, and block components; heating is provided by forced air and natural gas.
Two retail spaces occupy the Bridge Street level, while the second floor contains three renovated short-term rental apartments. Two additional garden-level apartments are in the process of renovation. A rooftop gathering area includes loungers and a plunge pool, with views toward Downtown Charlevoix and Round Lake. Construction includes steel frame, wood frame, and block components; heating is provided by forced air and natural gas.
Key Highlights
- 10,500 square feet on a commercially zoned mixed‑use property
- Two retail spaces at the Bridge Street level
- Three renovated short‑term rental apartments on level two
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
$131,242
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
3.29%
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%
$2,624,840
$2.6M
Cap Rate 7%
$1,874,886
$1.9M
Cap Rate 9%
$1,458,244
$1.5M
Market Conditions
NOI Build-Up for 10,500 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
$201.6K $19.20/SF
− Vacancy
−$14.1K −$1.34/SF
EGI
$187.5K $17.86/SF
− OpEx
−$56.2K −$5.36/SF
NOI
$131.2K $12.50/SF
Area
Charlevoix County, MI
Vacancy
7.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
30.00%
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%
$2,624,840
Cap Rate 7%
$1,874,886
Cap Rate 9%
$1,458,244
Alternative Uses
Best Use
Retail
$1.87M
$1.64M – $2.19M
NOI $131,242 @ 7.0% cap · market cap 3.29%
Second Best
Mixed Use
$1.43M
$1.26M – $1.67M
NOI $100,406 @ 7.0% cap · market cap 2.51%
Theoretical Best
Office A
$2.13M
$1.86M – $2.48M
NOI $148,781 @ 7.0% cap · market cap 3.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercially zoned property combines street-level retail with short-term rental apartments.
Where is this mixed-use property located?
The property is located at 211 Bridge Charlevoix, MI.
What is the asking price?
The asking price for this property is $3,995,000.
What are key features of this property?
This property features: 10,500 square feet on a commercially zoned mixed‑use property; Two retail spaces at the Bridge Street level; Three renovated short‑term rental apartments on level two
