Historic Mixed-Use Building with
For Sale
Contact for pricing
211 Bridge Street, Charlevoix, MI 49720
Restored 1915 building offering street-level retail and multiple renovated apartment units, including short-term rentals and rooftop amenities.
Property Size10,500 SF
Price / SF$380.48
Days on Market55
Property Features for 211 Bridge Street
General Information
Standard status
Active
Size
10,500 SF
Property subtype
Mixed Use
Zoning
Commercial
Additional Details
Multifamily Units
5
Building Details
Year Built
1915
Stories
2
Units
11
Tenancy
Multi
Listing Agency:
Pat O'Brien and Associates
Listed By:
Mark Snyder · License #6506043406
Source:
Crexi
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 11 at 3:35PM
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 and Associates
Investment Insights
Based on property information with market context.
This recently restored historic building was originally constructed in 1915 as the Blanchard Hardware Company. The Kroger Lofts building has been brought back to an impressive level with its original brick facade and many intact finishes and design elements. The property includes two retail spaces on the Bridge street level, three tastefully renovated short-term rental apartments on the second level, and two garden level apartments that are currently undergoing renovations.
A rooftop gathering area adds an amenity component, including loungers and a plunge pool, with birds-eye views of Downtown Charlevoix and Round Lake. The combination of retail frontage at street level and residential units above supports a mixed-use setup across multiple floors.
For tenants, operators, or buyers considering mixed-use use cases, the layout provides separate spaces for street-level commerce and upstairs lodging or residential tenancy. The presence of already-renovated short-term rental apartments can support an immediate hospitality-focused component, while the garden level apartments provide additional space for completion and lease-up after renovation. The building’s historic character and restoration work make it well-suited for buyers seeking a heritage property with functional mixed-use income streams.
A rooftop gathering area adds an amenity component, including loungers and a plunge pool, with birds-eye views of Downtown Charlevoix and Round Lake. The combination of retail frontage at street level and residential units above supports a mixed-use setup across multiple floors.
For tenants, operators, or buyers considering mixed-use use cases, the layout provides separate spaces for street-level commerce and upstairs lodging or residential tenancy. The presence of already-renovated short-term rental apartments can support an immediate hospitality-focused component, while the garden level apartments provide additional space for completion and lease-up after renovation. The building’s historic character and restoration work make it well-suited for buyers seeking a heritage property with functional mixed-use income streams.
Key Highlights
- 1915 building restored with original brick facade and many original finishes and design elements intact
- Bridge Street level includes two retail spaces
- Level two features three tastefully renovated short‑term rental apartments
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
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
440
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Restored 1915 building offering street-level retail and multiple renovated apartment units, including short-term rentals and rooftop amenities.
Where is this mixed-use property located?
The property is located at 211 Bridge Street 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: 1915 building restored with original brick facade and many original finishes and design elements intact; Bridge Street level includes two retail spaces; Level two features three tastefully renovated short‑term rental apartments
