Mixed-Use Hospitality Venue with
For Sale
$1,450,000
230 Ferry, Charlevoix, MI 49720
Mixed-use property combining open-air dining, hotel suites, and a private waterfront event space.
Property Size10,608 SF
Days on Market22
Property Features for 230 Ferry
General Information
Standard status
Active
Size
10,608 SF
Property subtype
Business
Additional Details
Business Included
Yes
Amenities
food trucks
open-air dining courtyard
private event space
water views
Building Details
Building Size
10,608 SF
Year Built
1980
Listing Agency:
Gaslight Group Properties
(231) 409-8060
Listed By:
Jane T Fisher · License #6501333848
(231) 409-8060
Source:
Patobrien
Added: Jul 29
Changed: Aug 16
Last Checked: Aug 18 at 5:51AM
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 Gaslight Group Properties
Investment Insights
Based on property information with market context.
Located at 230 Ferry in downtown Charlevoix, this mixed-use hospitality property combines several operating components within one commercial destination. The site includes an open-air dining area supported by food trucks, 10 hotel suites with short-term rental potential, and a private event venue with water views.
The event space is configured for weddings, rehearsal dinners, corporate gatherings, and other private celebrations. Its downtown setting places the property near the waterfront and within Charlevoix’s resort-community environment. Built in 1980, the property is associated with the Back Lot Charlevoix venue and offers hospitality, lodging, dining, and event uses in a single asset.
The event space is configured for weddings, rehearsal dinners, corporate gatherings, and other private celebrations. Its downtown setting places the property near the waterfront and within Charlevoix’s resort-community environment. Built in 1980, the property is associated with the Back Lot Charlevoix venue and offers hospitality, lodging, dining, and event uses in a single asset.
Key Highlights
- 10 hotel suites with short‑term rental potential
- Open‑air dining area supported by food trucks
- Private event space with water views
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
$101,439
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
7.00%
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%
$2,028,780
$2.0M
Cap Rate 7%
$1,449,129
$1.4M
Cap Rate 9%
$1,127,100
$1.1M
Market Conditions
NOI Build-Up for 10,608 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
$190.9K $18.00/SF
− Vacancy
−$28.6K −$2.70/SF
EGI
$162.3K $15.30/SF
− OpEx
−$60.9K −$5.74/SF
NOI
$101.4K $9.56/SF
Area
Charlevoix County, MI
Vacancy
15.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,028,780
Cap Rate 7%
$1,449,129
Cap Rate 9%
$1,127,100
Alternative Uses
Best Use
Mixed Use
$1.45M
$1.27M – $1.69M
NOI $101,439 @ 7.0% cap · market cap 7.00%
Second Best
Hotel Hospitality
$502.2K
$439.4K – $585.9K
NOI $35,155 @ 7.0% cap · market cap 2.42%
Theoretical Best
Office A
$2.15M
$1.88M – $2.51M
NOI $150,311 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property combining open-air dining, hotel suites, and a private waterfront event space.
Where is this mixed-use property located?
The property is located at 230 Ferry Charlevoix, MI.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 10 hotel suites with short‑term rental potential; Open‑air dining area supported by food trucks; Private event space with water views
