Flex Space with Climate-Controlled
For Sale
$440,000
2489 US-31, Petoskey, MI 49770
Updated in 2019 with new roof, windows, and climate-controlled shop space plus front offices.
Property Size2,700 SF
Price / SF$162.96
Days on Market182
Property Features for 2489 US-31
General Information
Standard status
Active
Size
2,700 SF
Property subtype
Office, Industrial
Zoning
EC B-2
Additional Details
Highway Access
Yes
Building Details
Building Size
2,700 SF
Year Renovated
2019
Listing Agency:
Graham Real Estate
Listed By:
Kevin Olson
(231) 526-6251
Source:
Cpix.resimplifi
Added: Apr 12
Changed: Oct 10
Last Checked: Oct 9 at 4:24PM
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 Graham Real Estate
Investment Insights
Based on property information with market context.
This commercial building was updated in 2019 to include new windows, a new roof, and new exterior insulation. Interior improvements also include an air exchanger and radiant heat in the shop, with nice front offices and a climate-controlled shop area.
The property is described as having great highway visibility along US 31, supporting convenient visibility for a business location.
For tenants or buyers looking for a flexible layout, the combination of front office space and climate-controlled shop space offers a practical setup for day-to-day operations.
The property is described as having great highway visibility along US 31, supporting convenient visibility for a business location.
For tenants or buyers looking for a flexible layout, the combination of front office space and climate-controlled shop space offers a practical setup for day-to-day operations.
Key Highlights
- Updated in 2019 with new windows, new roof, and new exterior insulation
- Air exchanger included
- Radiant heat in the shop area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,224
Cap Rate
8.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$704,480
$704.5K
Cap Rate 7%
$503,200
$503.2K
Cap Rate 9%
$391,378
$391.4K
Market Conditions
NOI Build-Up for 2,700 SF
Gross rent
$54.1K $20.04/SF
− Vacancy
−$3.8K −$1.40/SF
EGI
$50.3K $18.64/SF
− OpEx
−$15.1K −$5.59/SF
NOI
$35.2K $13.05/SF
Area
Emmet County, MI
Vacancy
7.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$704,480
Cap Rate 7%
$503,200
Cap Rate 9%
$391,378
Alternative Uses
Best Use
Industrial
$503.2K
$440.3K – $587.1K
NOI $35,224 @ 7.0% cap · market cap 8.01%
Second Best
Office B
$461.8K
$404.1K – $538.8K
NOI $32,328 @ 7.0% cap · market cap 7.35%
Theoretical Best
Warehouse
$611.0K
$534.7K – $712.9K
NOI $42,772 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
89
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49770, MI
17,643
Population
10,244
Households
1.7
Avg Household Size
44
Median Age
47%
College-Educated
97%
High-School Grad
109.4 sq mi
ZIP Area
161
Density / Sq Mi
$80,431
Median Household Income
$42,154
Median Earnings
$1,077
Median Rent
$309,900
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
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Frequently Asked Questions
What type of property is this?
Flex space - Updated in 2019 with new roof, windows, and climate-controlled shop space plus front offices.
Where is this flex space located?
The property is located at 2489 US-31 Petoskey, MI.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Updated in 2019 with new windows, new roof, and new exterior insulation; Air exchanger included; Radiant heat in the shop area
