End-Unit Office Suite with
For Sale
$219,000
2780 #16 Charlevoix Road, Petoskey, MI 49770
COMMERCIAL - Petoskey, MI
Property Size1,000 SF
Price / SF$219
Days on Market49
Property Features for 2780 #16 Charlevoix Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
PUD-2
Elementary school district
Petoskey
Middle school district
Petoskey
High school district
Petoskey
Directions
US 31 north to Arrowhead Commons. End unit on left.
Subdivision
Resort
Standard status
Active
APN
13-18-02-450-16
Size
1,000 SF
Taxes and HOA fees
Tax Description
Arrowhead commons condo, Unit 16
HOA Fee
$700 Quarterly
Legal Description
Arrowhead commons condo, Unit 16
Utilities
Heating system
Natural Gas
Listing Agency:
Real Estate One - Charlevoix
(231) 547-5100
Listed By:
Margie Tamminga
(231) 675-2498
Added: Jul 2
Changed: Aug 4
Last Checked: Aug 19 at 8:06AM
MLS# 479454
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 end-unit office suite is designed for immediate occupancy, with a private office, a conference room, and a welcoming reception area. The space includes a kitchenette with granite countertops and a half bath with granite finishes and tile flooring. Built-in features are already in place, including a conference table with chairs, along with a large desk and custom bookshelves.
The property is located along Charlevoix Road in Petoskey, Michigan, within the PUD-2 zoning district. As an end unit, it offers a distinct layout compared with interior suites, while maintaining a self-contained office configuration.
The current improvements make the suite well-suited for a range of office users that want a ready-to-work environment, such as consulting, administrative operations, or other professional services. With dedicated spaces for client-facing reception, team meetings in the conference room, and focused work in the private office, it supports a practical day-to-day workflow without requiring immediate interior build-out.
The property is located along Charlevoix Road in Petoskey, Michigan, within the PUD-2 zoning district. As an end unit, it offers a distinct layout compared with interior suites, while maintaining a self-contained office configuration.
The current improvements make the suite well-suited for a range of office users that want a ready-to-work environment, such as consulting, administrative operations, or other professional services. With dedicated spaces for client-facing reception, team meetings in the conference room, and focused work in the private office, it supports a practical day-to-day workflow without requiring immediate interior build-out.
Key Highlights
- End‑unit office space with a private office, conference room, and reception area
- Kitchenette with granite countertops
- Half bath with a full sink, granite finishes, and tile flooring
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
$11,973
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
5.47%
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%
$239,460
$239.5K
Cap Rate 7%
$171,043
$171.0K
Cap Rate 9%
$133,033
$133.0K
Market Conditions
NOI Build-Up for 1,000 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
$19.0K $18.96/SF
− Vacancy
−$3.0K −$3.00/SF
EGI
$16.0K $15.96/SF
− OpEx
−$4.0K −$3.99/SF
NOI
$12.0K $11.97/SF
Area
Emmet County, MI
Vacancy
15.80%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
25.00%
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%
$239,460
Cap Rate 7%
$171,043
Cap Rate 9%
$133,033
Alternative Uses
Best Use
Office B
$171.0K
$149.7K – $199.6K
NOI $11,973 @ 7.0% cap · market cap 5.47%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$226.3K
$198.0K – $264.0K
NOI $15,842 @ 7.0% cap · market cap 7.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Move-in-ready office suite with private office, reception, and conference room for professional services.
Where is this office units located?
The property is located at 2780 #16 Charlevoix Road Petoskey, MI.
What is the asking price?
The asking price for this property is $219,000.
What are key features of this property?
This property features: End‑unit office space with a private office, conference room, and reception area; Kitchenette with granite countertops; Half bath with a full sink, granite finishes, and tile flooring
