Single-Tenant Dental Office
For Sale
$1,750,000
2940 Parkview Dr, Petoskey, MI 49770
2018-built office property with reception, private offices, conference rooms, and a break area.
Property Size7,243 SF
Lot Size2.48 Acres
Price / SF$241.38
Days on Market305
Property Features for 2940 Parkview Dr
General Information
Standard status
Active
Size
7,243 SF
Lot size
2.48 Acres
Property subtype
Office
Zoning
RT PUD-2
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
1
Building Details
Year Built
2018
Buildings
1
Building Size
7,243 SF
Tenancy
Single
Listing Agency:
First Companies
(616) 698-5000
Listed By:
Matt Abraham · License #6502396785
(616) 698-5000
Source:
Carwm.resimplifi
Added: Oct 30, 2025
Changed: Aug 28
Last Checked: Aug 29 at 5:54AM
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 First Companies
Investment Insights
Based on property information with market context.
Built in 2018, this single-tenant office property is configured as a dental office with a reception area, open office space, private offices, conference rooms, and a break area. The building is fully leased and occupies 2.48 acres.
The property has direct access along US 31 between Petoskey and Charlevoix, outside Petoskey’s CBD. Prominent signage and roadway exposure support recognition from passing traffic, while access to surrounding residential communities adds convenience for office users and visitors. The property is zoned RT PUD-2.
The property has direct access along US 31 between Petoskey and Charlevoix, outside Petoskey’s CBD. Prominent signage and roadway exposure support recognition from passing traffic, while access to surrounding residential communities adds convenience for office users and visitors. The property is zoned RT PUD-2.
Key Highlights
- 100% leased single‑tenant dental office building
- 2.48‑acre property
- Built in 2018
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
$86,806
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
4.96%
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%
$1,736,120
$1.7M
Cap Rate 7%
$1,240,086
$1.2M
Cap Rate 9%
$964,511
$964.5K
Market Conditions
NOI Build-Up for 7,250 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
$137.5K $18.96/SF
− Vacancy
−$21.7K −$3.00/SF
EGI
$115.7K $15.96/SF
− OpEx
−$28.9K −$3.99/SF
NOI
$86.8K $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%
$1,736,120
Cap Rate 7%
$1,240,086
Cap Rate 9%
$964,511
Alternative Uses
Best Use
Office B
$1.24M
$1.09M – $1.45M
NOI $86,806 @ 7.0% cap · market cap 4.96%
Second Best
Healthcare Medical
$820.1K
$717.6K – $956.8K
NOI $57,410 @ 7.0% cap · market cap 3.28%
Theoretical Best
Warehouse
$1.64M
$1.44M – $1.91M
NOI $114,852 @ 7.0% cap · market cap 6.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
76
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - 2018-built office property with reception, private offices, conference rooms, and a break area.
Where is this office building located?
The property is located at 2940 Parkview Dr Petoskey, MI.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 100% leased single‑tenant dental office building; 2.48‑acre property; Built in 2018
