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Building Details

Year Built 2018

Buildings 1

Building Size 7,243 SF

Tenancy Single

Listing Agency: Colliers - Grand Rapids

Listed By: Matt Abraham · License #6502396785 Show Phone

Source: Carwm.resimplifi

Added: Oct 30, 2025 Changed: Oct 6 Last Checked: Oct 14 at 7:43PM

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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 Colliers - Grand Rapids

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.

Key Highlights

• 100% leased single‑tenant dental office building
• 2.48‑acre property
• Built in 2018

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$86,806

Cap Rate

5.26%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,736,120 $1.7M

Cap Rate 7%

$1,240,086 $1.2M

Cap Rate 9%

$964,511 $964.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,250 SF

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 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 (±1% cap)

NOI $86,806 @ 7.0% cap · market cap 5.26%

Second Best

Healthcare Medical

$820.1K

$717.6K – $956.8K (±1% cap)

NOI $57,410 @ 7.0% cap · market cap 3.48%

Theoretical Best

Warehouse

$1.64M

$1.44M – $1.91M (±1% cap)

NOI $114,852 @ 7.0% cap · market cap 6.96%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Office buildings

Suggested Use

Top Pick Auto Repair Shop Parking Lot & Garage (Bike/Boat/Book/etc) Store Dental Office Garden Center Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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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 $1,650,000.

What are key features of this property?

This property features: 100% leased single‑tenant dental office building; 2.48‑acre property; Built in 2018