Mixed-Use Building with Office
New
For Sale
$1,850,000
321 E Lake Street, Petoskey, MI 49770
Street-level retail space is paired with five second-floor office suites in downtown Petoskey.
Property Size7,958 SF
Price / SF$232.47
Days on Market4
Property Features for 321 E Lake Street
General Information
Standard status
Active
Size
7,958 SF
Total Parking Spaces
8
Property subtype
Commercial
Zoning
B-2
Site & Location
Traffic Count
3,970 vehicles/day
Mixed-Use Components
retail, office
Additional Details
Tenant in Place
Yes
Building Details
Building Size
7,958 SF
Year Built
1907
Buildings
1
Stories
2
Listing Agency:
Berkshire Hathaway Homeservices Michigan Real Estate - Hs
Listed By:
Tom Mooradian · License #6501314498
(616) 334-6672
Source:
Jackvantreese
Added: Oct 22
Changed: Oct 24
Last Checked: Oct 24 at 2:33PM
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 Berkshire Hathaway Homeservices Michigan Real Estate - Hs
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Investment Insights
Based on property information with market context.
This 7,958-square-foot mixed-use building combines 3,958 square feet of street-level retail with 4,000 square feet upstairs. The retail area is occupied by a clothing store and can be reconfigured for two retail businesses. The second floor contains five office suites and two restrooms. Built in 1907, the property is zoned B-2 and includes eight dedicated parking spaces behind the building.
The property is at 321 E Lake Street in Petoskey’s Gaslight District, a downtown area with boutiques, galleries, and restaurants. The reported daily traffic count is 3,970 vehicles.
The property is at 321 E Lake Street in Petoskey’s Gaslight District, a downtown area with boutiques, galleries, and restaurants. The reported daily traffic count is 3,970 vehicles.
Key Highlights
- 7,958‑square‑foot building with retail and office space
- 3,958 square feet of street‑level retail; can be configured for two stores
- 4,000‑square‑foot second level with five office suites and two restrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$92,697
Cap Rate
5.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,853,940
$1.9M
Cap Rate 7%
$1,324,243
$1.3M
Cap Rate 9%
$1,029,967
$1.0M
Market Conditions
NOI Build-Up for 7,958 SF
Gross rent
$159.5K $20.04/SF
− Vacancy
−$11.2K −$1.40/SF
EGI
$148.3K $18.64/SF
− OpEx
−$55.6K −$6.99/SF
NOI
$92.7K $11.65/SF
Area
Emmet County, MI
Vacancy
7.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,853,940
Cap Rate 7%
$1,324,243
Cap Rate 9%
$1,029,967
Alternative Uses
Best Use
Mixed Use
$1.32M
$1.16M – $1.54M
NOI $92,697 @ 7.0% cap · market cap 5.01%
Second Best
Retail
$1.18M
$1.03M – $1.38M
NOI $82,611 @ 7.0% cap · market cap 4.47%
Theoretical Best
Warehouse
$1.80M
$1.58M – $2.10M
NOI $126,068 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
3,970 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
987
Businesses Nearby
23k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 62%
Home Improvements & Furnishings 19%
Apparel 10%
Dining 8%
The UPS Store
Shops & Services
5,763 visits/mo
0.4 miles
Meyer Ace Hardware
Home Improvements & Furnishings
4,378 visits/mo
0.1 miles
Fifth Third Bank & ATM
Shops & Services
3,158 visits/mo
0.2 miles
Mercantile Bank
Shops & Services
3,027 visits/mo
0.1 miles
PNC Bank
Shops & Services
2,204 visits/mo
0.0 miles
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-level retail space is paired with five second-floor office suites in downtown Petoskey.
Where is this mixed-use property located?
The property is located at 321 E Lake Street Petoskey, MI.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 7,958‑square‑foot building with retail and office space; 3,958 square feet of street‑level retail; can be configured for two stores; 4,000‑square‑foot second level with five office suites and two restrooms
