321 E Lake Street, Petoskey, MI 49770
- Added:
- Apr 13, 2026
- Days on Market:
- 82
- Last Refresh:
- Jul 3 at 9:06 am
Property Features for 321 E Lake Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- B-2
- Standard status
- Active
- APN
- 52-19-06-226-017
- Size
- 7,958 SF
Taxes and HOA fees
- Tax Description
- SHAW & MC MILLAN'S ADDITION LOT 12 BLK 9. SECTION 6, T34N, R5W.
Utilities
- Heating system
- Natural Gas
Building Details
- Year built
- 1907
Listing agent Tom Mooradian (616) 334-6672
Listing office Berkshire Hathaway HomeServices Michigan Real Estate - HS 102 E Main St., Harbor Springs, MI (231) 526-9800
Listing date Apr 13, 2026
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.
HighLights
- 7,958 SF commercial building in Petoskey’s Gaslight District with street‑level retail plus second‑level office suites
- Street‑level offers 3,958 SF retail space, currently occupied by a clothing store and potentially retrofit for two separate retail stores
- Second level totals 4,000 SF with five office suites and two restrooms
- Includes eight dedicated private parking spaces at the rear of the building
- Natural gas heating; built in 1907
- Located in an area with a daily traffic count of 3,970 vehicles
Overview
Located at 321 E Lake Street in Petoskey, the property sits within the city’s Gaslight District. The listing describes high-traffic visibility along the corridor and includes eight dedicated private parking spaces at the rear of the building, supporting convenient access for customers and staff.
With retail space on the ground floor and multiple offices above, the building can work for a variety of business types that benefit from both storefront presence and professional workspace. Prospective buyers and tenants should find the configuration practical for retail operations seeking street-level exposure, as well as for office users who can utilize several existing suites in a single building.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $150.9k | $18.96 |
| − Vacancy | −$23.8k | −$3.00 |
| EGI | $127.0k | $15.96 |
| − OpEx | −$31.8k | −$3.99 |
| NOI | $95.3k | $11.97 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Petoskey
- County
- Emmet
- State
- Michigan
- Longitude
- -84.9562046
- Latitude
- 45.3752387
