Storefront Property with Office
For Sale
$1,850,000
321 E Lake Street, Petoskey, MI 49770
Commercial/Industrial, Petoskey, MI
Property Size7,958 SF
Price / SF$232.47
Days on Market92
Property Features for 321 E Lake Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B-2
Elementary school district
Petoskey
Middle school district
Petoskey
High school district
Petoskey
Directions
Follow US 31 N to East Lake Street, turn East. 321 E Lake St. is just before Howard St.
Subdivision
Petoskey City
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.
Legal 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 Agency:
Berkshire Hathaway HomeServices Michigan Real Estate - HS
(231) 526-9800
Listed By:
Tom Mooradian
(616) 334-6672
Added: Jul 21
Changed: Oct 8
Last Checked: Oct 20 at 6:06PM
MLS# 477427
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.
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Investment Insights
Based on property information with market context.
Offered for sale, this 7,958-square-foot commercial property presents a mixed retail and office configuration. The ground floor contains 3,958 square feet of retail area and is currently occupied by a clothing store, with the layout capable of being adapted for two separate storefronts. The upper level adds 4,000 square feet, arranged as five office suites with two restrooms.
The building is located at 321 E Lake Street in Petoskey’s Gaslight District, a downtown area identified in the property information as a destination for boutiques, galleries, and dining. Daily traffic is reported at 3,970 vehicles. Eight dedicated private parking spaces are positioned at the rear, and natural gas provides the heating source. Constructed in 1907, the property carries B-2 zoning.
The building is located at 321 E Lake Street in Petoskey’s Gaslight District, a downtown area identified in the property information as a destination for boutiques, galleries, and dining. Daily traffic is reported at 3,970 vehicles. Eight dedicated private parking spaces are positioned at the rear, and natural gas provides the heating source. Constructed in 1907, the property carries B-2 zoning.
Key Highlights
- 7,958‑square‑foot commercial building in Petoskey’s Gaslight District
- 3,958 square feet of street‑level retail space
- Upper floor includes 4,000 square feet with five office suites
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$95,283
Cap Rate
5.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,905,660
$1.9M
Cap Rate 7%
$1,361,186
$1.4M
Cap Rate 9%
$1,058,700
$1.1M
Market Conditions
NOI Build-Up for 7,958 SF
Gross rent
$150.9K $18.96/SF
− Vacancy
−$23.8K −$3.00/SF
EGI
$127.0K $15.96/SF
− OpEx
−$31.8K −$3.99/SF
NOI
$95.3K $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%
$1,905,660
Cap Rate 7%
$1,361,186
Cap Rate 9%
$1,058,700
Alternative Uses
Best Use
Office B
$1.36M
$1.19M – $1.59M
NOI $95,283 @ 7.0% cap · market cap 5.15%
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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Property Analytics
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Open Analytics
Current Use
Lease Details
5
Office units
3,970 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
987
Businesses Nearby
Under-served
Demand for This Use
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
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Storefront property - Two-level commercial building combines street-level retail with upper-floor offices.
Where is this storefront 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 commercial building in Petoskey’s Gaslight District; 3,958 square feet of street‑level retail space; Upper floor includes 4,000 square feet with five office suites
