Remodeled Duplex with Private
For Sale
$559,900
415 Liberty St, Petoskey, MI 49770
Updated two-unit property with separate entrances, in-unit laundry, and driveway parking.
Property Size2,318 SF
Price / SF$241.54
Days on Market57
Property Features for 415 Liberty St
General Information
Standard status
Active
Size
2,318 SF
Property subtype
Multifamily
Zoning
RM-2
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR+den/1BA
Multifamily Units
2
Amenities
in-unit laundry
off-street parking
Building Details
Building Size
2,318 SF
Year Renovated
2016
Listing Agency:
Graham Real Estate
(231) 526-6251
Listed By:
Slava Mykhayls
(231) 526-6251
Source:
Cpix.resimplifi
Added: Jul 6
Changed: Aug 29
Last Checked: Aug 30 at 1:02PM
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 Graham Real Estate
Investment Insights
Based on property information with market context.
Renovated in 2016, this 2,318-square-foot duplex contains two separately accessed residences. The upper unit offers three bedrooms, two full bathrooms, and in-unit laundry. The lower residence includes one bedroom, a den that may serve as an additional bedroom, one full bathroom, in-unit laundry, and an open-concept kitchen. Off-street driveway parking is available, with additional street parking year-round.
The property is located at 415 Liberty St in Petoskey, near the Gaslight district, shopping, dining, big-box stores, and the Bear River path. RM-2 zoning supports the property's multifamily classification.
The property is located at 415 Liberty St in Petoskey, near the Gaslight district, shopping, dining, big-box stores, and the Bear River path. RM-2 zoning supports the property's multifamily classification.
Key Highlights
- 2,318‑square‑foot duplex renovated in 2016
- Separate private entrances for both units
- Upper unit includes 3 bedrooms, 2 full baths, and in‑unit laundry
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
$20,648
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
3.69%
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%
$412,960
$413.0K
Cap Rate 7%
$294,971
$295.0K
Cap Rate 9%
$229,422
$229.4K
Market Conditions
NOI Build-Up for 2,318 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
$31.2K $13.44/SF
− Vacancy
−$1.7K −$0.72/SF
EGI
$29.5K $12.72/SF
− OpEx
−$8.8K −$3.82/SF
NOI
$20.6K $8.91/SF
Area
Emmet County, MI
Vacancy
5.32%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
30.00%
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%
$412,960
Cap Rate 7%
$294,971
Cap Rate 9%
$229,422
Alternative Uses
Best Use
Multifamily LT 5
$295.0K
$258.1K – $344.1K
NOI $20,648 @ 7.0% cap · market cap 3.69%
Second Best
Apartment 5plus
$262.0K
$229.3K – $305.7K
NOI $18,341 @ 7.0% cap · market cap 3.28%
Theoretical Best
Warehouse
$524.6K
$459.0K – $612.0K
NOI $36,721 @ 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
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,389
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Updated two-unit property with separate entrances, in-unit laundry, and driveway parking.
Where is this duplex located?
The property is located at 415 Liberty St Petoskey, MI.
What is the asking price?
The asking price for this property is $559,900.
What are key features of this property?
This property features: 2,318‑square‑foot duplex renovated in 2016; Separate private entrances for both units; Upper unit includes 3 bedrooms, 2 full baths, and in‑unit laundry
