Building Details

Building Size 2,318 SF

Year Renovated 2016

Listing Agency: Pat O'Brien & Associates

Listed By: Carol R Sullivan · License #6501406040 Show Phone

Source: Patobrien

Added: Mar 11 Changed: Oct 13 Last Checked: Oct 15 at 8:18AM

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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.

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 / Yr

$20,648

Cap Rate

3.69%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$412,960 $413.0K

Cap Rate 7%

$294,971 $295.0K

Cap Rate 9%

$229,422 $229.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,318 SF

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 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 (±1% cap)

NOI $20,648 @ 7.0% cap · market cap 3.69%

Second Best

Apartment 5plus

$262.0K

$229.3K – $305.7K (±1% cap)

NOI $18,341 @ 7.0% cap · market cap 3.28%

Theoretical Best

Warehouse

$524.6K

$459.0K – $612.0K (±1% cap)

NOI $36,721 @ 7.0% cap · market cap 6.56%

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

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick HVAC Service (Bike/Boat/Book/etc) Store Storage Facility Grocery & Convenience Store Pet Grooming Service Tanning Salon

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

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

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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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 Street 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