Three-Building Apartment
For Sale
$1,495,000
4987 Loeb Road, Charlevoix, MI 49720
Leased residential units occupy a flexible multifamily layout with approved capacity for additional occupancy.
Property Size6,317 SF
Lot Size2.00 Acres
Price / SF$236.66
Days on Market95
Property Features for 4987 Loeb Road
General Information
Standard status
Active
Size
6,317 SF
Lot size
2.00 Acres
Property subtype
Commercial
Additional Details
Multifamily Units
7
Building Details
Buildings
3
Listing Agency:
Berkshire Hathaway HomeServices Real Estate
Listed By:
Matthew Murray
(231) 439-2000
Source:
Harborsir
Added: Jul 4
Changed: Oct 4
Last Checked: Oct 4 at 9:56AM
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 Real Estate
Investment Insights
Based on property information with market context.
This multifamily property comprises three residential buildings on 2 acres, with 7 finished units currently leased. The existing configuration supports apartment operations across the compound, while approval for up to 8 total units provides additional capacity within the established layout.
Located at 4987 Loeb Road in Charlevoix, Michigan, the property combines residential improvements with a substantial land component. Its current leasing status and approved unit count offer a defined operating framework for continued multifamily use, subject to applicable approvals and management requirements.
Located at 4987 Loeb Road in Charlevoix, Michigan, the property combines residential improvements with a substantial land component. Its current leasing status and approved unit count offer a defined operating framework for continued multifamily use, subject to applicable approvals and management requirements.
Key Highlights
- Three residential buildings situated on 2 acres
- 7 finished units are currently leased
- Approved for up to 8 total units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,761
Cap Rate
3.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,035,220
$1.0M
Cap Rate 7%
$739,443
$739.4K
Cap Rate 9%
$575,122
$575.1K
Market Conditions
NOI Build-Up for 6,317 SF
Gross rent
$98.5K $15.60/SF
− Vacancy
−$4.4K −$0.70/SF
EGI
$94.1K $14.90/SF
− OpEx
−$42.3K −$6.70/SF
NOI
$51.8K $8.19/SF
Area
Charlevoix County, MI
Vacancy
4.50%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,035,220
Cap Rate 7%
$739,443
Cap Rate 9%
$575,122
Alternative Uses
Best Use
Apartment 5plus
$739.4K
$647.0K – $862.7K
NOI $51,761 @ 7.0% cap · market cap 3.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,509 @ 7.0% cap · market cap 5.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
19
Businesses Nearby
Explore this area
Business Placement
Demographics for 49720, MI
9,127
Population
6,236
Households
1.5
Avg Household Size
52
Median Age
38%
College-Educated
97%
High-School Grad
95.5 sq mi
ZIP Area
96
Density / Sq Mi
$76,127
Median Household Income
$41,563
Median Earnings
$985
Median Rent
$265,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Leased residential units occupy a flexible multifamily layout with approved capacity for additional occupancy.
Where is this apartment building located?
The property is located at 4987 Loeb Road Charlevoix, MI.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Three residential buildings situated on 2 acres; 7 finished units are currently leased; Approved for up to 8 total units
