Three-Building Apartment
For Sale
$1,495,000
4987 Loeb Road, Charlevoix, MI 49720
Commercial/Industrial, Charlevoix, MI
Property Size6,317 SF
Lot Size2.00 Acres
Price / SF$236.66
Days on Market54
Property Features for 4987 Loeb Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Elementary school district
Charlevoix
Middle school district
Charlevoix
High school district
Charlevoix
Directions
heading South on M-66 Turn right on Loeb road, go roughly a mile and the property is on the corner of Veenstra and Loeb.
Subdivision
Marion
Standard status
Active
APN
009-011-008-10
Size
6,317 SF
Lot size
2.00 Acres
Taxes and HOA fees
Tax Description
BEG AT THE N 1/4 COR OF SEC 11 T33N R8W TH AL THE N&S 1/4 LI OF SD SEC ALSO BEING C/L OF LOEB RD S00
Legal Description
BEG AT THE N 1/4 COR OF SEC 11 T33N R8W TH AL THE N&S 1/4 LI OF SD SEC ALSO BEING C/L OF LOEB RD S00
Utilities
Heating system
Natural Gas
Water source
Well
Building Details
Building materials
Wood Frame, Block
Roof type
Shingle
Listing Agency:
Berkshire Hathaway HomeServices Real Estate
(231) 547-9905
Listed By:
Matthew Murray · License #6501441581
(231) 675-3730
Added: Aug 14
Changed: Aug 19
Last Checked: Oct 6 at 12:06AM
MLS# 480480
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.
Investment Insights
Based on property information with market context.
This apartment property comprises three buildings totaling 6,317 square feet on 2 acres. The existing configuration includes 7 finished units that are leased, while approval is in place for up to 8 total units. The buildings use wood-frame and block construction, with shingle roofing and natural-gas heating. A well supplies the property’s water.
Located in Charlevoix, Michigan, the property is addressed at 4987 Loeb Road. Commercial zoning supports the current property classification and provides the regulatory framework identified for the site. The multi-building layout combines established residential improvements with additional approved unit capacity.
Located in Charlevoix, Michigan, the property is addressed at 4987 Loeb Road. Commercial zoning supports the current property classification and provides the regulatory framework identified for the site. The multi-building layout combines established residential improvements with additional approved unit capacity.
Key Highlights
- Three‑building apartment property on 2 acres
- 6,317 square feet across the property
- 7 finished, leased 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
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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 apartment compound with commercial zoning, established improvements, and capacity for an additional unit.
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‑building apartment property on 2 acres; 6,317 square feet across the property; 7 finished, leased units
