Historic Apartment
New
For Sale
$1,495,000
4987 Loeb Road, Charlevoix, MI 49720
Multifamily, Charlevoix, MI
Property Size6,317 SF
Lot Size2.00 Acres
Price / SF$236.66
Days on Market1
Property Features for 4987 Loeb Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Commercial
Elementary school district
Charlevoix
Middle school district
Charlevoix
High school district
Charlevoix
Directions
Heading south on M-66 and turn right on Loeb, go roughly a mile and the property is on the corner of Veenstra
Subdivision
Marion
Standard status
Active
APN
009-011-008-11
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
Building Details
Number of units
8
Building materials
Wood Frame
Roof type
Shingle
Listing Agency:
Berkshire Hathaway HomeServices Real Estate
(231) 547-9905
Listed By:
Matthew Murray · License #6501441581
(231) 675-3730
Added: Sep 3
Last Checked: Sep 3 at 5:06PM
MLS# 480690
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 multifamily compound occupies two acres and includes three separate buildings: the historic Loeb Schoolhouse, a carriage house, and a duplex. The property contains 6,317 square feet and currently offers 7 rentable units, while township approval allows for a total of 8 units. Construction materials include wood framing, with natural gas heating and shingle roofing throughout the property.
The centerpiece is the 1917 schoolhouse, distinguished by cut-stone construction and preserved historic details. A loft is under construction within the building, and the lower level provides additional space suitable for storage, a studio, workshop, or gym. The property is zoned Commercial and is located in Charlevoix, Michigan.
The centerpiece is the 1917 schoolhouse, distinguished by cut-stone construction and preserved historic details. A loft is under construction within the building, and the lower level provides additional space suitable for storage, a studio, workshop, or gym. The property is zoned Commercial and is located in Charlevoix, Michigan.
Key Highlights
- Two‑acre multifamily compound with three buildings
- 6,317 square feet across a schoolhouse, carriage house, and duplex
- 7 rentable units currently in place
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
$51,761
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
3.46%
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%
$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
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
$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 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%
$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
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
14
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-building multifamily property with renovated interiors, natural gas heating, and Commercial zoning.
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: Two‑acre multifamily compound with three buildings; 6,317 square feet across a schoolhouse, carriage house, and duplex; 7 rentable units currently in place
