Building Details

Building Size 10,560 SF

Buildings 1

Tenancy Multi

Listing Agency: Lynda's Real Estate Service

Listed By: Marty Moody · License #6502370566 Show Phone

Source: Jackvantreese

Added: Oct 22 Changed: Oct 24 Last Checked: Oct 24 at 3:08PM

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Investment Insights

Based on property information with market context.

This mixed-use property combines office and retail space in a 16-suite building. The largest suite measures 3,000 square feet, and the property includes nine restrooms. Commercial zoning is designated Com.

The building is at 5 W Main Street in downtown Boyne City, overlooking Peninsula Beach and Lake Charlevoix. A 20,000-square-foot parking area is under the owner’s control.

The suite configuration includes both office and retail space, with the largest suite offering a distinct 3,000-square-foot footprint within the property.

Key Highlights

• 16 individual suites with a mix of office and retail space
• Largest suite measures 3,000 square feet
• Nine restrooms in the building

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$131,992

Cap Rate

8.81%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,639,840 $2.6M

Cap Rate 7%

$1,885,600 $1.9M

Cap Rate 9%

$1,466,578 $1.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 10,560 SF

Gross rent

$202.8K $19.20/SF

− Vacancy

−$14.2K −$1.34/SF

EGI

$188.6K $17.86/SF

− OpEx

−$56.6K −$5.36/SF

NOI

$132.0K $12.50/SF

Area

Charlevoix County, MI

Vacancy

7.00%

Lease Rate

$19.20 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,639,840

Cap Rate 7%

$1,885,600

Cap Rate 9%

$1,466,578

Alternative Uses

Best Use

Retail

$1.89M

$1.65M – $2.20M (±1% cap)

NOI $131,992 @ 7.0% cap · market cap 8.81%

Second Best

Office B

$1.48M

$1.30M – $1.73M (±1% cap)

NOI $103,784 @ 7.0% cap · market cap 6.92%

Theoretical Best

Office A

$2.14M

$1.87M – $2.49M (±1% cap)

NOI $149,631 @ 7.0% cap · market cap 9.98%

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

Property Analytics

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Current Use

Matt Frollo Agency ... Insurance Agency Upsy-Daisy Floral (Bike/Boat/Book/etc) Store Camp Quality USA-Michigan Charitable Organization Sugared Skincare Hair Salon

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store HVAC Service Pharmacy Storage Facility Auto Repair Shop

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

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

397

Businesses Nearby

Explore this area Business Placement

Demographics for 49712, MI

8,113

Population

5,075

Households

1.6

Avg Household Size

48

Median Age

36%

College-Educated

96%

High-School Grad

72.9 sq mi

ZIP Area

111

Density / Sq Mi

$74,202

Median Household Income

$40,208

Median Earnings

$955

Median Rent

$252,400

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Frequently Asked Questions

What type of property is this?

Mixed-use property - Office and retail uses occupy 16 suites, supported by nine restrooms and dedicated parking.

Where is this mixed-use property located?

The property is located at 5 W Main Street Boyne City, MI.

What is the asking price?

The asking price for this property is $1,499,000.

What are key features of this property?

This property features: 16 individual suites with a mix of office and retail space; Largest suite measures 3,000 square feet; Nine restrooms in the building