Mixed-Use Building with Office
For Sale
$1,499,000
5 W Main Street, Boyne City, MI 49712
Commercial/Industrial, Boyne City, MI
Property Size11,000 SF
Price / SF$141.95
Days on Market103
Property Features for 5 W Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Com
Elementary school district
Boyne City
Middle school district
Boyne City
High school district
Boyne City
Directions
Lake Street to Main Street turn right onto Main, 5 W will be immediately on your left
Subdivision
Boyne City
Standard status
Active
APN
051-453-023-20
Size
10,560 SF
Taxes and HOA fees
Tax Description
LOTS 23,24,25 & 26 BLK E PLAT OF SOUTH BOYNE; EX E 20FT OF LOT 26 BLK E, ALL IN PLAT OF SOUTH BOYNE
Legal Description
LOTS 23,24,25 & 26 BLK E PLAT OF SOUTH BOYNE; EX E 20FT OF LOT 26 BLK E, ALL IN PLAT OF SOUTH BOYNE
Utilities
Heating system
Natural Gas
Building Details
Building materials
Wood Frame
Roof type
Built-Up
Listing Agency:
Lynda's Real Estate Service
(231) 582-9555
Listed By:
Marty Moody · License #6502370566
(231) 633-2500
Added: May 11
Changed: Aug 19
Last Checked: Aug 21 at 3:06AM
MLS# 475354
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 mixed-use commercial building contains 16 individual suites combining office and retail space, along with 9 restrooms. The property includes a Wood Frame structure with Natural Gas heating and a Built-Up roof. Zoning is designated Com.
The building is located at 5 W Main Street in downtown Boyne City, with views overlooking Peninsula Beach and Lake Charlevoix. The property also includes 20,000 sq. ft. of parking controlled by the owner, providing parking capacity for the building’s tenants.
The building is located at 5 W Main Street in downtown Boyne City, with views overlooking Peninsula Beach and Lake Charlevoix. The property also includes 20,000 sq. ft. of parking controlled by the owner, providing parking capacity for the building’s tenants.
Key Highlights
- 16 individual office and retail suites
- 9 restrooms throughout the building
- 20,000 sq. ft. of owner‑controlled parking
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
$131,992
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
8.81%
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%
$2,639,840
$2.6M
Cap Rate 7%
$1,885,600
$1.9M
Cap Rate 9%
$1,466,578
$1.5M
Market Conditions
NOI Build-Up for 10,560 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
$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 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%
$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
NOI $131,992 @ 7.0% cap · market cap 8.81%
Second Best
Office B
$1.48M
$1.30M – $1.73M
NOI $103,784 @ 7.0% cap · market cap 6.92%
Theoretical Best
Office A
$2.14M
$1.87M – $2.49M
NOI $149,631 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Sixteen office and retail suites support varied commercial occupancy in downtown Boyne City.
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 office and retail suites; 9 restrooms throughout the building; 20,000 sq. ft. of owner‑controlled parking
