Two-Unit Duplex with
For Sale
$340,000
513 Liberty St, Petoskey, MI 49770
Separate apartments include a spacious main-level residence and an updated upper unit.
Property Size1,816 SF
Price / SF$187.22
Days on Market52
Property Features for 513 Liberty St
General Information
Standard status
Active
Size
1,816 SF
Property subtype
Retail
Zoning
RM-2
Units
Unit Mix
1 x 3BR, 1 x 1BR
Multifamily Units
2
Additional Details
Furnished
No
Building Details
Building Size
1,816 SF
Listing Agency:
Graham Real Estate
Listed By:
Tom Graham
(231) 526-6251
Source:
Cpix.resimplifi
Added: Aug 25
Changed: Oct 13
Last Checked: Oct 14 at 7:37PM
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 Graham Real Estate
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Investment Insights
Based on property information with market context.
This RM-2 duplex contains two distinct apartments with different layouts. The main-level residence provides three bedrooms, while the upper apartment has one bedroom and has been remodeled. A one-car garage and additional off-street parking serve the property.
The home is located in Petoskey between downtown, the waterfront, McLaren Northern Michigan Hospital, and the Bear River Valley Recreation Area. Its two-unit configuration supports separate occupancy arrangements, with the property information also identifying potential for traditional leasing or furnished mid-term housing. The address is 513 Liberty St, Petoskey, MI 49770.
The home is located in Petoskey between downtown, the waterfront, McLaren Northern Michigan Hospital, and the Bear River Valley Recreation Area. Its two-unit configuration supports separate occupancy arrangements, with the property information also identifying potential for traditional leasing or furnished mid-term housing. The address is 513 Liberty St, Petoskey, MI 49770.
Key Highlights
- Two‑unit duplex with a three‑bedroom main‑level apartment and one‑bedroom upper unit
- Upper apartment has been remodeled
- RM‑2 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,176
Cap Rate
4.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$323,520
$323.5K
Cap Rate 7%
$231,086
$231.1K
Cap Rate 9%
$179,733
$179.7K
Market Conditions
NOI Build-Up for 1,816 SF
Gross rent
$24.4K $13.44/SF
− Vacancy
−$1.3K −$0.72/SF
EGI
$23.1K $12.72/SF
− OpEx
−$6.9K −$3.82/SF
NOI
$16.2K $8.91/SF
Area
Emmet County, MI
Vacancy
5.32%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$323,520
Cap Rate 7%
$231,086
Cap Rate 9%
$179,733
Alternative Uses
Best Use
Multifamily LT 5
$231.1K
$202.2K – $269.6K
NOI $16,176 @ 7.0% cap · market cap 4.76%
Second Best
Apartment 5plus
$205.3K
$179.6K – $239.5K
NOI $14,369 @ 7.0% cap · market cap 4.23%
Theoretical Best
Warehouse
$411.0K
$359.6K – $479.5K
NOI $28,768 @ 7.0% cap · market cap 8.46%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,389
Businesses Nearby
Explore this area
Business Placement
Demographics for 49770, MI
17,643
Population
10,244
Households
1.7
Avg Household Size
44
Median Age
47%
College-Educated
97%
High-School Grad
109.4 sq mi
ZIP Area
161
Density / Sq Mi
$80,431
Median Household Income
$42,154
Median Earnings
$1,077
Median Rent
$309,900
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
Frequently Asked Questions
What type of property is this?
Duplex - Separate apartments include a spacious main-level residence and an updated upper unit.
Where is this duplex located?
The property is located at 513 Liberty St Petoskey, MI.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Two‑unit duplex with a three‑bedroom main‑level apartment and one‑bedroom upper unit; Upper apartment has been remodeled; RM‑2 zoning
