Two-Unit Duplex with
New
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 Market7
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
(231) 526-6251
Listed By:
Tom Graham
(231) 526-6251
Source:
Cpix.resimplifi
Added: Aug 25
Changed: Aug 29
Last Checked: Aug 30 at 1:03PM
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
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 = 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
$16,176
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
4.76%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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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
