Remodeled Upper-Unit
For Sale
$340,000
513 Liberty St, Petoskey, MI 49770
Multifamily, Petoskey, MI
Property Size1,816 SF
Price / SF$187.22
Days on Market47
Property Features for 513 Liberty St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RM-2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 2
Elementary school district
Petoskey
Middle school district
Petoskey
High school district
Petoskey
Directions
Turn onto Liberty St from US 31. House on Left. Look for sign.
Subdivision
Petoskey City
Standard status
Active
APN
52-19-06-202-064
Size
1,816 SF
Taxes and HOA fees
Tax Description
THE VILLAGE OF WACHTEL QUINLAN & MC CARTY'S ADD. LOT 45. SECTION 6, T34N, R5W.
Legal Description
THE VILLAGE OF WACHTEL QUINLAN & MC CARTY'S ADD. LOT 45. SECTION 6, T34N, R5W.
Utilities
Heating system
Natural Gas
Building Details
Building materials
Wood Frame
Roof type
Shingle
Listing Agency:
@properties Christie's International Real Estate - Petoskey · RE/MAX International
(231) 881-9400
Listed By:
Atty Belanger
(231) 838-8184
Added: Jul 22
Changed: Sep 2
Last Checked: Sep 6 at 2:06AM
MLS# 480227
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 1,816-square-foot duplex contains two separate residences: a three-bedroom apartment on the main level and a remodeled one-bedroom unit upstairs. The property includes a one-car garage, additional off-street parking, wood-frame construction, a shingle roof, and natural-gas heating. RM-2 zoning supports the multifamily classification.
Located at 513 Liberty St in Petoskey, the property sits between downtown, the waterfront, McLaren Northern Michigan Hospital, and the Bear River Valley Recreation Area. Its two-unit configuration accommodates conventional residential leasing or separate occupancy arrangements, subject to applicable requirements. The layout provides distinct living spaces within a compact multifamily property.
Located at 513 Liberty St in Petoskey, the property sits between downtown, the waterfront, McLaren Northern Michigan Hospital, and the Bear River Valley Recreation Area. Its two-unit configuration accommodates conventional residential leasing or separate occupancy arrangements, subject to applicable requirements. The layout provides distinct living spaces within a compact multifamily property.
Key Highlights
- Two‑unit duplex totaling 1,816 square feet
- Three‑bedroom main‑level apartment plus remodeled one‑bedroom upper unit
- One‑car garage and additional off‑street 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
$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 - Two-unit residential property with flexible layouts, resident parking, and RM-2 zoning near key Petoskey destinations.
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 totaling 1,816 square feet; Three‑bedroom main‑level apartment plus remodeled one‑bedroom upper unit; One‑car garage and additional off‑street parking
