Duplex with Two Separate
513 Liberty St Petoskey, MI 49770
New
513 Liberty St, Petoskey, MI, 49770
$340,000
For Sale
$340,000
MULTI_FAMILY - Petoskey, MI
Property Size1,816 SF
Price / SF$187.22
Days on Market1
Property Features for 513 Liberty St
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Zoning
- RM-2
- Bedrooms
- 4
- Bathrooms
- 2
- Rooms
- Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 4, Bedroom 2, Bedroom 1
- 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.
Utilities
- Heating system
- Natural Gas
Building Details
- Building materials
- Wood Frame
- Roof type
- Shingle
Listing agency
@properties Christie's International Real Estate - Petoskey
(231) 881-9400
Listed by
Atty Belanger
(231) 838-8184
Added: Jul 22 Checked: Jul 22 at 7:06PM
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 duplex at 513 Liberty St features two separate units. The main level includes a spacious three-bedroom apartment, while the upper unit is a remodeled one-bedroom layout. The property also provides a one-car garage along with additional off-street parking for tenant convenience.
Located in Petoskey, the duplex is described as being conveniently positioned between downtown Petoskey, the waterfront, McLaren Northern Michigan Hospital, and the Bear River Valley Recreation Area.
Zoned RM-2, the property is configured as a straightforward two-unit residential income asset.
Located in Petoskey, the duplex is described as being conveniently positioned between downtown Petoskey, the waterfront, McLaren Northern Michigan Hospital, and the Bear River Valley Recreation Area.
Zoned RM-2, the property is configured as a straightforward two-unit residential income asset.
Key Highlights
- Duplex in Petoskey with two separate units
- Main‑level 3‑bedroom apartment
- Remodeled upper unit with 1 bedroom
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $24.4k | $13.44 |
| − Vacancy | −$1.3k | −$0.72 |
| EGI | $23.1k | $12.72 |
| − OpEx | −$6.9k | −$3.82 |
| NOI | $16.2k | $8.91 |
1,816 SF · lease $13.44/SF/yr · vacancy 5.32% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Duplex - Duplex offering a three-bedroom main-level unit and a remodeled one-bedroom upper unit, plus a one-car garage and off-street parking.
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: Duplex in Petoskey with two separate units; Main‑level 3‑bedroom apartment; Remodeled upper unit with 1 bedroom
