Two-Unit Duplex with
513 Liberty Street, Petoskey, MI 49770
For Sale
New
$320,000
Multifamily, Petoskey, MI
Property Size1,816 SF
Price / SF$176.21
Days on Market1
Property Features for 513 Liberty Street
General Information
Property type
Property subtype
Zoning
Bedrooms
Bathrooms
Full bathrooms
Rooms
Window features
Elementary school district
Middle school district
High school district
Directions
Subdivision
Standard status
APN
Size
Taxes and HOA fees
Tax Description
Legal Description
Utilities
Heating system
Building Details
Number of units
Building materials
Roof type
Listing Agency:
@properties Christie's International Real Estate - Petoskey · RE/MAX International
(231) 881-9400
Listed By:
Atty Belanger
(231) 838-8184
Added: Nov 13
Last Checked: Nov 13 at 11:06PM
MLS# 481217
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.
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Investment Insights
Based on property information with market context.
This RM2-zoned duplex contains 1,816 square feet across two separate apartments: a three-bedroom unit on the main level and a remodeled one-bedroom apartment above. A one-car garage and additional off-street parking are included. The building has wood-frame construction, a shingle roof, and forced-air natural gas heating.
The property is at 513 Liberty Street in Petoskey, between downtown, the waterfront, McLaren Northern Michigan Hospital, and the Bear River Valley Recreation Area. The hospital’s proximity may support furnished mid-term rental use, while the two-unit layout also accommodates separate residential tenancies.
The property is at 513 Liberty Street in Petoskey, between downtown, the waterfront, McLaren Northern Michigan Hospital, and the Bear River Valley Recreation Area. The hospital’s proximity may support furnished mid-term rental use, while the two-unit layout also accommodates separate residential tenancies.
Key Highlights
- Two apartments: three‑bedroom main‑level unit and remodeled one‑bedroom upper unit
- 1,816 square feet of building area
- One‑car garage plus additional off‑street parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$16,176
Cap Rate
5.06%
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 5.06%
Second Best
Apartment 5plus
$205.3K
$179.6K – $239.5K
NOI $14,369 @ 7.0% cap · market cap 4.49%
Theoretical Best
Warehouse
$411.0K
$359.6K – $479.5K
NOI $28,768 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,389
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - RM2-zoned property offers separate apartments and off-street resident parking.
Where is this duplex located?
The property is located at 513 Liberty Street Petoskey, MI.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Two apartments: three‑bedroom main‑level unit and remodeled one‑bedroom upper unit; 1,816 square feet of building area; One‑car garage plus additional off‑street parking
