Mixed-Use Building with Rental
For Sale
Contact for pricing
525 W Mitchell St, Petoskey, MI 49770
Commercially zoned building across from a regional hospital with micro rental units and office/retail space.
Property Size22,405 SF
Price / SF$86.14
Days on Market56
Property Features for 525 W Mitchell St
General Information
Standard status
Active
Size
22,405 SF
Property subtype
Office, Mixed Use
Building Details
Year Built
1955
Listing Agency:
@properties
Listed By:
Michael Stroud · License #6501376693
Source:
Crexi
Added: Jun 11
Changed: Jul 10
Last Checked: Aug 4 at 4:57AM
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 @properties
Investment Insights
Based on property information with market context.
This commercially zoned mixed-use property includes a residential house with a back yard, 2 bedrooms, 2 baths, and a garage, along with 16 micro rental units each with a bath. The building also features two large commercial spaces suited for office or retail use. Additional amenities include clean and dry basement storage, a security system, city water and sewer, and Wi-Fi availability. Off-street parking is provided for approximately 16 cars, plus a commercial laundry room.
Located in Petoskey, Michigan, the property sits across the street from a regional hospital and is walkable to downtown dining and the waterfront. The overall rental opportunity is approximately 10,580 square feet, offering an on-site setup that pairs residential income with commercial space.
Designed for buyers who want flexible live-and-work or multi-income operations, the layout supports on-site management of rentals alongside commercial tenancy. The mix of housing and business space may also appeal to operators looking for employee housing tied to the commercial component, and the property could be converted to a boutique hotel as permitted. Recent capital improvements include a $90,000 roof project, new windows, and updated vanities and sinks in the smaller units.
Located in Petoskey, Michigan, the property sits across the street from a regional hospital and is walkable to downtown dining and the waterfront. The overall rental opportunity is approximately 10,580 square feet, offering an on-site setup that pairs residential income with commercial space.
Designed for buyers who want flexible live-and-work or multi-income operations, the layout supports on-site management of rentals alongside commercial tenancy. The mix of housing and business space may also appeal to operators looking for employee housing tied to the commercial component, and the property could be converted to a boutique hotel as permitted. Recent capital improvements include a $90,000 roof project, new windows, and updated vanities and sinks in the smaller units.
Key Highlights
- Commercially zoned B3 property in Petoskey with approximately 10,580 sq ft of rental opportunity
- Across the street from a regional hospital; walkable to downtown restaurants and waterfront
- Includes 16 micro rental units, plus 2 large commercial spaces for office/retail
Financial Insights For Apartment 5plus
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 | $341.5k | $15.24 |
| − Vacancy | −$19.1k | −$0.85 |
| EGI | $322.3k | $14.39 |
| − OpEx | −$145.0k | −$6.47 |
| NOI | $177.3k | $7.91 |
22,405 SF · lease $15.24/SF/yr · vacancy 5.60% · expense 45.00%
Alternative Uses
Best Use
Office B
$3.83M
$3.35M – $4.47M
NOI $268,260 @ 7.0% cap · market cap 13.90%
Second Best
Mixed Use
$3.73M
$3.26M – $4.35M
NOI $260,979 @ 7.0% cap · market cap 13.52%
Theoretical Best
Warehouse
$5.07M
$4.44M – $5.92M
NOI $354,931 @ 7.0% cap · market cap 18.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
960
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Commercially zoned building across from a regional hospital with micro rental units and office/retail space.
Where is this apartment building located?
The property is located at 525 W Mitchell St Petoskey, MI.
What is the asking price?
The asking price for this property is $1,930,000.
What are key features of this property?
This property features: Commercially zoned B3 property in Petoskey with approximately 10,580 sq ft of rental opportunity; Across the street from a regional hospital; walkable to downtown restaurants and waterfront; Includes 16 micro rental units, plus 2 large commercial spaces for office/retail
