525 W Mitchell, Petoskey, MI 49770
- Added:
- Jun 13, 2026
- Days on Market:
- 2
- Last Refresh:
- Jun 14 at 11:06 pm
Property Features for 525 W Mitchell
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- COMMERCIAL-IMPROVED
- Bedrooms
- 18
- Bathrooms
- 18
- Rooms
- Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
- Interior features
- Off-Street Parking, Paved Roads
- Basement Y/N
- 1
- Standard status
- Active
- APN
- 52-19-06-126-024 & 028
- Size
- 10,580 SF
Building Details
- Floors in Building
- 1
- Number of units
- 17
- Roof type
- Asphalt, Shingle
- Architectural style
- Other
Listing agent Carole Griffin (231) 838-4977
Listing office @properties Christie's International Real Estate - Petoskey 416 E. Mitchell, Suite 1, Boyne City, MI (231) 881-9400
Listing date Jun 13, 2026
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.
HighLights
- Approximately 10,580 sq ft of commercially zoned rental opportunity at 525 W. Mitchell St. & 516 Monroe St.
- Across the street from a regional hospital and walkable to downtown restaurants and waterfront.
- 16 micro rental units with bathrooms, all occupied and leased.
- Two large commercial spaces for office/retail plus a basement with storage that is clean and dry.
- Off‑street parking for approximately 10 cars, along with a commercial laundry room.
- Recent upgrades include a $90K roof and new windows, plus vanity and sinks in small units; city water and sewer.
Overview
The asset is located at 525 W Mitchell St. and is positioned across from a regional hospital. It is described as in-town with access to downtown amenities, and the listing notes showings are scheduled weekly to limit disruption to tenants.
For tenants or operators, the configuration supports multiple income streams by combining micro residential units with flexible commercial office/retail space. All units are currently occupied and leased, and the listing states pre-qualified buyers only. This makes it a practical option for buyers seeking an on-site, mixed-use rental setup with existing occupancy and supporting amenities such as on-site laundry and storage.
Local Financial Insights For Office B
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 | $200.6k | $18.96 |
| − Vacancy | −$31.7k | −$3.00 |
| EGI | $168.9k | $15.96 |
| − OpEx | −$42.2k | −$3.99 |
| NOI | $126.7k | $11.97 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Petoskey
- County
- Emmet
- State
- Michigan
- Longitude
- -84.9685004
- Latitude
- 45.3727875
