Mixed-Use Building with Commercial
For Sale
$1,870,000
525 W Mitchell Street, Petoskey, MI 49770
COMMERCIAL - Petoskey, MI
Property Size10,580 SF
Price / SF$176.75
Days on Market29
Property Features for 525 W Mitchell Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
COMMERCIAL-IMPROVED
Window features
Vinyl Frames
Elementary school district
Petoskey
Middle school district
Petoskey
High school district
Petoskey
Directions
Across from McLaren Northern Regional Hospital- Petoskey, MI US HWY 131 / 525 W. Mitchell Street
Subdivision
Petoskey City
Standard status
Active
APN
52-19-06-126-024 & 028
Size
10,580 SF
Taxes and HOA fees
Tax Description
**See Agent Remarks
Legal Description
**See Agent Remarks
Building Details
Roof type
Shingle
Listing Agency:
@properties Christie's International Real Estate - Petoskey · RE/MAX International
(231) 881-9400
Listed By:
Carole Griffin
(231) 838-4977
Added: Jul 2
Last Checked: Jul 30 at 4:06PM
MLS# 478039
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 mixed-use commercial-improved property includes a residential house with a back yard, multiple micro rental units, and two large commercial spaces suited for office or retail use. The rental units are described as 16 micro units with bath, supported by basement storage that is noted as clean and dry. Additional amenities include a commercial laundry room, a security system, and city water and sewer, with Wi-Fi available. Off-street parking is provided for approximately 10 cars. Recent upgrades are noted to include a $90K roof and new windows, along with vanity and sink updates in the smaller units.
The property is located in Petoskey, Michigan at 525 W. Mitchell Street, with a second address listed as 516 Monroe Street. It is described as being across the street from a regional hospital and within walking distance to downtown restaurants and the waterfront.
For tenants, buyers, or owner-operators, the configuration offers both income-producing residential units and dedicated commercial space within a commercially zoned setting. The listing states all units are occupied and leased, and showings are scheduled weekly to limit disruption to tenants. Pre-qualified buyers only.
The property is located in Petoskey, Michigan at 525 W. Mitchell Street, with a second address listed as 516 Monroe Street. It is described as being across the street from a regional hospital and within walking distance to downtown restaurants and the waterfront.
For tenants, buyers, or owner-operators, the configuration offers both income-producing residential units and dedicated commercial space within a commercially zoned setting. The listing states all units are occupied and leased, and showings are scheduled weekly to limit disruption to tenants. Pre-qualified buyers only.
Key Highlights
- Approximately 10,580 sq ft Petoskey commercially zoned property at 525 W. Mitchell St. & 516 Monroe St.
- Across from a regional hospital; zoned COP‑B‑3 and RM‑2.
- 16 micro rental units with bath plus two large commercial spaces for office/retail.
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 |
10,580 SF · lease $18.96/SF/yr · vacancy 15.80% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.81M
$1.58M – $2.11M
NOI $126,677 @ 7.0% cap · market cap 6.77%
Second Best
Mixed Use
$1.76M
$1.54M – $2.05M
NOI $123,238 @ 7.0% cap · market cap 6.59%
Theoretical Best
Warehouse
$2.39M
$2.10M – $2.79M
NOI $167,604 @ 7.0% cap · market cap 8.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
16
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
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
Properties on Market for Mixed-use properties in Petoskey
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Multi-unit property with office/retail spaces and on-site rentals, including off-street parking.
Where is this mixed-use property located?
The property is located at 525 W Mitchell Street Petoskey, MI.
What is the asking price?
The asking price for this property is $1,870,000.
What are key features of this property?
This property features: Approximately 10,580 sq ft Petoskey commercially zoned property at 525 W. Mitchell St. & 516 Monroe St.; Across from a regional hospital; zoned COP‑B‑3 and RM‑2.; 16 micro rental units with bath plus two large commercial spaces for office/retail.
