525 W Mitchell Street, Petoskey, MI 49770
- Added:
- Jul 2, 2026
- Days on Market:
- 2
- Last Refresh:
- Jul 3 at 10:06 am
Property Features for 525 W Mitchell Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Office
- Zoning
- COMMERCIAL-IMPROVED
- Window features
- Vinyl Frames
- Standard status
- Active
- APN
- 52-19-06-126-024 & 028
- Size
- 10,580 SF
Taxes and HOA fees
- Tax Description
- **See Agent Remarks
Building Details
- Roof type
- Shingle
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 Jul 2, 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 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.
- Recent upgrades include a $90K roof and new windows, plus vanity and sinks in small units.
- All units are occupied and leased; basement storage is clean and dry.
- Off‑street parking for approximately 10 cars; security system, city water & sewer, and commercial laundry room.
Overview
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.
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
