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Building Details

Year Built 1954

Listing Agency: Three West, LLC

Listed By: David Coonrod · License #6501426180 Show Phone

Source: Genodangelo

Added: Jul 21 Changed: Oct 3 Last Checked: Oct 7 at 1:06PM

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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 Three West, LLC

Investment Insights

Based on property information with market context.

This 1,559 SF medical office suite is located within the McLaren medical building in Petoskey. The layout includes a reception window, a large main area, and two private offices. The space previously operated as a pharmacy and is suited to outpatient healthcare uses, including chiropractic, pediatric, dermatology, dental, physical therapy, and counseling practices.

The building includes audiology, cardiology, digestive health, internal medicine, obstetrics and gynecology, oncology and hematology, psychology, pulmonary, and sleep center specialties. The property was built in 1954. The occupant is responsible for in-suite electric, gas, phone, and internet services.

Key Highlights

• 1,559 SF outpatient medical suite in the McLaren medical building
• Reception window, large main area, and 2 private offices
• Prior pharmacy use

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$12,345

Suggested Prices Based on Cap Rates

Cap Rate 5%

$246,900 $246.9K

Cap Rate 7%

$176,357 $176.4K

Cap Rate 9%

$137,167 $137.2K

What to ask about pricing

Market Conditions

NOI Build-Up for 1,559 SF

Gross rent

$21.9K $14.04/SF

− Vacancy

−$1.3K −$0.84/SF

EGI

$20.6K $13.20/SF

− OpEx

−$8.2K −$5.28/SF

NOI

$12.3K $7.92/SF

Area

Emmet County, MI

Vacancy

6.00%

Lease Rate

$14.04 /SF/Yr

Expense Ratio

40.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$246,900

Cap Rate 7%

$176,357

Cap Rate 9%

$137,167

Alternative Uses

Best Use

Office B

$266.7K

$233.3K – $311.1K (±1% cap)

NOI $18,666 @ 7.0% cap · market cap 103,700.00%

Second Best

Healthcare Medical

$176.4K

$154.3K – $205.8K (±1% cap)

NOI $12,345 @ 7.0% cap · market cap 68,583.33%

Theoretical Best

Warehouse

$352.8K

$308.7K – $411.6K (±1% cap)

NOI $24,697 @ 7.0% cap · market cap 137,205.56%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Medical Office Space

Suggested Use

Top Pick Big Box & Wholesale Store HVAC Service Auto Parts Store Garden Center Grocery & Convenience Store Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

745

Businesses Nearby

Balanced

Demand for This Use

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

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Configured healthcare space within the McLaren medical building, featuring a reception window, open work area, and private offices.

Where is this medical office space located?

The property is located at 560 W Mitchell St Petoskey, MI.

What are key features of this property?

This property features: 1,559 SF outpatient medical suite in the McLaren medical building; Reception window, large main area, and 2 private offices; Prior pharmacy use