Building Details

Building Size 4,769 SF

Listing Agency: Graham Real Estate

Listed By: Slava Mykhayls Show Phone

Source: Cpix.resimplifi

Added: Nov 3 Changed: Nov 4 Last Checked: Nov 4 at 2:09PM

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Investment Insights

Based on property information with market context.

This 13-unit apartment property is fully rented and configured for long-term efficiency rentals. The 4,769-square-foot building includes 11 studio-style apartments, a larger corner unit, and an attached house/office. On-site laundry and paved parking serve the property, which occupies approximately 1.1 acres. Well and septic are in place.

The property fronts US-31 in Levering, with access to Pellston, Petoskey, and Mackinaw City. It is zoned EC B-2. The existing setup combines multiple apartment layouts with an attached residential and office component.

Key Highlights

• 13 units, currently fully rented for long‑term occupancy
• 11 studio‑style units, plus a larger corner unit and attached house/office
• 4,769 square feet on approximately 1.1 acres

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$37,735

Cap Rate

7.59%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$754,700 $754.7K

Cap Rate 7%

$539,071 $539.1K

Cap Rate 9%

$419,278 $419.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,769 SF

Gross rent

$72.7K $15.24/SF

− Vacancy

−$4.1K −$0.85/SF

EGI

$68.6K $14.39/SF

− OpEx

−$30.9K −$6.47/SF

NOI

$37.7K $7.91/SF

Area

Emmet County, MI

Vacancy

5.60%

Lease Rate

$15.24 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$754,700

Cap Rate 7%

$539,071

Cap Rate 9%

$419,278

Alternative Uses

Best Use

Apartment 5plus

$539.1K

$471.7K – $628.9K (±1% cap)

NOI $37,735 @ 7.0% cap · market cap 7.59%

Second Best

—

—

no second resolved use

Theoretical Best

Warehouse

$1.08M

$944.4K – $1.26M (±1% cap)

NOI $75,549 @ 7.0% cap · market cap 15.20%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Lease Details

13

Residential units

100%

Occupancy

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

29

Businesses Nearby

Explore this area Business Placement

Demographics for 49755, MI

1,847

Population

1,303

Households

1.4

Avg Household Size

51

Median Age

22%

College-Educated

93%

High-School Grad

102.4 sq mi

ZIP Area

18

Density / Sq Mi

$61,121

Median Household Income

$34,676

Median Earnings

$894

Median Rent

$171,400

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Frequently Asked Questions

What type of property is this?

Apartment building - The operating property includes laundry, paved parking, and an attached house/office.

Where is this apartment building located?

The property is located at 5692 US-31 Levering, MI.

What is the asking price?

The asking price for this property is $497,000.

What are key features of this property?

This property features: 13 units, currently fully rented for long‑term occupancy; 11 studio‑style units, plus a larger corner unit and attached house/office; 4,769 square feet on approximately 1.1 acres