Mixed-Use Property with
New
For Sale
$564,900
602 Jackson Street, Petoskey, MI 49770
A professional office and two updated one-bedroom apartments form a three-unit commercial property.
Property Size2,329 SF
Price / SF$242.55
Days on Market4
Property Features for 602 Jackson Street
General Information
Standard status
Active
Size
2,329 SF
Total Parking Spaces
1
Property subtype
Commercial
Zoning
COP-B3
Additional Details
Multifamily Units
2
Tenant in Place
Yes
Building Details
Building Size
2,329 SF
Units
3
Tenancy
Multi
Listing Agency:
Berkshire Hathaway Homeservices Michigan Real Estate - Hs
Listed By:
Tom Mooradian · License #6501314498
(616) 334-6672
Source:
Jackvantreese
Added: Oct 22
Changed: Oct 24
Last Checked: Oct 24 at 3:17PM
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 Berkshire Hathaway Homeservices Michigan Real Estate - Hs
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Investment Insights
Based on property information with market context.
The 2,329-square-foot property combines a professional office with two one-bedroom, one-bath apartments. The office is occupied under a long-term lease. Both apartments have received extensive updates, and one is owner-occupied while the other has served as a short- and long-term rental. A detached garage provides one vehicle stall.
The upper apartment looks toward the bay from its living room, kitchen, and deck. The property is near McLaren Hospital and beside Johan's Bakery.
The upper apartment looks toward the bay from its living room, kitchen, and deck. The property is near McLaren Hospital and beside Johan's Bakery.
Key Highlights
- Three units: one professional office and two one‑bedroom, one‑bath apartments
- 2,329 square feet
- Office occupied under a long‑term lease
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,129
Cap Rate
4.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$542,580
$542.6K
Cap Rate 7%
$387,557
$387.6K
Cap Rate 9%
$301,433
$301.4K
Market Conditions
NOI Build-Up for 2,329 SF
Gross rent
$46.7K $20.04/SF
− Vacancy
−$3.3K −$1.40/SF
EGI
$43.4K $18.64/SF
− OpEx
−$16.3K −$6.99/SF
NOI
$27.1K $11.65/SF
Area
Emmet County, MI
Vacancy
7.00%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$542,580
Cap Rate 7%
$387,557
Cap Rate 9%
$301,433
Alternative Uses
Best Use
Mixed Use
$387.6K
$339.1K – $452.2K
NOI $27,129 @ 7.0% cap · market cap 4.80%
Second Best
Apartment 5plus
$263.3K
$230.4K – $307.1K
NOI $18,428 @ 7.0% cap · market cap 3.26%
Theoretical Best
Warehouse
$527.1K
$461.2K – $614.9K
NOI $36,895 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,021
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - A professional office and two updated one-bedroom apartments form a three-unit commercial property.
Where is this mixed-use property located?
The property is located at 602 Jackson Street Petoskey, MI.
What is the asking price?
The asking price for this property is $564,900.
What are key features of this property?
This property features: Three units: one professional office and two one‑bedroom, one‑bath apartments; 2,329 square feet; Office occupied under a long‑term lease
