Standalone Office Building with
For Sale
$399,000
6536 N M-66 Highway, Charlevoix, MI 49720
COMMERCIAL - Charlevoix, MI
Property Size2,500 SF
Lot Size0.52 Acres
Price / SF$159.60
Days on Market49
Property Features for 6536 N M-66 Highway
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Com
Elementary school district
Charlevoix
Middle school district
Charlevoix
High school district
Charlevoix
Directions
From US 31 turn onto M 66 N, property is on the left in the old Kmart parking lot.
Subdivision
Charlevoix City
Standard status
Active
APN
004-035-012-50
Size
2,500 SF
Lot size
0.52 Acres
Taxes and HOA fees
Tax Description
See Attached
Legal Description
See Attached
Amenities
secure walk-in vault
Building Details
Year built
2010
Listing Agency:
Berkshire Hathaway HomeServices Real Estate
(231) 547-9905
Listed By:
A. Mitts Lee
(231) 675-1977
Added: Jul 2
Changed: Aug 4
Last Checked: Aug 19 at 4:06AM
MLS# 479219
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 standalone office building offers a turn-key professional setup in approximately 2,500 square feet. The interior features a bright, spacious lobby along with multiple private offices and a dedicated conference room, supporting a range of professional and client-facing uses. A notable security element is a secure, walk-in vault, which may be well-suited for certain service providers. Ample on-site parking is also included for both clients and staff.
The property is positioned on the M-66 corridor and described as high-visibility. It is located about 4 miles from downtown Charlevoix. The building sits on approximately 0.52 acres, providing room for parking and site use.
The existing office layout makes the property a practical fit for financial services, medical clinics, or corporate offices, based on the space configuration described. For buyers seeking a ready-to-operate setting with existing infrastructure and a client-friendly lobby, this standalone building provides a straightforward path to occupancy under the Com zoning designation noted in the listing.
The property is positioned on the M-66 corridor and described as high-visibility. It is located about 4 miles from downtown Charlevoix. The building sits on approximately 0.52 acres, providing room for parking and site use.
The existing office layout makes the property a practical fit for financial services, medical clinics, or corporate offices, based on the space configuration described. For buyers seeking a ready-to-operate setting with existing infrastructure and a client-friendly lobby, this standalone building provides a straightforward path to occupancy under the Com zoning designation noted in the listing.
Key Highlights
- Standalone 2,500 sq. ft. building built in 2010
- Located on M‑66 corridor, about 4 miles from downtown Charlevoix
- Former bank branch with lobby, multiple private offices, and dedicated conference room
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$24,570
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.16%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$491,400
$491.4K
Cap Rate 7%
$351,000
$351.0K
Cap Rate 9%
$273,000
$273.0K
Market Conditions
NOI Build-Up for 2,500 SF
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.
Gross rent
$42.0K $16.80/SF
− Vacancy
−$9.2K −$3.70/SF
EGI
$32.8K $13.10/SF
− OpEx
−$8.2K −$3.28/SF
NOI
$24.6K $9.83/SF
Area
Charlevoix County, MI
Vacancy
22.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$491,400
Cap Rate 7%
$351,000
Cap Rate 9%
$273,000
Alternative Uses
Best Use
Office B
$351.0K
$307.1K – $409.5K
NOI $24,570 @ 7.0% cap · market cap 6.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$506.1K
$442.8K – $590.4K
NOI $35,424 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Explore this area
Business Placement
Demographics for 49720, MI
9,127
Population
6,236
Households
1.5
Avg Household Size
52
Median Age
38%
College-Educated
97%
High-School Grad
95.5 sq mi
ZIP Area
96
Density / Sq Mi
$76,127
Median Household Income
$41,563
Median Earnings
$985
Median Rent
$265,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - A turn-key office building with private offices, conference room, lobby, and secure walk-in vault.
Where is this office building located?
The property is located at 6536 N M-66 Highway Charlevoix, MI.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Standalone 2,500 sq. ft. building built in 2010; Located on M‑66 corridor, about 4 miles from downtown Charlevoix; Former bank branch with lobby, multiple private offices, and dedicated conference room
