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    215 Mill St Northport, MI 49670

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    For Sale
    $1,350,000

    Cash-flowing multi-use property on Leelanau Peninsula.

    Property size:
    3,324 SF

    Property Features for 215 Mill St

    General Information

    Property type
    Industrial properties
    Square Feet
    3,324 SF
    Lot Size
    7,405 SF

    Building Details

    Year Built
    1925

    We can help!

    Listing Contact
    Blake Bernard
    Blake Bernard

    Listing Agency: REO-TCRandolph-233022 Listing Agent: Blake Bernard

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional 3,324 sq ft industrial property, situated on a 0.17-acre lot at 215 N Mill St, Northport, MI, presents a rare investment opportunity. The property boasts a diverse range of established businesses, including a restaurant, bar, large commercial kitchen, retail store, multiple residential spaces, and a unique bier garden featuring an Airstream bar. A Class C liquor license is included. The property's layout unfolds across four distinct phases. Phase 1 showcases a renovated two-story guest house with a courtyard and mural. Phase 2 features a lake-themed retail marketplace including a "store within a store" concept. Phase 3 encompasses the restaurant and bar, along with a beer garden and courtyard seating. Phase 4 offers versatile space for events, including weddings, festivals, and community gatherings. The property has a history of hosting music performances, pop-up suppers, and specialty classes, showcasing its adaptability. Seller financing may be available. This multifaceted property offers significant income potential and diverse usage options, making it an attractive investment in the vibrant Leelanau County market. The asking price is $1,350,000.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Yard & Lake Bar & Pub

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Hair Salon Gym & Fitness Center Hotel & Motel Department Store Bar & Pub Discount Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Northport
    County
    Leelanau
    State
    Michigan
    Longitude
    -85.6161
    Latitude
    45.13101

    Nearby Similar for Sale

    • $499,000
      1,900 SF

      Northport Retail Store with Acreage

      Retail store with acreage near Northport, Michigan, for sale.
      11184 N Mill St, Northport, MI 49670
      View Details

    FAQs

    What type of property is this?
    Industrial property - Cash-flowing multi-use property on Leelanau Peninsula.
    Where is this industrial property located?
    The property is located at 215 Mill St Northport, MI.
    What is the asking price?
    The asking price for this property is $1,350,000.
    (231) 714-4787
    Request Owner's contact information
    215 Mill St Northport, MI 49670
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    Northport, MI 49670
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    215 Mill St Northport, MI 49670
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    We can help!
    Listing Contact
    Blake Bernard
    Blake Bernard
    Real Estate License ID: T6501380347
    (231) 714-4787 (231) 946-4040 (877) 820-1194
    Learn more
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