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    201 River St Elk Rapids, MI 49629

    Sponsored
    For Sale
    $1,398,000

    Downtown gem, high occupancy, strong cash flow.

    Property size:
    8,355 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 8,355 square foot mixed-use property, located at 201 River St in Elk Rapids, Michigan, presents a compelling investment opportunity. Priced at $1,398,000 ($167.32/sq ft), the property boasts a 90% occupancy rate and features a blend of commercial and residential spaces. The lower level encompasses approximately 4,000 square feet of retail space, currently configured as an auto shop and executive office spaces. Upstairs, two completely updated residential units offer flexibility, potentially combining for a larger rental unit. These units are currently leased month-to-month. The building includes an elevator for convenient access to all floors. The property is zoned for commercial, office, restaurant/food service, and retail uses, providing diverse potential for future development and tenant mix. Detailed financial information, including rent roll and profit & loss statements, is available upon request and execution of a non-disclosure agreement. This prime location in the heart of historic Elk Rapids offers significant upside potential and strong cash flow. The property's versatile layout and high occupancy make it an attractive investment for both seasoned and emerging investors.

    Property Features for 201 River St

    General Information

    Property type
    Automotive properties
    Square Feet
    8,355 SF

    HighLights

    • $1,398,000 asking price for an 8,355 square foot mixed‑use property.
    • Located at 201 River St, Elk Rapids, MI 49629.
    • Property features retail, office, and auto shop space; currently 90% occupied with multi‑tenant occupancy.
    • Modified lease terms; $167.32 price per square foot.
    • Zoned for Commercial, Office, Restaurant/Food, and Retail uses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Harbor Antique Mall Antique Store Mana North Women'S Clothing Store

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Elk Rapids
    County
    Antrim
    State
    Michigan
    Longitude
    -85.414391
    Latitude
    44.8978962

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    Nearby Similar for Sale

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    FAQs

    What type of property is this?
    Automotive property - Downtown gem, high occupancy, strong cash flow.
    Where is this automotive property located?
    The property is located at 201 River St Elk Rapids, MI.
    What is the asking price?
    The asking price for this property is $1,398,000.
    What are key features of this property?
    This property features: $1,398,000 asking price for an 8,355 square foot mixed-use property.; Located at 201 River St, Elk Rapids, MI 49629.; Property features retail, office, and auto shop space; currently 90% occupied with multi-tenant occupancy.
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    201 River St Elk Rapids, MI 49629
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    Elk Rapids, MI 49629
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    Realmo Value Estimation

    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.

    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.

    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
    201 River St Elk Rapids, MI 49629
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