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    201 River St Elk Rapids, MI 49629

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    For Sale
    Contact for pricing

    Downtown gem, high occupancy, strong cash flow.

    Property size:
    8,355 SF

    Property Features for 201 River St

    General Information

    Property type
    Automotive properties
    Square Feet
    8,355 SF

    We can help!

    Listing Contact
    Erica Marshall
    Erica Marshall

    Listing Agency: REO-TCFront-233021 Listing Agent: Erica Marshall

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

    Learn more

    Property Insight Report

    Overview

    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 Profile Insight Report Location Intelligence

    Current Use by Public Records

    Harbor Antique Mall Home Decor Store Mana North Clothing & Fashion Store

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Auto Parts 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

    Nearby Similar for Sale

    • $1,500,000
      18,483 SF

      Elk Rapids Manufacturing/Warehouse Opportunity

      Well-maintained 18,483 SF manufacturing/warehouse building in Elk Rapids, MI.
      222 Industrial Park Dr, Elk Rapids, MI 49629
      View Details
    • Contact for pricing

      Elk Rapids Flex Space

      Flex space with office and shop areas in Elk Rapids.
      121 Ames St, Elk Rapids, MI 49629
      View Details

    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.
    (210) 286-8954 Call to check price and availability
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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 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
    201 River St Elk Rapids, MI 49629
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Erica Marshall
    Erica Marshall
    Real Estate License ID: 6501398185
    (210) 286-8954 (231) 947-9800 (231) 242-3576
    Learn more
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