Commercial Real Estate Market in Elk Rapids, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: October 31
12 active listings and 506 off-market properties in Elk Rapids, MI. Commercial property asks $169/SF to buy (based on 7 listings) and $18.15/SF/Yr to lease (based on 5 listings).
Market Trends
Elk Rapids, MI spans 3.8 square miles in Antrim County, Michigan. Figures below refresh monthly; last updated 31 October 2026.
Office
Office vacancy in Elk Rapids, MI runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Retail
Retail vacancy in Elk Rapids, MI runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Industrial
Industrial vacancy in Elk Rapids, MI runs 4.9% across the Midwest region in 2025, up from 4.4% in 2019. Nearly 1.6x the 2022 low of 3.1%.
Multifamily
Multifamily space in Elk Rapids, MI has a median asking sale price of $438/SF (based on 4 listings). Vacancy runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Market overview
Demographics & Economy
Elk Rapids, MI has 1,997 residents in 1,696 households. Density runs 532 people per square mile. Median household income here is $74,318 and median gross rent $1,032 a month.
Tools
Nearby Markets
| Market | Median Asking Price, $/SF | Median Asking Rent, $/SF/Yr |
|---|---|---|
| Williamsburg | $148 | $21.10 |
| Bellaire | $215 | — |
| Peshawbestown | $251 | $14.30 |
Commercial property in Elk Rapids, MI asks $169/SF. The 3 bordering markets run from $148/SF in Williamsburg to $251/SF in Peshawbestown, and the city sits below their $215/SF median.
Frequently Asked Questions
What is the median price per square foot for commercial property in Elk Rapids?
How much does it cost to lease commercial space in Elk Rapids?
How does Elk Rapids compare to nearby markets on price?
Where does Realmo's Elk Rapids market data come from?
Methodology & data sources
- Asking prices and medians
- There are 7 active for-sale and 5 active for-lease listings in Elk Rapids, MI. The medians are based on 7 of the for-sale and 5 of the for-lease listings, those that state a price or rent per square foot. These are ASKING figures from live listings, not closed-transaction prices, and a figure resting on fewer than 10 listings says so where it is quoted.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 October 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Midwest region level, retail vacancy is reported at Midwest region level and industrial vacancy is reported at Midwest region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 October 2026 · How Realmo checks market page data · Report a data issue
