Commercial Real Estate Market in Elk Rapids, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
30 active listings and 506 off-market properties in Elk Rapids, MI. Commercial property asks $347/SF to buy and $22.53/SF/Yr to lease.
Market Trends
Elk Rapids, MI spans 3.8 square miles in Antrim County, Michigan. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Elk Rapids, MI runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in Elk Rapids, MI runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
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%.
Vacancy Rate % in Midwest region
Multifamily
Multifamily vacancy in Elk Rapids, MI runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
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.
1,997
Population
1,696
Households
1.2
Avg Household Size
60
Median Age
46%
College-Educated
99%
High-School Grad
3.8 sq mi
ZIP Area
532
Density / Sq Mi
$74,318
Median Household Income
$46,250
Median Earnings
$1,032
Median Rent
$347,100
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Kewadin | — | — |
| Old Mission | — | — |
| Rapid City | — | — |
| Alden | — | — |
Commercial property in Elk Rapids, MI asks $347/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Elk Rapids?
Commercial property in Elk Rapids, MI asks an average of $347 per square foot.
How much does it cost to lease commercial space in Elk Rapids?
Asking lease rates in Elk Rapids, MI average $22.53 per square foot per year.
Where does Realmo's Elk Rapids market data come from?
Realmo compiles Elk Rapids, MI figures from 3 recent recorded sales, 27 active sale listings, 3 active lease listings, 506 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 27 active for-sale and 3 active for-lease listings in Elk Rapids, MI. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- 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 August 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 August 2026 · report a data issue
