501 W Mitchell St - Storefront Retail/Office FOR SALE
Petoskey, MI 49770 |
$750,000 USD
248-702-0288
501 W Mitchell St
Petoskey, MI 49770
HIGHLIGHTS
- The Heart of Petoskey, MI - Nearly 1 MILLION Visitors Annually from Across the United States and the World www.petoskeyarea.com
- Prime Visibility & Location – Frontage along W Mitchell St (US-31), Petoskey’s main commercial corridor with strong daily traffic counts
- Excellent Access & Parking – Easy ingress/egress with on-site parking; minutes from downtown, major retailers, and area amenities
- New Roof Unit 1 and 2 ($34,000) and Parking Lot Seal and Stripe 2024 Unit 3 and 4 Roof was Replaced in 2013 Concrete Replacement 2023
- Upside in Rent Appreciation and Converting Leases from Gross to NNN
- Brand New Regional Lease – New 5-year lease with Cottage Inn Pizza, a trusted regional franchise with decades of brand recognition
FOR SALE DETAILS
PRICE
$750,000 USD
PRICE/SF
$106 USD /SF
CAP RATE
8.15%
% LEASED
-
TENANCY
Multiple
SALE TYPE
Investment
BUILDING DETAILS
PROPERTY NAME
The Reserve at Petoskey
PROPERTY TYPE
Retail
PROPERTY SUBTYPE
Storefront Retail/Office
TOTAL BUILDING SIZE
-
STORIES
2
YEAR BUILT
1970
SPRINKLERS
-
PARKING SPACES
15
LAND DETAILS
LAND ACRES
0.5 AC
LAND SF
21,780 SF
ZONING
Commercial B-3
APN/PARCEL ID
52-19-06-126-021,52-19-06-126-023
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248-702-0288
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248-702-0288
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