501 Mitchell StPetoskey, MI 49770

Property Details for 501 Mitchell St

Lot size

0.26 AC

Zone code

COP O-S

Property type

Commercial real estate

APN

52-19-05-102-039

APU

521905102039

Description

This exceptional investment opportunity presents a 6,447 square foot, four-unit commercial building situated at 501 and 515 W Mitchell Street (US 31) in Petoskey, Michigan. All four units are currently under active lease agreements, ensuring immediate cash flow. Boasting a highly visible location across from McLaren Northern Michigan hospital, this property benefits from an estimated daily traffic count exceeding 25,000 vehicles. The building offers ample parking with 21 spaces. Recent improvements include roofing on half the building, a new HVAC system, and refreshed concrete areas. The layout comprises three ground-floor units and one upper-level unit. Unit 1, the largest at 1,840 square feet, features an open floor plan, a private office, and storage. Unit 2 (1,660 sq ft) is configured as a medical office with a reception area, three offices, three exam rooms, and a break room. Unit 3 (1,320 sq ft) offers a mostly open layout with storage. The second-story Unit 4 (1,670 sq ft) provides six private rooms, ideal for versatile office use. The property's proximity to the hospital and the Downtown Petoskey Gaslight District (half a mile away) further enhances its desirability. Beautiful views of Little Traverse Bay are visible from several offices. The asking price is $780,000.

• Alternative Use

  Use

  Valuation

  Residential

  $2,367,767

  Hospitality

  $2,168,862

  Educational

  $1,804,468

  Medical

  $1,866,526

  Retail

  $2,806,950

Location Insight

City

Petoskey

County

Emmet

State

Michigan

Latitude

45.3742

Longitude

-84.952

Property Tax & Assessments

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