Active

501 W Mitchell Street

Petoskey MI, 49770

$780,000


$120.99 per sqft

Active

6,447 sqft

Commercial

Built in 1937

6,447 square foot, 4-unit commercial building for sale at 501 and 515 W Mitchell (US 31), Petoskey, MI! Smart investment opportunity with all 4 units currently under active lease agreements. This building is in high demand for businesses as it offers a great location for customer visibility and accessibility, plus beautiful peaks of Little Traverse Bay from several offices. Estimated daily traffic count of over 25,000 along this section of W Mitchell. Ample and accessible parking for all units totaling 21 parking spots. Several recent improvements including roofing on half of the building, a new A/C and furnace, and areas of fresh concrete. The first floor houses 3 units and the 4th unit is on the upper level. Unit 1, at 1,840 sq ft is the largest. It is a mostly open floor plan with 1 private office and storage room. Unit 2 is 1,660 sq ft. It was originally designed as a medical office and currently still has a reception area, 3 offices, 3 exam rooms, and a break room. Unit 3's 1,320 sq ft is a fairly open floor plan with a storage room. The 2nd story Unit 4 is 1,670 sq ft with 6 private rooms for versatile office space. Located across the street from McLaren Northern MI hospital and in close proximity to many other highly distinguished businesses. Just a half mile to the Downtown Petoskey Gaslight District.

475243

MLS ID

October 25, 2024

Listed

February 20, 2025

Updated

Interior Features

Total Stories

2


Fireplace

No


Cooling

No


Heating

Yes


Heating Description

Heat Pump, Natural Gas

Exterior/Building Features

Lot Size

0.44 Acres


Sewer

Public Sewer

School Information

School District

Petoskey

Other Property Details

Area Name

Petoskey City


Days on Market

70


Garage

No


View

No


County

Emmet


Municipality

Petoskey City


Water Source

Public


Zoning

COP B-3

Listed by Carrie M Frisbie with Coldwell Banker Schmidt- Harbor Springs
Listing Contact: 231-268-9367 

Based on information from Northern Michigan MLS. Data last updated 2/20/2025. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Lobenherz Real Estate Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

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