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144 River St 2,953 SF Retail Building Elk Rapids, MI 49629 $499,000 ($168.98/SF)
Investment Highlights
- Historic mixed-use building offering 2,953 square feet with commercial frontage and residential rental potential.
- Flexible B2 zoning permits short-term rentals and a variety of commercial applications for future growth.
- Recent updates enhance functionality while preserving the building’s character and charm.
- Located in downtown Elk Rapids, steps from popular shops, the marina, and waterfront attractions.
- Includes an established street-level retail space and an occupied studio apartment with additional storage.
- Strong investment appeal in a high-traffic tourism destination within one of Northern Michigan’s most vibrant communities.
Executive Summary
Located in the heart of downtown Elk Rapids, this rare mixed-use opportunity offers both commercial and residential potential within a historic and character-filled building. Unit #1 features a versatile commercial space currently occupied with potential to re-sign the lease in the fall, along with a charming garden studio apartment (currently rented month to month at $695) and valuable lower-level storage space, creating flexibility for owner-occupants, investors, or entrepreneurs alike. Offered at $499,000, the property is zoned B2, allowing for short-term rentals and a variety of commercial and residential uses. Rich in character, the building showcases timeless architectural details and enjoys an unbeatable downtown location just steps from local shops, restaurants, the marina, and the beach. A unique investment opportunity in one of Northern Michigan’s most vibrant waterfront communities.
Property Facts
Sale Type
Owner User
Property Type
Retail
Property Subtype
Storefront
Building Size
2,953 SF
Building Class
C
Year Built/Renovated
1900/2025
Price
$499,000
Price Per SF
$168.98
Tenancy
Single
Building Height
2 Stories
Building FAR
0.83
Lot Size
0.08 AC
Zoning
B2 - Commercial Zoned District
Frontage
150’ on River St
Amenities
- Signage
- Tenant Controlled HVAC
- Storage Space
- Air Conditioning
- Smoke Detector
Fairly walkable
50/100
Exceptionally drivable
100/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 05-43-250-005-00 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $504,600 |
Property Taxes
Parcel Number
05-43-250-005-00
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$504,600
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144 River St