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2240 Mitchell Park Dr 8,264 SF 100% Leased Office Building Petoskey, MI 49770 $1,395,000 ($168.80/SF) 5.77% Cap Rate
EXECUTIVE SUMMARY
Office building in the Mitchell Park Center Complex on the corner of Mitchell and Division Roads. Parking lot can be entered from 2 sides. Currently both spaces are leased to
NMCAA & Michigan Works office on multi year leases.
NMCAA & Michigan Works office on multi year leases.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
Sale Type
Investment
Property Type
Building Size
8,264 SF
Building Class
C
Year Built/Renovated
1995/2005
Price
$1,395,000
Price Per SF
$168.80
Cap Rate
5.77%
NOI
$80,500
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
8,264 SF
Building FAR
0.18
Lot Size
1.03 AC
Zoning
OS-1 - Office Service District
Parking
40 Spaces (4.84 Spaces per 1,000 SF Leased)
1 1
PROPERTY TAXES
| Parcel Number | 01-19-04-201-001 | Total Assessment | $418,200 (2025) |
| Land Assessment | $60,500 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $357,700 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
01-19-04-201-001
Land Assessment
$60,500 (2025)
Improvements Assessment
$357,700 (2025)
Total Assessment
$418,200 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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2240 Mitchell Park Dr
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