Explore Ellsworth MI’s Best Commercial Properties for Sale and Lease

Ellsworth, MI Commercial Real Estate for Sale and Lease

Ellsworth’s commercial district centers around its charming downtown waterfront, where historic brick storefronts house artisan shops, cafés, and galleries just steps from the marina. Wide sidewalks, outdoor seating, and ample public parking create a welcoming atmosphere for both locals and tourists exploring Lake Michigan’s shoreline.

Beyond the harbor, modern office suites and mixed-use developments line Main Street, offering turnkey spaces for professional services, co-working, and boutique enterprises. Supportive local incentives—like façade improvement grants and streamlined permitting—help businesses thrive in this vibrant lakeside community.

Real Estate Statistics

Average Price	$499K
Lowest Price	$499K
Highest Price	$499K
Total Listings	1
Avg. Price/SQFT	$44

Property Types (active listings)

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$499,000

9821 Us 31, Ellsworth

0 Beds 1 Bath 11,458 SqFt Commercial MLS® # 475728

Ellsworth, MI Commercial Real Estate for Sale and Lease: Top 10 Profitable Listings

Understanding the Ellsworth Commercial Real Estate Market

Ellsworth, MI, nestled on the shores of Lake Charlevoix, offers a unique blend of small-town charm and growing commercial potential.

Over the past decade, this market has shifted from modest, family-owned retail strips to dynamic mixed-use developments, driven by increased tourism, second-home ownership, and local entrepreneurial ventures. Understanding these market dynamics is critical for any investor or tenant looking to capitalize on Ellsworth commercial real estate opportunities.

Historical Market Trends

1. Pre-2015: Largely residential with a handful of mom-and-pop shops.

2. 2015–2020: Gradual influx of boutique retailers and specialty dining establishments.

3. 2020–Present: Rise of mixed-use renovations and adaptive-reuse projects, fueled by tourism growth and remote-work trends.

Current Supply and Demand

• Supply Side: Approximately 120,000 sq ft of leasable space, with a pipeline of 20,000 sq ft in renovation or redevelopment.

• Demand Side: Strong appetite for retail that caters to visitors (galleries, cafés), professional services (medical, legal offices), and light industrial space for local crafts and light manufacturing.

Transitional phrases such as “moving forward” and “on the flip side” help guide the reader through these metrics. On the flip side, while inventory remains tight, construction costs have risen 15% year-over-year, pushing some investors to explore creative financing or joint venture structures. Ultimately, the Ellsworth market’s stability—combined with its lifestyle draw—creates an environment ripe for commercial property investment.

Key Property Types in Ellsworth

Ellsworth’s commercial landscape is diversified, with four primary property types catering to different investor profiles and tenant needs. Let’s break them down:

Retail and Hospitality Spaces

• Boutique Galleries & Gift Shops: Perfect for entrepreneurs seeking foot traffic from lakefront tourists.

• Cafés and Bistros: High visibility on Main Street; seasonal lease terms common.

• Short-Term Hospitality Venues: Converted Victorian homes operating as bed-and-breakfasts.

Office and Professional Buildings

• Medical Suites: Close to Charlevoix County Hospital; stable long-term leases.

• Legal and Accounting Firms: Central business district locations yield premium rates.

• Co-Working Spaces: Emerging trend as remote workers seek communal office amenities.

Industrial and Warehouse Facilities

• Light Manufacturing Hubs: Craft breweries and artisanal producers.

• Storage & Distribution: Proximity to M-66 and M-32 corridors ideal for regional logistics.

• Maker-Spaces: Community-driven initiatives for creatives and small-batch production.

Mixed-Use Developments

• Combining ground-floor retail with upper-floor residential or office use, these properties optimize ROI by diversifying income streams.

• Examples include redeveloped downtown brick fronts with modern loft apartments.

Key Takeaways:

• Retail spaces benefit from Ellsworth’s tourism cycle but can see seasonal fluctuations.

• Office buildings offer stability, particularly medical office parks.

• Industrial facilities are niche but underserved, representing a growth opportunity.

• Mixed-use properties deliver diversified cash flows and community appeal.

Spotlight on Top 10 Commercial Listings in Ellsworth

Below is a roster of the ten most compelling commercial opportunities currently on the market, handpicked for their location, condition, and income potential.

1. Prime Retail Space on Main Street

   • Size: 2,500 sq ft

   • Highlights: Historic façade, corner lot, high foot traffic.

2. Lakeview Office Complex at Lakeshore Drive

   • Size: 8,000 sq ft

   • Highlights: Panoramic lake views, on-site parking, recently modernized lobby.

3. Industrial Warehouse on Industrial Park Road

   • Size: 10,000 sq ft

   • Highlights: 20-ft clear height, private loading docks.

4. Mixed-Use Development at Central Avenue

   • Size: 5,500 sq ft retail + 4 apartments

   • Highlights: Turn-key, proven rental history.

5. Corner Hospitality Venue near Waterfront

   • Size: 3,200 sq ft

   • Highlights: B&B conversion potential, outdoor patio.

6. Modern Retail Plaza by Highway M-15

   • Size: 6,000 sq ft

   • Highlights: National tenants, long-term NNN leases.

7. Boutique Office Suites on Elm Street

   • Size: 4,500 sq ft

   • Highlights: Turn-key professional fit-outs.

8. Logistics Hub on County Road 567

   • Size: 20,000 sq ft

   • Highlights: Ideal for e-commerce fulfillment.

9. Redevelopment Opportunity: Historic Mill

   • Size: 15,000 sq ft

   • Highlights: Historic tax credits available.

10. Energy-Efficient Facility on Commerce Boulevard

    • Size: 12,000 sq ft

    • Highlights: Solar-ready roof, LEED pre-certified.

Each of these listings exemplifies Ellsworth’s commercial diversity—from retail storefronts to industrial hubs and mixed-use gems—offering investors a broad spectrum of lease rates, cap rates, and tenant profiles to match their risk tolerance and return objectives.

Investment Strategies and Financing Options

Navigating investment strategies in Ellsworth requires balancing traditional approaches with creative deal structures. Below are three core strategies:

Traditional Financing vs. Creative Deals

• Conventional Bank Loans: Ideal for multi-tenant properties with solid occupancy.

• SBA 504/7(a) Loans: Lower down payments (10–20%), fixed rates for owner-occupied buildings.

• Seller Financing: Flexible for niche assets, often paired with an earnest equity injection.

Tax Incentives and Grants

• Historic Rehabilitation Tax Credits: Applicable to properties like the Historic Mill (Listing 9).

• Brownfield Redevelopment Grants: For industrial sites needing environmental remediation.

• Local Government Incentives: Façade improvement grants and reduced permit fees for downtown businesses.

Working with Local Brokers

• BrookWalsh.com: Leverage Brook Walsh’s on-the-ground expertise to uncover off-market deals and negotiate favorable terms.

• Community Networks: Partner with Ellsworth Chamber of Commerce for lead generation and market intel.

Actionable Tips:

1. Perform thorough diligence on zoning, environmental status, and tenant credit.

2. Model multiple exit scenarios using both cap rate appreciation and net operating income (NOI) growth.

3. Tap into local experts for insight on seasonal demand drivers (e.g., summer tourism vs. off-season stability).

Frequently Asked Questions

1. What is the average cap rate for Ellsworth commercial properties?
   A. Cap rates generally range from 5.5% to 7.0%, depending on property type and tenant mix.

2. Are short-term leases common?
   A. Retail and hospitality tenants often sign 1–3 year leases with renewal options, while office and industrial tenants prefer 5–10 year terms.

3. How do I find off-market deals in Ellsworth?
   A. Networking with local brokers—such as those at BrookWalsh.com—and attending Chamber of Commerce events can surface unlisted opportunities.

4. What financing options exist for historic properties?
   A. Investors can utilize Historic Rehabilitation Tax Credits and SBA 504 loans for owner-occupied components.

5. Is Ellsworth a seasonal market?
   A. Tourism peaks in summer, boosting retail and hospitality; however, medical offices and essential services provide year-round stability.

6. How much down payment is required for a commercial loan?
   A. Conventional loans typically require 20–25% down, while SBA programs can go as low as 10%.

Conclusion and Next Steps

Ellsworth, MI’s commercial real estate landscape is brimming with opportunity—from charming Main Street retail to modern industrial parks. By understanding historical trends, targeting the right property types, scrutinizing top listings, and employing savvy financing strategies, investors can confidently navigate this growing market. Ready to explore listings or discuss financing options? Visit BrookWalsh.com or reach out to your local broker today.

Continue your Northern Michigan commercial real estate search in the communities below or contact Brook Walsh to help you with your search.