Discover 7 Hot Deals in Manistee, MI Commercial Real Estate for Sale & Lease

Manistee, MI Commercial Real Estate for Sale and Lease

Manistee’s historic downtown core features beautifully restored brick storefronts along River Street and Third Street, where local boutiques, cafes, and professional offices benefit from high foot traffic and generous façade improvement grants. Seasonal festivals, the scenic Riverwalk, and nearby marina draw visitors year-round, keeping vacancy rates low and lease rates competitive.

Just beyond downtown, the Riverfront District and Industrial Park offer flexible zoning for mixed-use projects, light manufacturing, and logistics. With easy access to US-31, active support from the Manistee Area Chamber of Commerce, and financing incentives like New Markets Tax Credits, this lakeside community provides solid fundamentals for investors and business owners alike.

Real Estate Statistics

Average Price	$473K
Lowest Price	$295K
Highest Price	$650K
Total Listings	2
Avg. Days On Market	92
Avg. Price/SQFT	$235

Property Types (active listings)

Browse Manton, MI Commercial Real Estate for Sale and Lease

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• $200,000 - $300,000
• $600,000 - $700,000

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$650,000

717 Parkdale Avenue, Manistee

0 Beds 2 Baths 2,770 SqFt Commercial MLS® # 1939522

$295,000

2051 E Parkdale Avenue, Manistee

0 Beds 0 Baths 0 SqFt Commercial MLS® # 1928414

Manistee MI Commercial Real Estate: Top Hot Deals

7 showcases the latest commercial listings in Manistee, MI, offering insights on prime locations, investment potential, and strategic buying tips.

Overview of Manistee Commercial Real Estate Market

Manistee, nestled on the shores of Lake Michigan, offers a vibrant commercial real estate landscape driven by tourism, manufacturing, and small-business growth. Over the past decade, the city’s mix of waterfront districts and historic downtown corridors has attracted investors seeking stable rental income and long-term appreciation. With a population hovering around 6,000 year-round residents—and swelling seasonally—Manistee balances small-town charm with solid demand for retail, office, and light industrial spaces.

The economic drivers include a thriving hospitality sector, key manufacturing facilities, and proximity to major transport routes via US-31. Annual festivals draw tens of thousands of visitors, fueling retail and foodservice leasing activity. Meanwhile, local incentives for downtown renovation have spurred mixed-use developments that blend shopping, dining, and office space.

In addition to tourism, key industry sectors like advanced manufacturing, healthcare services, and professional firms underpin steady demand for industrial parks and Class B office properties. Recent upgrades to municipal infrastructure—sewer, broadband, and road networks—have made new development more feasible. This combination of economic diversity and public-private partnerships ensures that both seasoned investors and first-time buyers find attractive entry points in Manistee’s commercial market.

Top Neighborhoods for Commercial Investment

Downtown Manistee

The historic downtown core is Manistee’s beating heart. Brick-lined streets house boutique retailers, art galleries, and cafes that thrive on foot traffic. Street-level storefronts average 1,200–1,800 sq ft and frequently lease for $12–$18 per sq ft NNN. Redevelopment grants from the city’s Main Street Program make property acquisition and façade improvements particularly appealing.

Riverfront District

Bordering the Manistee River, this emerging district caters to specialty restaurants, craft breweries, and marinas. Warehouse conversions offer open-plan event venues and loft offices, commanding premium rents of $15–$20 per sq ft. Riverfront zoning flexibility supports mixed-use projects that combine residential lofts above street-level retail.

Industrial Park Area

Just south of US-31 lies the Manistee Industrial Park, home to light manufacturing, logistics, and cold-storage facilities. Parcels range from half an acre to ten acres, with sale prices from $30K–$50K per acre. Proximity to rail spurs and major highways makes these properties ideal for distribution centers and precision-manufacturing clients.

Types of Commercial Properties Available

Retail Spaces

From corner shops in downtown to strip-malls along M-55, retail offerings in Manistee cater to a mix of national tenants and local entrepreneurs. Spaces range from 800 sq ft kiosks to 20,000 sq ft anchor units.

• Key features: High visibility, on-site parking, storefront signage.

• Average lease rates: $10–$18 per sq ft NNN.

Office Buildings

Office inventory spans historic conversions in downtown to modern suburban parks. Class A buildings offer full-service amenities, while Class B units provide cost-effective solutions for startups and professional services.

Industrial and Warehouse

Light-industrial facilities in the park area are designed for manufacturing, assembly, and storage. Clear heights of 18–24 ft and dock-high loading make these properties turnkey for logistics operators.

Mixed-Use Developments

New projects blend retail, office, and residential units, fostering around-the-clock activity. These developments often qualify for tax incremental financing and historic tax credits.

Investment Benefits and ROI Potential

Rental Yield Overview

Annual gross rental yields in Manistee’s commercial sector typically range from 6% to 8%, with core assets in downtown and riverfront commanding the higher end. Stable occupancy rates—often above 90%—ensure reliable cash flow.

Capital Appreciation Trends

Over the past five years, average asset values have risen by approximately 4% annually. Waterfront and historic-district properties have outperformed, appreciating as much as 6% per year due to limited supply and strong demand for legacy buildings.

Financing Options and Incentives

Local Lenders and Banking Partners

Community banks like Manistee County Bank and regional credit unions offer competitive lending terms, including 20-year amortizations and interest-only periods for qualified properties.

State and Federal Incentives

Michigan Strategic Fund grants, New Markets Tax Credits, and historic-preservation tax credits can offset acquisition and rehabilitation costs. These programs make value-add opportunities especially attractive to investors with renovation plans.

Steps to Buying Commercial Property in Manistee

Finding a Qualified Broker

Partnering with a broker experienced in Manistee’s micro-markets is crucial. Look for credentials like SIOR or CCIM and a track record of closed transactions in your target asset class.

Conducting Due Diligence

Key steps include property inspections, environmental assessments, and tenant-lease reviews. Don’t skip Phase I environmental reports, especially near former manufacturing sites.

Closing Procedures

Closing on Michigan commercial real estate typically involves purchase agreements governed by the Michigan Real Estate Commission rules, title insurance, and recording deeds at the Manistee County Register of Deeds.

Frequently Asked Questions

1. What is the minimum investment size in Manistee?
   A. You can start with as little as $100K for small retail or office condo units, though most investors target $250K+ for standalone buildings.

2. Are foreign investors allowed to purchase commercial property?
   A. Yes. Michigan has no restrictions on non-resident ownership, but foreign investors should plan for FIRPTA withholding and consult cross-border tax advisors.

3. How long does it take to close a commercial transaction?
   A. Typical closings range from 45 to 60 days, depending on financing timelines and due-diligence requirements.

4. What zoning approvals are needed for a mixed-use project?
   A. Most downtown parcels fall under the central business district (CBD) zoning, which permits mixed-use by right. Always verify with the Manistee Planning Commission.

5. Are there any major planned developments?
   A. The city is reviewing proposals for a waterfront hotel and conference center that could spur additional retail and office leasing.

6. How can I find off-market deals?
   A. Networking with local brokers, joining the Manistee Chamber of Commerce, and direct mail to property owners can uncover non-listed opportunities.

Conclusion and Next Steps

Manistee’s commercial real estate market combines small-town appeal with robust investment fundamentals. Whether you’re seeking stable rental income or long-term capital growth, the city’s diverse asset classes—from downtown retail to industrial parks—offer opportunities for every strategy. Partner with a local broker, explore financing incentives, and conduct thorough due diligence to position yourself for success in Manistee, MI.

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