REQUEST A TOUR
$ 450,000
Est. payment | /mo
4,880 SqFt
$ 450,000
Est. payment | /mo
4,880 SqFt
Key Details
Property Type Commercial
Sub Type Business
Listing Status Active
Purchase Type For Sale
Square Footage 4,880 sqft
Price per Sqft $92
Subdivision Mi
MLS Listing ID 80055899
Year Built 1950
Annual Tax Amount $4,936
Lot Size 2.110 Acres
Acres 2.11
Lot Dimensions Irregular
Property Sub-Type Business
Property Description
Turnkey 8-Unit Multifamily with Expansion Opportunities – Lake City, MI Located on high-traffic M-66/S. Lakeshore Drive on the south end of Lake City, this fully rented 8-unit apartment complex offers a rare mix of stable income, development potential, and prime visibility in one of Northern Michigan’s most active four-season markets. Current Configuration: • 6 double-bed units w/ kitchenettes & full baths • 2 king-bed units w/ kitchenettes & full baths • Approx. 2,448 sq. ft. of total living space • Fully occupied with an average rent of $750/month Property Highlights: • 2.11-acre lot with room to build additional units • 80 x 34 pool house featuring separate men’s & women’s bathrooms – can be restored as an indoor pool facility or converted into additional rentals (local builder's rendering available) • 56 x 24 pole barn for storage rental or added income Location Perks: Just across the road from Lake Missaukee’s sandy shoreline and crystal-clear water, this location is a tenant favorite. Close to downtown dining, shopping, and seasonal events, and just a short trip to Traverse City, Lake Michigan, ski resorts, and miles of ORV trails. Watch July 4th fireworks from your boat during the “Greatest Fourth in the North.†Our Northern Michigan town has so many events to enjoy all four seasons: Polor Plunge and ice fishing in the winter, the Greatest Fourth in the North with fireworks, grand parade and more in the summer, Festival of the Pines in the Fall, just to name a few. This property offers a rare blend of immediate cash flow with future upside — perfect for investors ready to capitalize on one of Michigan’s most dynamic small-town markets. Income: Avg. Monthly Rent $750 for 8 units Expenses: Monthly Electric/Gas $550, Monthly Garbage $100, Monthly City Water/Sewer $130, Monthly Snowplow/Grass $100, Annual Insurance $4,200
Location
State MI
County Missaukee
Area Reeder Twp (57012)
Zoning Commercial
Interior
Heating Floor Furnace, Hot Water, Zoned Heating
Cooling Window Unit(s)
Exterior
Parking Features 6-10 Spaces, Parking Lot
Roof Type Asphalt
Building
Foundation Slab
Water Public Water
Structure Type Frame,Wood
Others
Ownership Private
Energy Description Natural Gas
Financing Cash,Conventional
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by City2Shore Real Estate Northern Michigan