Homes for sale - 1341 S Lakeshore Drive, Lake City, MI 49651

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Christopher Parker

christopher.parker@exprealty.com +1(989) 812-6249

$420,000

Est. payment - /mo

4,880 SqFt

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Key Details

Property Type Commercial

Sub Type Business

Listing Status Active

Purchase Type For Sale

Square Footage 4,880 sqft

Price per Sqft $86

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 â€“ 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 Michiganâ€™s most active four-season markets. Current Configuration: â€¢ 6 double-bed units w/ kitchenettes & full baths â€¢ 2 king-bed units w/ kitchenettes & full baths â€¢ Approx. 2,448 sq. ft. of total living space â€¢ Fully occupied with an average rent of $750/month Property Highlights: â€¢ 2.11-acre lot with room to build additional units â€¢ 80 x 34 pool house featuring separate menâ€™s & womenâ€™s bathrooms â€“ can be restored as an indoor pool facility or converted into additional rentals (local builder's rendering available) â€¢ 56 x 24 pole barn for storage rental or added income Location Perks: Just across the road from Lake Missaukeeâ€™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 â€œGreatest Fourth in the North.â€ 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 â€” perfect for investors ready to capitalize on one of Michiganâ€™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

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MiRealSource (MI RealSource (Lenawee /Saginaw/SE-Border/Gr Shiawassee/Upper Peninsula)

Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.

Listed by City2Shore Real Estate Northern Michigan

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Christopher Parker

+1(989) 812-6249

Broker Associate | License ID: 164141; 6506049280

Broker Associate License ID: 164141; 6506049280

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1341 S Lakeshore Drive Lake City, MI 49651

Christopher Parker

Key Details

Location

Interior

Exterior

Building

Others

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