1341 S Lakeshore Drive Active Save Request In-Person Tour Request Virtual Tour
Lake City,MI 49651
Key Details
Property Type Commercial
Sub Type Hospitality
Listing Status Active
Purchase Type For Sale
Square Footage 4,880 sqft
Price per Sqft $92
Subdivision Mi
MLS Listing ID 1932558
Year Built 1950
Lot Size 2.110 Acres
Acres 2.11
Lot Dimensions Irregular
Property Sub-Type Hospitality
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.
Location
State MI
County Missaukee
Zoning Commercial
Rooms
Basement Slab
Interior
Heating Hot Water,Floor,Window Air Conditioner,Zoned/Dual
Cooling Hot Water,Floor,Window Air Conditioner,Zoned/Dual
Exterior
Exterior Feature Wood
Roof Type Asphalt
Present Use Other
Road Frontage Public Maintained,Blacktop
Total Parking Spaces 8
Building
Sewer Municipal
Water Municipal Water
Others
Tax ID 051-675-003-00
Ownership Private Owner
Acceptable Financing Conventional Mortgage,Cash
Listing Terms Conventional Mortgage,Cash