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    104 W Houghton Lake Drive Prudenville, MI 48651

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    For Sale
    $1,199,999

    MULTI_FAMILY - Prudenville, MI

    Lot size:
    0.14 Acres
    Added:
    Nov 24, 2025
    Days on Market:
    127
    Last Refresh:
    Mar 31 at 1:06 pm

    Property Features for 104 W Houghton Lake Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    20
    Rooms
    Bedroom 16, Bathroom 11, Bathroom 6, Bedroom 17, Bedroom 19, Bathroom 7, Bedroom 10, Bedroom 18, Bathroom 12, Bathroom 1, Bedroom 20, Bedroom 13, Bedroom 1, Bathroom 4, Bedroom 8, Bedroom 2, Bedroom 11, Bathroom 3, Bedroom 7, Bedroom 12, Bedroom 15, Bathroom 10, Bedroom 14, Bathroom 8, Bedroom 4, Bedroom 9, Bathroom 13, Bedroom 6, Basement, Bedroom 5, Bathroom 2, Bathroom 5, Bathroom 9, Bedroom 3
    Parking
    30
    Standard status
    Active
    APN
    003-345-001-0000
    Lot size
    0.14 Acres

    Taxes and HOA fees

    TaxYear
    2025
    TaxDescription
    223 L1038/P1635 L771/P592&597&602 L456/P165-6 LOT 1 & SWLY 1/2 OF LOT 2 & VACATED PORTION OF HOUGHTON ST VACATED ALLEY AND THAT PORTION OF LOT 55 LYING SW'LY OF RELOCATED HOUGHTON ST ALL IN THE PLAT OF HOUGHTON LAKE RESERVE ASSESSED WITH 003-585-001- 0000
    TaxAnnualAmount
    19282

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air
    Cooling system
    Central Air
    Water front features
    Lake
    Water front
    1

    Building Details

    Year built
    2014
    Number of units
    17
    Building materials
    Vinyl Siding

    We can help!

    Listing Contact
    Kyle J Kimble

    Listing agent Kyle J Kimble License #6501408446

    Listing office MOXIE Real Estate + Development 3883 Clay Ave SW, Rockford, MI

    Listing date Nov 24, 2025

    MLS# 26009334

    Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Hospitality Investment Opportunity in Prudenville

    Located at 104 W. Houghton Lake Drive in Prudenville, Michigan, this property presents a prime opportunity for hospitality and resort investors. The building features 17 units and was formerly the home of Sully's on the Lake, a restaurant on Houghton Lake. Situated on Houghton Lake's East Bay in Roscommon County, the property is positioned to capitalize on the hospitality and resort market. The lot size is 0.14 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Sully's on the Lake Restaurant Bar & Pub Ohana Resort Hotel & Motel Sullys On the Lake Restaurant Cedar Oaks Lakeside ... Hotel & Motel

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Prudenville
    County
    Roscommon
    State
    Michigan
    Longitude
    -84.641016
    Latitude
    44.30547

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    FAQs

    What type of property is this?
    Hospitality property - Hospitality and resort investment opportunity on Houghton Lake's East Bay.
    Where is this hospitality property located?
    The property is located at 104 W Houghton Lake Drive Prudenville, MI.
    What is the asking price?
    The asking price for this property is $1,199,999.
    What are key features of this property?
    This property features: Prime investment opportunity in the hospitality and resort market.; Located on Houghton Lake's East Bay with waterfront features.; Features 17 units.
    (616) 706-6086
    We can help!
    Listing Contact
    Kyle J Kimble
    Real Estate License ID: 6501408446
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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