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    1180 N Shore Drive Mears, MI 49436

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    Claim this Listing
    For Sale
    $8,900,000

    Commercial/Industrial - Mears, MI

    Property size:
    63,000 SF
    Lot size:
    3.00 Acres
    Price / SF:
    $141/SF
    Added:
    May 1, 2025
    Days on Market:
    365
    Last Refresh:
    Apr 30 at 12:06 am

    Property Features for 1180 N Shore Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Resort
    Bedrooms
    74
    Bathrooms
    75
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Interior features
    Cable TV, Refrigerator, Washer, Natural Gas, Off-Street Parking, Air-Conditioning, Common Area, Ample Parking, Dryer, Range, Exhaust Fan, Refrigerator Fan, Patio/Deck, Paved Roads
    Basement Y/N
    1
    Appliances
    Dryer, Range, Refrigerator
    Standard status
    Active
    APN
    006-140-022-00,182-039-00
    Size
    63,000 SF
    Lot size
    3.00 Acres

    Utilities

    Utilities
    Cable Available, Natural Gas Available
    Heating system
    Natural Gas
    Water front features
    180 Feet Of Waterfront, Waterfront
    Water front
    1

    Building Details

    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Austen Lobenherz
    Austen Lobenherz

    Listing agent Austen Lobenherz

    Listing office Berkshire Hathaway HomeServices Real Estate 203 Bridge St., Charlevoix, MI

    Listing date May 1, 2025

    MLS# 476265 Listing URL

    Copyright © 2026 Northern Michigan MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Waterfront Resort Near Silver Lake Dunes

    The Dunes Waterfront Resort presents a unique opportunity to acquire a fully operational waterfront hotel situated on the shores of Silver Lake, directly opposite the Silver Lake Sand Dunes. This resort features 74 guest rooms, including 45 lake-facing units with private balconies. The top floor includes an indoor pool, a game room, conference space, and a kitchen. A manager’s office and apartment are located adjacent to the front desk. Additional land across the street includes storage buildings. The property has been maintained with a new roof and siding. The sandy beachfront parcel has conditional approval for additional structures, allowing for future development. The offering includes real estate, FF&E, operations, and additional land. The property size is 63000 square feet and the lot size is 3 acres. The property is located in Mears, MI. The resort is one of the full-service lodging options in the area and enjoys repeat business and consistent cash flow. The property is zoned as Resort.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dunes Waterfront Resort Hotel & Motel

    Suggested Use

    Restaurant Real Estate Agency Building Supply Auto Repair Shop Gym & Fitness Center Auto Parts Store Hotel & Motel Department Store Food Market Storage Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Mears
    County
    Oceana
    State
    Michigan
    Longitude
    -86.489984
    Latitude
    43.668069

    Nearby Similar for Sale

    • $2,300,000
      5,500 SF

      Established Store Near Silver Lake

      Long-standing store in high-traffic area near Silver Lake State Park.
      8587 Silver Lake Road, Mears, MI 49436
      View Details
    • $2,300,000

      Silver Lake Staple Retail Store

      Established retail store in high-traffic Silver Lake location.
      8587 W Silver Lake Road, Mears, MI 49436
      View Details
    • $8,900,000
      63,000 SF

      Waterfront Resort Near Silver Lake Dunes

      Turn-key waterfront hotel with development potential near Silver Lake Dunes.
      1180 North Shore Drive, Mears, MI 49436
      View Details

    FAQs

    What type of property is this?
    Hotel - Turn-key waterfront hotel with development potential near Silver Lake Sand Dunes.
    Where is this hotel located?
    The property is located at 1180 N Shore Drive Mears, MI.
    What is the asking price?
    The asking price for this property is $8,900,000.
    What are key features of this property?
    This property features: High‑performing, turn‑key waterfront hotel directly across from the Silver Lake Sand Dunes.; **74 spacious guest rooms, including 45 lake‑facing units with private balconies.**; Additional land approved for future development, such as a bar and grill or watersports rental.
    (231) 675-4474
    We can help!
    Listing Contact
    Austen Lobenherz
    Austen Lobenherz
    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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