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    12800 & 12862 Cherry Avenue Rapid City, MI 49676

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    For Sale
    $1,600,000

    Bed & Breakfast,Adult Foster Care, 1 Story - Rapid City, MI

    Property size:
    9,501 SF
    Lot size:
    1.98 Acres
    Added:
    Oct 31, 2025
    Days on Market:
    159
    Last Refresh:
    Apr 7 at 10:06 am

    Property Features for 12800 & 12862 Cherry Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Multi-Family
    Rooms
    Basement
    Parking features
    Driveway, Paved or Surfaced
    Interior features
    None
    Basement Y/N
    1
    Appliances
    Dishwasher, Range, Refrigerator, Washer
    Standard status
    Active
    Size
    9,501 SF
    Lot size
    1.98 Acres

    Building Details

    Floors in Building
    1
    Number of units
    14
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Matthew Crane

    Listing agent Matthew Crane

    Listing office Berkshire Hathaway Homeservices - TC 630 E. Front Street, Suite 200, Traverse City, MI

    Listing date Oct 31, 2025

    MLS# 1940129 Listing URL

    Copyright © 2026 Northern Great Lakes Realtors 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

    Torch Lake Resort Property

    This resort property in Northern Michigan is located steps from Torch Lake's sandbar. It includes two parcels: a renovated 14-unit motel and a 3-bed, 2-bath home. Several motel rooms can convert into larger suites. The home is suitable for on-site manager accommodations or rental income. The property features ample on-site parking, potential room to expand, a full commercial kitchen, lobby office, pavilion, and a whole-building generator. A comprehensive fire suppression system is in place. The property is positioned near Elk Rapids, Alden, and Traverse City. The property is suitable as a turnkey investment, for expanding a hospitality portfolio, or for launching a lakeside business venture. The property size is 9501 square feet and the lot size is 1.98 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    South Torch Assisted ... Nursing Home

    Suggested Use

    Restaurant Real Estate Agency Building Supply Big Box & Wholesale Store Pharmacy Hotel & Motel Storage Facility Bar & Pub Garden Center Discount Store

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

    Similar Places Nearby

    • Jill's Rental Cabin — 9159 shellway dr nw, rapid city, mi 49676

    Location Insight

    • Map
    • Local Demand
    City
    Rapid City
    County
    Kalkaska
    State
    Michigan
    Longitude
    -85.331435
    Latitude
    44.850028

    Nearby Similar for Sale

    • $330,000
      1,792 SF

      Commercial Parcel with Office/Retail Building

      1.43 acre commercial parcel with 1,792 SF building.
      9490 Rapid City Road NW, Rapid City, MI 49676
      View Details
    • $1,600,000
      9,501 SF

      Torch Lake Resort Property

      Updated 14-unit motel near Torch Lake's sandbar.
      12800 & 12862 Cherry Avenue, Rapid City, MI 49676
      View Details

    FAQs

    What type of property is this?
    Bed & breakfast - Updated 14-unit motel and 3-bed home near Torch Lake.
    Where is this bed & breakfast located?
    The property is located at 12800 & 12862 Cherry Avenue Rapid City, MI.
    What is the asking price?
    The asking price for this property is $1,600,000.
    What are key features of this property?
    This property features: Prime location steps from Torch Lake's sandbar in a high‑demand area.; Turnkey, updated 14‑unit motel generating immediate cash flow.; Includes a separate 3‑bed, 2‑bath home for on‑site management or rental income.
    (231) 350-9386
    We can help!
    Listing Contact
    Matthew Crane
    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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