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    1341 S Lakeshore Dr Lake City, MI 49651

    For Sale
    $420,000

    Other - Lake City, MI

    Property size:
    4,880 SF
    Lot size:
    2.11 Acres
    Days on Market:
    55
    Last Refresh:
    Dec 7 at 3:06 pm

    Property Features for 1341 S Lakeshore Dr

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Commercial
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5
    Bathrooms
    10
    Parking
    8
    Basement Y/N
    1
    Size
    4,880 SF
    Lot size
    2.11 Acres

    Utilities

    Heating system
    Hot Water (Heating)

    Building Details

    Year built
    1950
    Roof type
    Asphalt
    Architectural style
    Other

    City2Shore Real Estate Northern Michigan (231) 839-0077 [email protected]

    Listing agent Tamara McLeod Helsel (231) 839-0077

    Listing date Oct 14, 2025

    MLS# 1932558 Listing URL

    Copyright © 2025 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

    Lake City Multifamily Investment Opportunity

    Located on high-traffic M-66/S. Lakeshore Drive in Lake City, MI, this fully rented 8-unit apartment complex offers a mix of income and development potential. The property features 6 double-bed units and 2 king-bed units, each with kitchenettes and full baths. The total living space is approximately 2,448 square feet. The property is fully occupied with an average rent of $750 per month per unit. The property is situated on a 2.11-acre lot with room to build additional units. It includes an 80 x 34 pool house with separate men’s and women’s bathrooms, which can be restored as an indoor pool facility or converted into additional rentals. A 56 x 24 pole barn is available for storage rental or added income. The location is near Lake Missaukee’s sandy shoreline and crystal-clear water, close to downtown dining, shopping, and seasonal events, and a short trip to Traverse City, Lake Michigan, ski resorts, and miles of ORV trails. The property is located across the road from Lake Missaukee. Expenses include monthly electric/gas ($550), monthly garbage ($100), monthly city water/sewer ($130), monthly snowplow/grass ($100), and annual insurance ($4,200).
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Wholesale Shop Hair Salon Auto Repair Shop Nail Salon Gym & Fitness Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake City
    County
    Missaukee
    State
    Michigan
    Longitude
    -85.211461
    Latitude
    44.318853

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    FAQs

    What type of property is this?
    Apartment building - Turnkey 8-unit multifamily property with expansion potential in Lake City, MI.
    Where is this apartment building located?
    The property is located at 1341 S Lakeshore Dr Lake City, MI.
    What is the asking price?
    The asking price for this property is $420,000.
    What are key features of this property?
    This property features: - Turnkey, fully occupied 8-unit multifamily property providing immediate cash flow.; - Significant expansion potential on a 2.11-acre lot, allowing for the construction of additional units.; - High-visibility location on M-66/S. Lakeshore Drive in a desirable four-season market.
    (231) 839-0077
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    1341 S Lakeshore Dr Lake City, MI 49651
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    Realmo Value Estimation

    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.

    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.

    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
    1341 S Lakeshore Dr Lake City, MI 49651
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