Lake City Multifamily Investment
1341 S Lakeshore Drive, Lake City, MI 49651
- Added:
- Apr 15, 2025
- Days on Market:
- 398
- Last Refresh:
- May 17 at 7:06 am
Property Features for 1341 S Lakeshore Drive
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- Commercial
- Bathrooms
- 10
- Rooms
- Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5
- Parking
- 8
- Basement Y/N
- 1
- Standard status
- Active
- Size
- 4,880 SF
- Lot size
- 2.11 Acres
Taxes and HOA fees
- Tax Annual Amount
- 4811.56
Utilities
- Heating system
- Hot Water (Heating)
Building Details
- Year built
- 1950
- Roof type
- Asphalt
- Architectural style
- Other
Listing agent Tamara McLeod Helsel (231) 920-6422
Listing office City2Shore Real Estate Northern Michigan 200 S Main St., Lake City, MI (231) 839-0077
Listing date Apr 15, 2025
MLS# 1932558
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.
HighLights
- 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.
- Existing pool house (80 x 34) offers options for restoration or conversion into rental units.
- Includes a 56 x 24 pole barn, providing opportunities for storage rental and added income.
- Prime location across from Lake Missaukee, close to downtown amenities, and a short drive to major attractions.
Overview
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
Location Insight
- Map
- Local Demand
- City
- Lake City
- County
- Missaukee
- State
- Michigan
- Longitude
- -85.212852
- Latitude
- 44.31754
Nearby Similar for Sale
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 Drive 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.
