Building Details

Building materials Steel, Frame

Roof type Asphalt, Metal

Listing Agency: Pat O'Brien & Associates m***@patobrien.com Show Phone

Listed By: Mark Snyder Show Phone

Added: Jul 23, 2024 Changed: Aug 4 Last Checked: Aug 9 at 9:06PM

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MLS# 1925101

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.

Investment Insights

Based on property information with market context.

This multi-use wedding venue property is offered as eight unique parcels totaling 3.4 acres, with 360' of waterfront on Lake Charlevoix. The package includes The Boathouse, a wedding and special event venue with lake views, along with an expansive boat restoration warehouse, two short-term rentals, and an office or retail building. The parcels are situated within Michigan Opportunity Zones.

The property is centrally located at 204 Water Street in East Jordan and is described as within walking distance to Downtown East Jordan.

Exterior features include vinyl and steel elements, with steel frame construction and metal and asphalt roofing. The overall property size is listed as 19,845 square feet.

Key Highlights

• Eight unique parcels totaling 3.4 acres
• 360' of waterfront on Lake Charlevoix
• Includes The Boathouse wedding and special event venue

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$162,608

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

3.25%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$3,252,160 $3.3M

Cap Rate 7%

$2,322,971 $2.3M

Cap Rate 9%

$1,806,756 $1.8M

Market Conditions

NOI Build-Up for 19,845 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$309.6K $15.60/SF

− Vacancy

−$13.9K −$0.70/SF

EGI

$295.7K $14.90/SF

− OpEx

−$133.0K −$6.70/SF

NOI

$162.6K $8.19/SF

Area

Charlevoix County, MI

Vacancy

4.50%

Lease Rate

$15.60 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$3,252,160

Cap Rate 7%

$2,322,971

Cap Rate 9%

$1,806,756

Alternative Uses

Best Use

Apartment 5plus

$2.32M

$2.03M – $2.71M (±1% cap)

NOI $162,608 @ 7.0% cap · market cap 3.25%

Second Best

Warehouse

$2.16M

$1.89M – $2.52M (±1% cap)

NOI $151,207 @ 7.0% cap · market cap 3.02%

Theoretical Best

Office A

$4.02M

$3.51M – $4.69M (±1% cap)

NOI $281,196 @ 7.0% cap · market cap 5.63%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

The Boathouse on Lake Charlevoix Wedding Service

Suggested Use

Top Pick Parking Lot & Garage Storage Facility Big Box & Wholesale Store Building Supply Furniture & Home Goods Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

245

Businesses Nearby

Explore this area Business Placement

Demographics for 49727, MI

6,887

Population

4,075

Households

1.7

Avg Household Size

46

Median Age

24%

College-Educated

92%

High-School Grad

120.0 sq mi

ZIP Area

57

Density / Sq Mi

$70,288

Median Household Income

$42,500

Median Earnings

$821

Median Rent

$187,700

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this wedding venues located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Wedding venue - Multi-parcel waterfront property with a wedding and special event venue, plus additional commercial and short-term rental uses.

Where is this wedding venue located?

The property is located at 204 Water Street East Jordan, MI.

What is the asking price?

The asking price for this property is $4,999,000.

What are key features of this property?

This property features: Eight unique parcels totaling 3.4 acres; 360' of waterfront on Lake Charlevoix; Includes The Boathouse wedding and special event venue