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    215 Arthur St Manistee, MI 49660

    View on Map
    Sponsored
    For Sale
    $985,000

    COMMERCIAL - Manistee, MI

    Property size:
    9,000 SF
    Lot size:
    1.40 Acres
    Days on Market:
    15
    Last Refresh:
    Mar 13 at 10:06 pm

    Property Features for 215 Arthur St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bathroom 5, Basement, Bathroom 6, Bathroom 8, Bathroom 3, Bathroom 1, Bathroom 2, Bathroom 7, Bathroom 9, Bathroom 4
    Bathrooms
    9
    APN
    Multiple
    Interior features
    Broadband
    Size
    9,000 SF
    Lot size
    1.40 Acres

    Utilities

    Utilities
    Phone Available
    Heating system
    Forced Air
    Cooling system
    Central Air
    Water front features
    Lake
    Water front
    1

    Building Details

    Year built
    1995
    Floors in Building
    2
    Number of units
    9
    Building materials
    Vinyl Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Debby Stevenson

    GREENRIDGE Realty-Ludington (231) 843-6868

    Listing agent Debby Stevenson (231) 510-5727

    Listing date Feb 26, 2026

    MLS# 25040815

    Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Waterfront Motel, Marina, and Restaurant

    This commercial property in Manistee, MI, features water and highway frontage, including the Little Riverside Motel & Marina and a restaurant. The property has income-generating potential and development opportunities. It is currently configured with long-term rental units, which can also be used as nightly and weekly rentals. The property includes approximately 130 feet of frontage on Manistee Lake, along with 8 boat slips, providing recreational appeal and access to Lake Michigan via the Manistee River Channel. Located on the high-traffic US-31 corridor, the property benefits from visibility and market exposure. A commercial restaurant building, equipped with kitchen equipment, walk-in coolers, and seating, has been leased to a new business set to open in September 2025. The site offers flexibility for future development, including condo resales or a vacation lakefront resort. The 8 units are individually deeded condominiums, each with separate tax ID numbers, presenting an opportunity for individual sales. The property is a versatile asset with immediate income and long-term development potential in a lakeside location. The property size is 9000 square feet and the lot size is 1.4 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Motels

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    The Ramsdell Inn, Riverside Motel & Marina, Manistee Inn & Marina, Class Act Lodge, The Purple Paintbrush

    Location Insight

    • Map
    • Local Demand
    City
    Manistee
    County
    Manistee
    State
    Michigan
    Longitude
    -86.315956
    Latitude
    44.262339

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    FAQs

    What type of property is this?
    Motel - Commercial property with motel, marina, and restaurant on Manistee Lake.
    Where is this motel located?
    The property is located at 215 Arthur St Manistee, MI.
    What is the asking price?
    The asking price for this property is $985,000.
    What are key features of this property?
    This property features: - 130 feet of frontage on Manistee Lake with **8 boat slips, providing access to Lake Michigan.**; - High-traffic US-31 frontage offers **excellent visibility and market exposure.**; - Commercial restaurant building with kitchen equipment, walk-in coolers and seating, leased to a new business opening in September 2025.
    (231) 510-5727
    Request Owner's contact information
    215 Arthur St Manistee, MI 49660
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    Manistee, MI 49660
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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
    215 Arthur St Manistee, MI 49660
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    We can help!
    Listing Contact
    Debby Stevenson
    Real Estate License ID: 6502347161
    (231) 510-5727 (231) 843-6868
    Learn more
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