Boutique Hotel and Event
For Sale
$850,000
2287 S Main Street, Central Lake, MI 49622
COMMERCIAL - Central Lake, MI
Property Size3,200 SF
Lot Size1.00 Acre
Price / SF$265.63
Days on Market53
Property Features for 2287 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Residential, Commercial, Motel/Hotel
Exterior features
Wood
Directions
N from Bellaire on M-88 to downtown Central Lake. Look for the bridge that goes across the river.
Subdivision
Antrim
Standard status
Active
Size
3,200 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Description
LOT 4, EXC N 20FT THEREOF, ALSO LOTS 5, 6, AND 7, BLK A; PLAT ELIZABETH SISSON'S 2ND ADD VILL OF CENTRAL LAKE SEC22 T31N R8W
Legal Description
LOT 4, EXC N 20FT THEREOF, ALSO LOTS 5, 6, AND 7, BLK A; PLAT ELIZABETH SISSON'S 2ND ADD VILL OF CENTRAL LAKE SEC22 T31N R8W
Utilities
Water front
1
Amenities
private baths
sitting room
piano room
dining area
shared kitchen
laundry
speakeasy/barrel room
owners suite
garage
creek
deck
fire pit
lounging areas
Building Details
Building materials
Frame
Roof type
Asphalt
Listing Agency:
Century 21 Northland-Elk Rapids
(231) 264-4500
Listed By:
Kellie Sergent · License #6506048950
(231) 499-1814
Added: Jun 28
Changed: Aug 4
Last Checked: Aug 19 at 9:06AM
MLS# 1947292
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.
Bridgewalk Estates is a boutique hotel and event space featuring five decorated suites, each with a private bath. The main level includes a sitting room, piano room, and a large dining area, supported by shared kitchen and laundry on premise. The lower level has been reimagined as a speakeasy/barrel room that can host guests on-site or be rented for special events. An owners suite with bath is located just off the garage, and it has recently been remodeled.
Set on about one acre, the property includes landscaped grounds with Knowles Creek running through the site, along with a deck overlooking the area, a fire pit, and multiple lounging areas for guest use. The property is located in Central Lake, within walking distance to stores including Mammoth and Fudgies. It is also described as minutes from a public boat launch and park for Intermediate Lake, with nearby towns including Bellaire, Charlevoix, and Bay Harbor.
Offered for sale as a turn-key operation with items included, the property is positioned for continued lodging and event bookings. With on-site guest accommodations, dedicated event-capable space in the lower level, and an owner’s suite separate from the main guest areas, it supports straightforward operation for an owner-operator or hospitality-focused buyer looking to continue and manage bookings through upcoming seasons.
Set on about one acre, the property includes landscaped grounds with Knowles Creek running through the site, along with a deck overlooking the area, a fire pit, and multiple lounging areas for guest use. The property is located in Central Lake, within walking distance to stores including Mammoth and Fudgies. It is also described as minutes from a public boat launch and park for Intermediate Lake, with nearby towns including Bellaire, Charlevoix, and Bay Harbor.
Offered for sale as a turn-key operation with items included, the property is positioned for continued lodging and event bookings. With on-site guest accommodations, dedicated event-capable space in the lower level, and an owner’s suite separate from the main guest areas, it supports straightforward operation for an owner-operator or hospitality-focused buyer looking to continue and manage bookings through upcoming seasons.
Key Highlights
- 5‑suite boutique hotel and event space in Central Lake, with private baths for each suite
- Main level includes sitting room, piano room, large dining area, plus shared kitchen and on‑premise laundry
- Lower level speakeasy/barrel room for guest hosting and/or special event rentals
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
$35,592
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
4.19%
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%
$711,840
$711.8K
Cap Rate 7%
$508,457
$508.5K
Cap Rate 9%
$395,467
$395.5K
Market Conditions
NOI Build-Up for 3,200 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
$49.5K $15.48/SF
− Vacancy
−$2.1K −$0.65/SF
EGI
$47.5K $14.83/SF
− OpEx
−$11.9K −$3.71/SF
NOI
$35.6K $11.12/SF
Area
Antrim County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
25.00%
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%
$711,840
Cap Rate 7%
$508,457
Cap Rate 9%
$395,467
Alternative Uses
Best Use
Specialty Retail
$508.5K
$444.9K – $593.2K
NOI $35,592 @ 7.0% cap · market cap 4.19%
Second Best
Hotel Hospitality
$179.1K
$156.8K – $209.0K
NOI $12,540 @ 7.0% cap · market cap 1.48%
Theoretical Best
Office A
$569.5K
$498.3K – $664.4K
NOI $39,863 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
110
Businesses Nearby
843
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 100%
Central Lake Hardware & Lumber
Home Improvements & Furnishings
843 visits/mo
0.1 miles
Demographics for 49622, MI
2,473
Population
1,945
Households
1.3
Avg Household Size
54
Median Age
30%
College-Educated
97%
High-School Grad
45.2 sq mi
ZIP Area
55
Density / Sq Mi
$66,618
Median Household Income
$32,682
Median Earnings
$1,020
Median Rent
$209,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - Turn-key boutique hotel with five suites and an event-ready lower level bar room.
Where is this hotel located?
The property is located at 2287 S Main Street Central Lake, MI.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 5‑suite boutique hotel and event space in Central Lake, with private baths for each suite; Main level includes sitting room, piano room, large dining area, plus shared kitchen and on‑premise laundry; Lower level speakeasy/barrel room for guest hosting and/or special event rentals
