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    Torch Bay Inn Hospitality Opportunity Title is generated by Realmo AI

    4871 N US-31, Eastport, MI 49627

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    For Sale
    $1,850,000

    Commercial/Industrial - Eastport, MI

    Property size:
    4,800 SF
    Lot size:
    2.78 Acres
    Price / SF:
    $385/SF
    Added:
    Sep 16, 2025
    Days on Market:
    248
    Last Refresh:
    May 21 at 3:06 pm

    Property Features for 4871 N US-31

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Improved Commercial
    Bedrooms
    16
    Bathrooms
    15
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Interior features
    Cable TV, Refrigerator, Washer, Natural Gas, Off-Street Parking, Air-Conditioning, Common Area, Ample Parking, Dryer, Range, Exhaust Fan, Patio/Deck, Paved Roads
    Basement Y/N
    1
    Appliances
    Dryer, Range, Refrigerator
    Standard status
    Active
    APN
    05-14-312-017-11
    Size
    4,800 SF
    Lot size
    2.78 Acres

    Utilities

    Utilities
    Cable Available, Natural Gas Available
    Heating system
    Baseboard, Electric (Heating), Heat Pump (Heating), Hot Water (Heating), Natural Gas

    Building Details

    Year built
    1959
    Floors in Building
    1
    Number of units
    7
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Tom Rumble

    Listing agent Tom Rumble

    Listing office EXP Realty 39555 Orchard Hill Place, Suite 600, MI

    Listing date Sep 16, 2025

    MLS# 477666 Listing URL

    Copyright © 2026 Northern Michigan 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

    • Income‑producing property featuring updated motel rooms and standalone cottages.
    • Prime location near Torch Lake, Lake Michigan, and Barnes State Park.
    • Includes a 2‑bedroom living area for on‑site owner/manager.
    • Ample parking, including space for boat trailers and campers.
    • Oversized 2‑stall garage/workshop and expansion potential.
    • Meticulously maintained with pride of ownership evident.

    Overview

    This income-earning property is located in a picturesque area of Michigan, a short distance from Torch Lake and Lake Michigan, and within driving distance of Elk Rapids and Charlevoix. It is situated near Barnes State Park along Lake Michigan, and in proximity to restaurants, wineries, vineyards, and orchards. The property, updated in 2016, includes 6 standalone cottages and 8 updated motel rooms. Known as the Torch Bay Inn, the property features updated rooms and is operated to provide a relaxing stay. The grounds include a patio, gardens, and a gas fire pit seating area. The property includes a 2-bedroom living area suitable for a full-time manager or on-site owner, ample parking for guests, an oversized 2-stall garage/workshop, and an expanded area for boat trailers and campers. There is also land available for expansion. The property contains 4,800 square feet and sits on a 2.78-acre lot. More images and video will be available on Sept 15, 2025. The property is zoned for Improved Commercial use and is located in Eastport, MI.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Motels

    Similar Places Nearby

    • Torch Bay Inn and Cottages — 4871 US-31, Eastport, MI 49627

    Map

    City
    Eastport
    County
    Antrim
    State
    Michigan
    Longitude
    -85.3503
    Latitude
    45.1074

    FAQs

    What type of property is this?
    Motel - Income-earning opportunity near Torch Lake & Lake Michigan.
    Where is this motel located?
    The property is located at 4871 N US-31 Eastport, MI.
    What is the asking price?
    The asking price for this property is $1,850,000.
    What are key features of this property?
    This property features: Income‑producing property featuring updated motel rooms and standalone cottages.; Prime location near Torch Lake, Lake Michigan, and Barnes State Park.; Includes a 2‑bedroom living area for on‑site owner/manager.
    (888) 501-7085
    We can help!
    Listing Contact
    Tom Rumble
    Learn More
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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
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