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    5139 Main Greenbush, MI 48738

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    For Sale
    $525,000

    5 or More Units,Investment - Greenbush, MI

    Property size:
    1,620 SF
    Lot size:
    0.98 Acres
    Price / SF:
    $324/SF
    Added:
    Mar 12, 2026
    Days on Market:
    51
    Last Refresh:
    May 1 at 5:06 pm

    Property Features for 5139 Main

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Security features
    Fire Alarm, Security Lighting
    Patio and Porch features
    Patio, Deck
    Interior features
    110 Volt Power, Additional Bldg(s), Bath, Cable Internet Installed, Cable TV Available, Cafe/Kitchen, Carpet, Concrete Floor, Furniture, Gas Available, Living Quarters, Living Quarters Attached, Occupied, Outbuilding(s), Private Restrooms, Reception Area, Separate Meters, Tile Floors, Underground Utilities, Vinyl/Laminate Floors, Smoke/Fire Alarm
    Exterior features
    Additional Bldg(s), Deck/Patio, In Ground Tank
    Standard status
    Active
    APN
    040-002-300-135-00
    Size
    1,620 SF
    Lot size
    0.98 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    4923

    Utilities

    Utilities
    Cable Available
    Heating system
    Radiant
    Cooling system
    Ceiling Fan(s), Central Air, Multi Units, Wall/Window Unit(s), Window Unit(s)
    Water front features
    Lake Frontage, All Sports Lake, Waterfront, Waterfront
    Water front
    1

    Building Details

    Year built
    1922
    Flooring type
    Carpet, Concrete, Laminate, Tile, Vinyl
    Building materials
    Vinyl Siding
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Charles Lutz
    Charles Lutz

    Listing agent Charles Lutz License #6501290066

    Listing office RE/MAX First 37040 Garfield Rd Ste T-2, MI

    Listing date Mar 12, 2026

    MLS# 50201446 Listing URL

    Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Waterfront Property with Rental Units

    This outstanding waterfront property in Greenbush, MI, features 9 rental units. The property includes 6 one-bedroom motel rooms, 2 separate cottages, a mobile home, and a 1620 sq ft home with a basement. Additional structures include a storage shed and a 3-car garage. Situated on a 0.98-acre lot with 100 ft of waterfront beach, this family-owned property has been maintained for approximately 39 years. The property is described as super clean throughout and turn-key ready. A new roof was installed in 2012. All rentals are fully furnished and hardwired for Wi-Fi, with the internet cable running underground from the main house to each rental unit. This commercial property is an investment opportunity.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Pappas Motel and Cottages Hotel & Motel

    Suggested Use

    Hotel & Motel Bar & Pub Garden Center Bed & Breakfast Florist

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

    Location Insight

    • Map
    • Local Demand
    City
    Greenbush
    County
    Alcona
    State
    Michigan
    Longitude
    -83.315453
    Latitude
    44.587224

    Nearby Similar for Sale

    • $450,000

      Lake Huron Cabin Investment Opportunity

      Rental cabins with lake views on 7.45 acres.
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    • $450,000

      Lake Huron Cabin Investment Opportunity

      Rental cabins with lake views on 7.45 acres.
      4060 S US-23 Hwy, GreenbushTownship_Alcona, MI 48738
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    FAQs

    What type of property is this?
    Short term rental property - Waterfront property featuring 9 rental units in Greenbush, Michigan.
    Where is this short term rental property located?
    The property is located at 5139 Main Greenbush, MI.
    What is the asking price?
    The asking price for this property is $525,000.
    What are key features of this property?
    This property features: 100ft Waterfront Beach on an All Sports Lake; Nine Rental Units: Six 1‑Bedroom Motel Rooms, Two Separate Cottages, and a Mobile Home; Includes a **1620 SqFt Home with Basement and 3‑Car Garage**
    (586) 202-3487
    We can help!
    Listing Contact
    Charles Lutz
    Charles Lutz
    Real Estate License ID: 6501290066
    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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    5139 Main, Greenbush, MI 48738

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