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    787 Lake Street Saugatuck, MI 49453

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    Claim this Listing
    For Sale
    $1,800,000

    COMMERCIAL - Saugatuck, MI

    Property size:
    2,744 SF
    Lot size:
    0.97 Acres
    Added:
    Mar 16, 2026
    Days on Market:
    33
    Last Refresh:
    Apr 17 at 5:06 pm

    Property Features for 787 Lake Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bathrooms
    6
    Rooms
    Bathroom 1, Bathroom 4, Bathroom 5, Bathroom 3, Basement, Bathroom 2, Bathroom 6
    Parking
    6
    Interior features
    Broadband
    Standard status
    Active
    APN
    57-875-011-00
    Size
    2,744 SF
    Lot size
    0.97 Acres

    Taxes and HOA fees

    Tax Year
    2020
    Tax Description
    UNIT 11 OF SHADY SHORES CONDOMINIUMS TOGETHER WITH BOAT SLIP ''G'' AS A LIMITED COMMON ELEMENT ALSO INCL. BOAT SLIPS F &
    Tax Annual Amount
    21250

    Utilities

    Utilities
    Cable Available
    Heating system
    Baseboard, Forced Air, Hot Water(Heating)
    Cooling system
    Window Unit(s), Central Air
    Water front features
    Lake
    Water front
    1

    Building Details

    Year built
    1920
    Floors in Building
    2
    Number of units
    1
    Building materials
    Vinyl Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Tammy L Kerr
    Tammy L Kerr

    Listing agent Tammy L Kerr License #6502335918

    Listing office BHG Connections 444 Center St, Douglas, MI

    Listing date Mar 16, 2026

    MLS# 26010197

    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.

    Overview

    Waterfront Investment Property in Saugatuck

    This waterfront investment property is a 7-bedroom, 6-bath home. The property has been newly remodeled and is being sold with high-end furniture included. It can accommodate up to 14 to 16 guests. Features include a four-season front porch, a back patio suitable for outdoor barbecues, and a private hot tub. The property is part of an 11-unit association that offers a shared pool. The sale includes two of the association's premier end docks, accessible only to owners and secured with a gate. Situated between downtown Saugatuck and Douglas, the location provides convenient access to restaurants, shopping, bars, and parks. The property is suited for accommodating large groups. The property could be converted back to a bed and breakfast. The lot size is 0.97 acres and the property size is 2744 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Saugatuck Harbor Inn Hotel & Motel

    Suggested Use

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

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

    Similar Places Nearby

    • Quaintcottages.Com — 62 W Center St, Douglas, MI 49406
    • U S Male Charters — Tower Marine Boat Sales, St Peters Dr, Douglas, MI 49406
    • Quaint Cottages — 35 w center st, douglas, mi 49406
    • The Goshorn House — 89 S Washington St, Douglas, MI 49406
    • DOUGLAS HARBOR VILLAGE — Outlook Dr, Douglas, MI 49406

    Location Insight

    • Map
    • Local Demand
    City
    Saugatuck
    County
    Allegan
    State
    Michigan
    Longitude
    -86.196402
    Latitude
    42.651956

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    FAQs

    What type of property is this?
    Bed & breakfast - Premier waterfront home, remodeled, furnished, and near downtown Saugatuck.
    Where is this bed & breakfast located?
    The property is located at 787 Lake Street Saugatuck, MI.
    What is the asking price?
    The asking price for this property is $1,800,000.
    What are key features of this property?
    This property features: Waterfront property with **2 private end docks (owner access only)**.; 7 bedrooms, 6 bathrooms, accommodates 14‑16 guests.; **Newly remodeled and furnished with high‑end furniture (included in sale)**.
    (616) 218-0873
    We can help!
    Listing Contact
    Tammy L Kerr
    Tammy L Kerr
    Real Estate License ID: 6502335918
    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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