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    8195 5th Street Onekama, MI 49675

    View on Map
    For Sale
    $749,000

    MULTI_FAMILY - Onekama, MI

    Lot size:
    0.89 Acres
    Added:
    Oct 30, 2025
    Days on Market:
    155
    Last Refresh:
    Apr 2 at 1:06 am

    Property Features for 8195 5th Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    5
    Rooms
    Bedroom 4, Bathroom 1, Bathroom 3, Basement, Bedroom 3, Bedroom 1, Bedroom 2, Laundry Room, Bathroom 2, Bedroom 5
    Parking
    4
    Parking features
    Driveway
    Basement
    Partial
    Standard status
    Active
    APN
    514110005500
    Lot size
    0.89 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxAnnualAmount
    5930

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Radiant, Baseboard, Hot Water(Heating)
    Cooling system
    Window Unit(s)
    Water source
    Well, Private

    Building Details

    Year built
    1880
    Number of units
    11
    Building materials
    Vinyl Siding

    We can help!

    Listing Contact
    Christina Roberts
    Christina Roberts

    Listing agent Christina Roberts

    Listing office Keller Williams Northern Michigan 830 E Front Street Suite 110, Traverse City, MI

    Listing date Oct 30, 2025

    MLS# 25057440

    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

    Victorian Home in Onekama

    This Victorian home, built in 1880, is located in Onekama and features original wood trim and high ceilings. The property, set on nearly an acre, has been updated with new siding, roof, deck, and doors; new windows are on order. Currently used as a bed and breakfast, the home is being sold fully furnished. It includes 5 bedrooms, 3 baths, and nearly 2,900 square feet of living space. A self-contained 1-bed, 1-bath apartment provides flexibility for a caretaker, guest suite, or rental opportunity. The backyard includes an in-ground pool, and the 2-car garage houses a dry sauna. The porch offers views of Portage Lake. The property is walkable to the public beach and village shops, and a short drive to the Lake Michigan shoreline and Arcadia Dunes. It is suitable for use as a B&B or a family retreat.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bed & breakfasts

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Kitchen & Bath Showroom Bar & Pub HVAC Service Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Onekama
    County
    Manistee
    State
    Michigan
    Longitude
    -86.19682
    Latitude
    44.363012

    Nearby Similar for Sale

    • $749,000
      2,056 SF

      Victorian Bed & Breakfast Near Lake

      Charming Victorian home with modern updates, near Portage Lake.
      8195 Fifth Street, Onekama, MI 49675
      View Details
    • $1,099,000

      Renovated Triplex on Portage Lake

      Income-generating, renovated triplex with private dock on Portage Lake.
      4642 Main Street, Onekama, MI 49675
      View Details
    • $360,000
      800 SF

      Onekama Mixed-Use Property For Sale

      800 sq ft commercial space with residential unit in Onekama.
      4990 Main Street, Onekama, MI 49675
      View Details

    FAQs

    What type of property is this?
    Bed & breakfast - Charming, updated Victorian near Portage Lake, ideal for B&B.
    Where is this bed & breakfast located?
    The property is located at 8195 5th Street Onekama, MI.
    What is the asking price?
    The asking price for this property is $749,000.
    What are key features of this property?
    This property features: Updated Victorian built in 1880 with new siding, roof, deck, and doors.; Includes a self‑contained 1‑bed, 1‑bath apartment.; Currently operating as a fully furnished 5‑bedroom, 3‑bath bed and breakfast.
    (231) 675-3179
    We can help!
    Listing Contact
    Christina Roberts
    Christina Roberts
    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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