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    9994 M-33 Onaway, MI 49765

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    Claim this Listing
    For Sale
    $489,000

    COMMERCIAL - Onaway, MI

    Property size:
    2,150 SF
    Lot size:
    2.29 Acres
    Price / SF:
    $227/SF
    Added:
    Mar 12, 2026
    Days on Market:
    50
    Last Refresh:
    Apr 30 at 8:06 am

    Property Features for 9994 M-33

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Parking features
    Parking Lot
    Basement
    Crawl Space
    Standard status
    Active
    APN
    231-T03-004-004-00, 231-T03-004-004-00
    Size
    2,150 SF
    Lot size
    2.29 Acres

    Taxes and HOA fees

    Tax Description
    MAP OF TOWER POND SUBDIVISION NO 1, LOTS 1, 2, 3, BLK 4. (SEC 3, T34N,R1E) 479/117;805/861;1103/114;1103/897;1342/81;1362/753;1362/754 MAP OF TOWER POND SUBDIVISION NO 1, LOT 4, BLK 4. (SEC 3, T34N,R1E) 805/861;1103/114;1103/897;1342/81;1362/753;1362/

    Utilities

    Sewer type
    Septic Tank
    Water source
    Well
    Water front
    1

    Building Details

    Floors in Building
    1

    We can help!

    Listing Contact
    Kristy Green

    Listing agent Kristy Green License #6501434960

    Listing office State Wide Real Estate of Onaway P.O.BOX 333 21036 M-68 WEST, ONAWAY, MI

    Listing date Mar 12, 2026

    MLS# 201839000

    Copyright © 2026 Water Wonderland Board of Realtors®. 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 Hospitality Property in Onaway

    This turnkey waterfront hospitality property is located on scenic Tower Pond, which connects to the Black River. The lodge-themed property includes a 6-unit motel, a separate cabin suitable for rental or residential use, and up to 7 RV campsites with full hook-up options. The property features over 300 feet of waterfront, offering opportunities for fishing, kayaking, and canoeing. Paddle boats are available for guests. On-site entertainment includes horseshoe pits and a playground. The sale includes all furnishings and equipment, such as log furniture, dishes, cookware, appliances, linens, 10 canoes, 7 kayaks, 2 paddle boats, a trailer, picnic tables, and playground equipment. The property is situated on a 2.29-acre lot. The residence included with the motel is located at 9940 Peninsula Drive, Onaway. The property is zoned for commercial use and has a property size of 2150 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Hotel & Motel Parking Lot & Garage

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

    Similar Places Nearby

    • Tower Shore Motel and Camping — 9994 M-68, Onaway, MI 49765

    Location Insight

    • Map
    • Local Demand
    City
    Onaway
    County
    Presque Isle
    State
    Michigan
    Longitude
    -84.2074
    Latitude
    45.3181

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    FAQs

    What type of property is this?
    Motel - Turnkey waterfront hospitality property with motel, cabin, and RV campsites.
    Where is this motel located?
    The property is located at 9994 M-33 Onaway, MI.
    What is the asking price?
    The asking price for this property is $489,000.
    What are key features of this property?
    This property features: Turnkey waterfront hospitality property on Tower Pond with access to the Black River.; Includes a 6‑unit motel, a separate cabin, and up to 7 RV campsites with full hook‑up options.; Enjoy over 300 feet of waterfront for fishing, kayaking, and canoeing.
    (574) 903-5391
    We can help!
    Listing Contact
    Kristy Green
    Real Estate License ID: 6501434960
    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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