Waterfront Resort with Rental
For Sale
$1,500,000
Pending
10360 West Shore Drive, Houghton Lake, MI 48629
Waterfront home, RV park, and rentals on Houghton Lake.
Property Size10,000 SF
Lot Size5.00 Acres
Days on Market856
Property Features for 10360 West Shore Drive
General Information
Standard status
Pending
Size
10,000 SF
Lot size
5.00 Acres
Property subtype
Commercial/Industrial
Building Details
Year Built
1958
Listing Agency:
Berkshire Hathaway Homeservices - TC
(231) 409-3035
Listed By:
Rita K Rathburn · License #6501239089
(231) 409-3035
Source:
Exitrealty
Added: Mar 27, 2024
Changed: Jul 10
Last Checked: Jul 24 at 9:16AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Berkshire Hathaway Homeservices - TC
Investment Insights
Based on property information with market context.
This property features a private waterfront home, an RV park, and rental units, with approximately 200 feet of water frontage, situated on 5 lots. Located on Houghton Lake, it includes a spacious 2-bedroom, 2-bath direct waterfront ranch home with a fireplace, a full enclosed sunroom, and an office with a private entrance, offering waterfront views, a beach, and extensive docking. The property also includes 11 beachfront rental units with kitchens and baths, and 18 RV sites with full hookups for water, electric, and sewer, as well as a boat launch. A bathhouse and 2 garage units are located on the RV grounds across the street. Additional rentals include a 2-bedroom residential home with a garage, a classic 2-bedroom cottage, and a 2-bedroom apartment over a game and recreational area. The resort offers potential for income with its RV park and rentals, along with a home directly on the water. Amenities include a beach, boat docking, a playground, a pavilion, and a bathhouse. Recent improvements in 2024 include a new break wall, new windows, paint, and carpeting in the resident home, as well as a complete remodel of one of the rentals.
Key Highlights
- Direct waterfront ranch home with 200 feet of water frontage on Houghton Lake.
- Established resort with 11 beachfront rental units and 18 RV sites with full hookups.
- Multiple income streams from RV park, rental units, and potential for owner‑occupied business.
Financial Insights For Hotel Hospitality
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $150.0k | $15.00 |
| − Vacancy | −$37.5k | −$3.75 |
| EGI | $112.5k | $11.25 |
| − OpEx | −$59.1k | −$5.91 |
| NOI | $53.4k | $5.34 |
10,000 SF · lease $15.00/SF/yr · vacancy 25.00% · expense 52.50%
Alternative Uses
Best Use
Hotel Hospitality
$763.4K
$668.0K – $890.6K
NOI $53,438 @ 7.0% cap · market cap 3.56%
Second Best
Apartment 5plus
$606.7K
$530.9K – $707.8K
NOI $42,469 @ 7.0% cap · market cap 2.83%
Theoretical Best
Office A
$1.65M
$1.44M – $1.92M
NOI $115,200 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Explore this area
Business Placement
Demographics for 48629, MI
7,420
Population
7,248
Households
1
Avg Household Size
56
Median Age
18%
College-Educated
90%
High-School Grad
77.5 sq mi
ZIP Area
96
Density / Sq Mi
$54,622
Median Household Income
$33,544
Median Earnings
$784
Median Rent
$142,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Resort - Waterfront home, RV park, and rentals on Houghton Lake.
Where is this resort located?
The property is located at 10360 West Shore Drive Houghton Lake, MI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Direct waterfront ranch home with **200 feet of water frontage on Houghton Lake.**; Established resort with **11 beachfront rental units and 18 RV sites with full hookups.**; Multiple income streams from RV park, rental units, and potential for owner‑occupied business.
