Building Details

Year Built 2014

Listing Agency: MOXIE Real Estate + Development

Listed By: Kyle Kimble · License #6501408446 Show Phone

Source: Carwm.resimplifi

Added: Nov 22, 2025 Changed: Oct 16 Last Checked: Oct 23 at 3:25AM

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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 MOXIE Real Estate + Development

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Investment Insights

Based on property information with market context.

Built in 2014, this 17-unit apartment property is positioned on Houghton Lake’s East Bay in Prudenville. The improvements include central air, forced-air heating, and natural gas service, with vinyl siding and paved public parking noted among the property features.

The site includes private frontage on an all-sports lake and is zoned VMU. The building formerly housed Sully’s on the Lake, providing a documented hospitality-related use history alongside its current apartment classification. The property is located at 104 West Houghton Lake Drive, Prudenville, Michigan 48651.

Key Highlights

• 17‑unit apartment building completed in 2014
• Private frontage on Houghton Lake’s East Bay
• All‑sports lake setting

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$87,125

Cap Rate

7.26%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,742,500 $1.7M

Cap Rate 7%

$1,244,643 $1.2M

Cap Rate 9%

$968,056 $968.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 16,304 SF

Gross rent

$244.6K $15.00/SF

− Vacancy

−$61.1K −$3.75/SF

EGI

$183.4K $11.25/SF

− OpEx

−$96.3K −$5.91/SF

NOI

$87.1K $5.34/SF

Area

Roscommon County, MI

Vacancy

25.00%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

52.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,742,500

Cap Rate 7%

$1,244,643

Cap Rate 9%

$968,056

Alternative Uses

Best Use

Hotel Hospitality

$1.24M

$1.09M – $1.45M (±1% cap)

NOI $87,125 @ 7.0% cap · market cap 7.26%

Second Best

Apartment 5plus

$989.2K

$865.5K – $1.15M (±1% cap)

NOI $69,241 @ 7.0% cap · market cap 5.77%

Theoretical Best

Office A

$2.68M

$2.35M – $3.13M (±1% cap)

NOI $187,822 @ 7.0% cap · market cap 15.65%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Sully's on the Lake Restaurant Bar & Pub Ohana Resort Hotel & Motel Sullys On the Lake Restaurant Cedar Oaks Lakeside ... Hotel & Motel

Suggested Use

Top Pick Big Box & Wholesale Store Plumbing Service Furniture & Home Goods Garden Center Law Firm Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

92

Businesses Nearby

Explore this area Business Placement

Demographics for 48651, MI

4,396

Population

3,825

Households

1.1

Avg Household Size

56

Median Age

19%

College-Educated

92%

High-School Grad

71.0 sq mi

ZIP Area

62

Density / Sq Mi

$42,938

Median Household Income

$32,917

Median Earnings

$797

Median Rent

$156,000

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Apartment property with private frontage on Houghton Lake’s East Bay and hospitality-oriented zoning.

Where is this apartment building located?

The property is located at 104 W Houghton Lake Dr Prudenville, MI.

What is the asking price?

The asking price for this property is $1,199,999.

What are key features of this property?

This property features: 17‑unit apartment building completed in 2014; Private frontage on Houghton Lake’s East Bay; All‑sports lake setting