Back to Search

Turnkey Multifamily with Expansion Potential

1341 S Lakeshore Drive Lake City, MI 49651

1341 S Lakeshore Drive, Lake City, MI, 49651

$420,000

For Sale

$420,000

Fully rented 8-unit apartment complex with development potential.

Property Size2,448 SF

Lot Size2.11 Acres

Price / SF$171.57

AddedApr 20, 2025

Days on Market453

Last RefreshJul 15 at 9:35 pm

Property Features for 1341 S Lakeshore Drive

General Information

Standard status: Active
Size: 2,448 SF
Lot size: 2.11 Acres
Property subtype: Commercial/Industrial

Building Details

Year Built: 1950

Listing office City2Shore Real Estate Northern Michigan

Listing date Apr 20, 2025

Source Exitrealty

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 City2Shore Real Estate Northern Michigan

Investment Insights

Based on property information with market context.

Located on high-traffic M-66/S. Lakeshore Drive in Lake City, MI, this fully rented 8-unit apartment complex offers stable income and development potential. The property includes six double-bed units with kitchenettes and full baths, and two king-bed units with kitchenettes and full baths. The total living space is approximately 2,448 sq. ft. The property is fully occupied with an average rent of $750 per month. The 2.11-acre lot offers room to build additional units. An 80 x 34 pool house featuring separate men's & women's bathrooms is present, and can be restored as an indoor pool facility or converted into additional rentals. There is also a 56 x 24 pole barn for storage rental or added income. The property is located across the road from Lake Missaukee's sandy shoreline and crystal-clear water, and is close to downtown dining, shopping, and seasonal events. It is also a short trip to Traverse City, Lake Michigan, ski resorts, and miles of ORV trails. The location is ideal for enjoying events all four seasons. Monthly expenses include $550 for electric/gas, $100 for garbage, $130 for city water/sewer, and $100 for snowplow/grass. Annual insurance is $4,200.

Key Highlights

Turnkey, fully rented 8‑unit apartment complex providing immediate, stable income.
Significant expansion potential on a 2.11‑acre lot.
High‑visibility location on M‑66/S. Lakeshore Drive.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Similar For Sale Nearby

$475,000

2,300 SF

Restaurant and Bar with Patio

For sale bar and restaurant with patio space overlooking Lake Missaukee in downtown Lake City.

117 S Main Street, Lake City, MI 49651

View Details
$119,900

510 SF

Lake City Commercial Opportunity

Established restaurant with high visibility in Lake City, Michigan.

81 N Morey Road, Lake City, MI 49651

View Details
$300,000

Lake City Car Wash Business

Self-serve car wash business with real property and assets.

991 S Lakeshore Drive, Lake City, MI 49651

View Details
$100,000

Metal Pole Barn Storage Building

Turnkey 40-by-30 pole barn with updated roof, large garage door, and service door on a publicly maintained road.

N Green Road, Lake City, MI 49651

View Details
$289,900

1,400 SF

Turnkey Restaurant with Equipment

Turnkey restaurant sale includes real estate, equipment, and inventory for a ready-to-operate concept.

137 N Front Street, Lake City, MI 49651

View Details
$420,000

4,880 SF

Turnkey 8-Unit Multifamily Property

Fully rented 8-unit complex with on-site expansion options plus pool-house and storage space for additional income streams.

1341 S Lakeshore Drive, Lake City, MI 49651

View Details
$300,000

Lake City Car Wash Business

Self-serve car wash with high traffic and updated technology.

991 S Lakeshore Dr, Lake City, MI 49651

View Details
$129,900

New Pole Barn with Lean-To

New 2025 pole building with electricity, heat, and large doors for year-round industrial or flex use.

10420 W Rosted Rd, LakeTownship_Missaukee, MI 49651

View Details
$119,900

Restaurant with Natural Gas Pizza Oven

Turnkey pizza restaurant offering included commercial kitchen equipment and high-visibility roadside access near major intersections.

81 N Morey Road, Lake City, MI 49651

View Details
$289,900

Established Restaurant Business For Sale

Operating restaurant with real estate, equipment, and inventory included.

137 N Front St, Lake City, MI 49651

View Details
$1,100,000

6,554 SF

Lakefront Motel & Gift Shop

Lakefront motel, gift shop, and gas on Lake Missaukee.

214 Main Street, Lake City, MI 49651

View Details
$280,000

1,603 SF

Equipped Office Space For Sale

Turnkey office space suitable for medical or professional use.

1038 E WEST MAPLE Road, Walled Lake City, MI 48390

View Details

For sale
Apartment buildings
MI
Lake City
49651
1341 S Lakeshore Drive

What type of property is this?

Apartment building - Fully rented 8-unit apartment complex with development potential.

Where is this apartment building located?

The property is located at 1341 S Lakeshore Drive Lake City, MI.

What is the asking price?

The asking price for this property is $420,000.

What are key features of this property?

This property features: Turnkey, fully rented 8‑unit apartment complex providing immediate, stable income.; Significant expansion potential on a 2.11‑acre lot.; High‑visibility location on M‑66/S. Lakeshore Drive.