Turnkey Multifamily with Expansion
For Sale
$420,000
Pending
1341 S Lakeshore Drive, Lake City, MI 49651
Fully rented 8-unit apartment complex with development potential.
Property Size2,448 SF
Lot Size2.11 Acres
Days on Market498
Property Features for 1341 S Lakeshore Drive
General Information
Standard status
Pending
Size
2,448 SF
Lot size
2.11 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$4,811
Building Details
Year Built
1950
Listing Agency:
City2Shore Real Estate Northern Michigan
(231) 920-6422
Listed By:
Tamara McLeod Helsel · License #6502410127
(231) 920-6422
Source:
Exitrealty
Added: Apr 20, 2025
Changed: Aug 8
Last Checked: Jul 31 at 4:22PM
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
Current Use
Location Intelligence
Trade Area within ½ mile
58
Businesses Nearby
Explore this area
Business Placement
Demographics for 49651, MI
7,881
Population
4,968
Households
1.6
Avg Household Size
46
Median Age
19%
College-Educated
92%
High-School Grad
235.5 sq mi
ZIP Area
33
Density / Sq Mi
$61,524
Median Household Income
$35,896
Median Earnings
$879
Median Rent
$165,100
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?
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.
