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    Turnkey Multifamily with Expansion Potential Title is generated by Realmo AI

    1341 S Lakeshore Drive, Lake City, MI 49651

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    For Sale
    $420,000

    Fully rented 8-unit apartment complex with development potential.

    Type:Commercial/Industrial
    Property size:
    2,448 SF
    Lot size:
    2.11 Acres
    Price / SF:
    $171/SF
    Added:
    Apr 20, 2025
    Days on Market:
    408
    Last Refresh:
    May 28 at 6:47 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

    We can help!

    Listing Contact
    Tamara McLeod Helsel
    Tamara McLeod Helsel

    Listing agent Tamara McLeod Helsel License #6502410127

    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

    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.
    • Includes an 80 x 34 pool house, suitable for restoration or conversion.
    • Proximity to Lake Missaukee, downtown Lake City, and other Northern Michigan attractions.
    • Features a 56 x 24 pole barn for storage rental or added income.

    Overview

    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.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Gym & Fitness Center Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake City
    County
    Missaukee
    State
    Michigan
    Longitude
    -85.212852
    Latitude
    44.31754

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    FAQs

    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.
    (231) 920-6422
    We can help!
    Listing Contact
    Tamara McLeod Helsel
    Tamara McLeod Helsel
    Real Estate License ID: 6502410127
    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.

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    1341 S Lakeshore Drive, Reeder Township, MI 49651
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