Boutique Hotel with Event
For Sale
$850,000
2287 S Main Street, Central Lake, MI 49622
Boutique hotel and event space featuring five suites, private baths, and a remodeled speakeasy/barrel room.
Property Size3,200 SF
Days on Market57
Property Features for 2287 S Main Street
General Information
Standard status
Active
Size
3,200 SF
Property subtype
Business Opportunity
Zoning
Commercial, Residential
Additional Details
Business Included
Yes
Building Details
Building Size
3,200 SF
Year Built
1895
Listing Agency:
Century 21 Northland-Elk Rapids
(231) 499-1814
Listed By:
Kellie Sergent
(231) 499-1814
Source:
Phgrealty
Added: Jun 28
Changed: Aug 23
Last Checked: Aug 21 at 4:59PM
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 Century 21 Northland-Elk Rapids
Investment Insights
Based on property information with market context.
Bridgewalk Estates is a boutique hotel and event space that combines guest accommodations with indoor social areas. The property features five suites, each with a private bath, along with a sitting room and a piano room. Common areas include a large dining area, with a shared kitchen and on-premise laundry. The lower level has been remodeled as a speakeasy/barrel room, which can accommodate guests or be used for special events. An owners suite with a bath is located just off the garage, and the owners suite has been recently remodeled.
Set in Central Lake, the property is described as walkable to stores and named local businesses. It is also minutes from a public boat launch and park for access to Intermediate Lake.
The grounds include a creek that runs through the property, along with a deck overlooking the area, fire pit, and multiple lounging areas. The hotel is offered turn-key with items included.
Set in Central Lake, the property is described as walkable to stores and named local businesses. It is also minutes from a public boat launch and park for access to Intermediate Lake.
The grounds include a creek that runs through the property, along with a deck overlooking the area, fire pit, and multiple lounging areas. The hotel is offered turn-key with items included.
Key Highlights
- Boutique hotel and event space built in 1895, currently income producing
- 5 suites with private baths, plus a sitting room and a large dining area
- Lower level features a remodeled speakeasy/barrel room that can host guests or be rented for special events
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$35,592
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.19%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$711,840
$711.8K
Cap Rate 7%
$508,457
$508.5K
Cap Rate 9%
$395,467
$395.5K
Market Conditions
NOI Build-Up for 3,200 SF
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.
Gross rent
$49.5K $15.48/SF
− Vacancy
−$2.1K −$0.65/SF
EGI
$47.5K $14.83/SF
− OpEx
−$11.9K −$3.71/SF
NOI
$35.6K $11.12/SF
Area
Antrim County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$711,840
Cap Rate 7%
$508,457
Cap Rate 9%
$395,467
Alternative Uses
Best Use
Specialty Retail
$508.5K
$444.9K – $593.2K
NOI $35,592 @ 7.0% cap · market cap 4.19%
Second Best
Hotel Hospitality
$179.1K
$156.8K – $209.0K
NOI $12,540 @ 7.0% cap · market cap 1.48%
Theoretical Best
Office A
$569.5K
$498.3K – $664.4K
NOI $39,863 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
110
Businesses Nearby
843
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 100%
Central Lake Hardware & Lumber
Home Improvements & Furnishings
843 visits/mo
0.1 miles
Demographics for 49622, MI
2,473
Population
1,945
Households
1.3
Avg Household Size
54
Median Age
30%
College-Educated
97%
High-School Grad
45.2 sq mi
ZIP Area
55
Density / Sq Mi
$66,618
Median Household Income
$32,682
Median Earnings
$1,020
Median Rent
$209,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - Boutique hotel and event space featuring five suites, private baths, and a remodeled speakeasy/barrel room.
Where is this hotel located?
The property is located at 2287 S Main Street Central Lake, MI.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Boutique hotel and event space built in 1895, currently income producing; 5 suites with private baths, plus a sitting room and a large dining area; Lower level features a remodeled speakeasy/barrel room that can host guests or be rented for special events
