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    3551 W Otsego Lake Drive Gaylord, MI 49735

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    For Sale
    $895,000

    MULTI_FAMILY - Cottage - Gaylord, MI

    Property size:
    3,169 SF
    Lot size:
    2.40 Acres
    Price / SF:
    $282/SF
    Added:
    May 5, 2026
    Days on Market:
    2
    Last Refresh:
    May 6 at 10:06 am

    Property Features for 3551 W Otsego Lake Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    RR
    Bedrooms
    7
    Bathrooms
    4
    Rooms
    Bathroom 2, Bedroom 3, Bathroom 1, Bathroom 4, Bathroom 3, Bedroom 5, Bedroom 2, Bedroom 1, Bedroom 7, Bedroom 6, Bedroom 4
    Interior features
    Cable, Ceiling Fans, Doorwall, Hardwood Floors, Vaulted Ceilings
    Basement
    Crawl Space
    Appliances
    Refrigerator, Electric Range
    Standard status
    Active
    APN
    010-020-400-100-00
    Size
    3,169 SF
    Lot size
    2.40 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    S 150' OF N 558' OF GLO LOT 3. SEC 20 T30N R3W.

    Utilities

    Sewer type
    Shared Septic
    Heating system
    Forced Air, Natural Gas
    Water source
    Well
    Water front
    1

    Building Details

    Number of units
    4
    Building materials
    Metal Siding, Vinyl
    Architectural style
    Cottage

    We can help!

    Listing Contact
    Ryan Wojan
    Ryan Wojan

    Listing agent Ryan Wojan License #6506047353

    Listing office smith realty GROUP 1349 S Otsego Ave., Gaylord, MI

    Listing date May 5, 2026

    MLS# 201839826 Listing URL

    Copyright © 2026 Water Wonderland Board of Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Otsego Lake Multifamily Cottage Property

    This unique multifamily property offers endless possibilities on Otsego Lake. It features four cottages with a history of both short-term and long-term rentals. The property includes 150 feet of sandy frontage on Otsego Lake and spans 2.4 acres. Two of the cottages were constructed in 2015, while the other two have been renovated. A shared 20x20 garage provides storage space. The property utilizes a private water system and a newer pump-back septic system that was upgraded in 2015. The lot size allows for the addition of more cottages or a larger residence. There is also space for a large outbuilding that could be divided for separate storage. The property, located in Gaylord, MI, offers a great return on investment as-is, with potential for expansion.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dust Busters Cleaning ... Hardware & Home Improvement

    Suggested Use

    Real Estate Agency Restaurant Building Supply Auto Repair Shop Big Box & Wholesale Store Accounting Firm Hotel & Motel Auto Parts Store Kitchen & Bath Showroom Bar & Pub

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

    Location Insight

    • Map
    • Local Demand
    City
    Gaylord
    County
    Otsego
    State
    Michigan
    Longitude
    -84.69613
    Latitude
    44.980552

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    FAQs

    What type of property is this?
    Short term rental property - Unique multifamily property on Otsego Lake with rental history.
    Where is this short term rental property located?
    The property is located at 3551 W Otsego Lake Drive Gaylord, MI.
    What is the asking price?
    The asking price for this property is $895,000.
    What are key features of this property?
    This property features: 150' of sandy Otsego Lake frontage on 2.4 acres.; Four cottages with rental history (two built in 2015, two renovated).; Potential for expansion: add cottages, a larger residence, or a large outbuilding.
    (312) 545-8596
    We can help!
    Listing Contact
    Ryan Wojan
    Ryan Wojan
    Real Estate License ID: 6506047353
    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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