Waterfront Restaurant and
For Sale
$1,800,000
4168 W Houghton Lake Drive, Houghton Lake, MI 48629
COMMERCIAL - Houghton Lake, MI
Property Size8,420 SF
Price / SF$213.78
Days on Market9
Property Features for 4168 W Houghton Lake Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking features
Parking Lot
Subdivision
T22N R3W
Directions
Highway M55 South Shore of Houghton Lake directly across from Spicers Boat City Marina
Standard status
Active
APN
003-440-010-1001
Size
8,420 SF
Taxes and HOA fees
Tax Description
L1164/P2394 L928/P692 L900/P11 L890/P266 L420/P292 223 LOT 10 -.81 A KILLCARE RESORT AND ALL LAND THAT LIES W OF W LINE OF LOT 10 KILLCARE RESORT AND 141 FT E OF AND PARALLEL TO E LINE OF DETROIT ST EXT FROM N LINE OF M-55 TO S SHORE OF LAKE BEING 10.7 FT
Legal Description
L1164/P2394 L928/P692 L900/P11 L890/P266 L420/P292 223 LOT 10 -.81 A KILLCARE RESORT AND ALL LAND THAT LIES W OF W LINE OF LOT 10 KILLCARE RESORT AND 141 FT E OF AND PARALLEL TO E LINE OF DETROIT ST EXT FROM N LINE OF M-55 TO S SHORE OF LAKE BEING 10.7 FT
Utilities
Water source
Well
Water front
1
Amenities
open-air lakeside balcony
flat-screen televisions
leather-furnished lounge area
entertainment stage
lakeside pavilion
sandy beach
lakeside dock
Listing Agency:
CB Schmidt Houghton Lake
(989) 366-5522
Listed By:
Ruth Anne Clemens · License #6506043271
(989) 429-3100
Added: Jul 27
Changed: Jul 29
Last Checked: Aug 4 at 10:06AM
MLS# 201841794
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.
Investment Insights
Based on property information with market context.
Waterfront restaurant and lounge offering four distinct bar and entertainment areas, including an indoor horseshoe-shaped bar, a lake-level open-air lower bar, a 1,404-square-foot three-sided open-air lakeside pavilion bar, and an additional bar and entertainment area. The approximately 8400-square-foot facility also includes a second floor originally designed as a poker room, plus an entertainment stage and multiple indoor and outdoor gathering spaces.
The property features about 152 feet of frontage on Houghton Lake, Michigan’s largest inland lake, and includes a sandy beach, lakeside dock, and an approximately 560-square-foot open-air lakeside balcony with sweeping views. On-site amenities include expansive indoor and outdoor seating capacity, numerous flat-screen televisions, and a well-equipped commercial kitchen with top-of-the-line equipment and a modern POS system. A unique char broiler in the dining area allows guests to observe steak preparation.
On-site parking is provided via a parking lot, and the property uses well water.
The property features about 152 feet of frontage on Houghton Lake, Michigan’s largest inland lake, and includes a sandy beach, lakeside dock, and an approximately 560-square-foot open-air lakeside balcony with sweeping views. On-site amenities include expansive indoor and outdoor seating capacity, numerous flat-screen televisions, and a well-equipped commercial kitchen with top-of-the-line equipment and a modern POS system. A unique char broiler in the dining area allows guests to observe steak preparation.
On-site parking is provided via a parking lot, and the property uses well water.
Key Highlights
- About 152 feet of frontage on Houghton Lake
- Four distinct bar areas including a 1,404‑square‑foot open‑air pavilion bar
- Second floor originally designed as a poker room for events or expanded seating
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $118.2k | $14.04 |
| − Vacancy | −$32.7k | −$3.89 |
| EGI | $85.5k | $10.15 |
| − OpEx | −$21.4k | −$2.54 |
| NOI | $64.1k | $7.61 |
8,420 SF · lease $14.04/SF/yr · vacancy 27.70% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$915.8K
$801.3K – $1.07M
NOI $64,103 @ 7.0% cap · market cap 3.56%
Second Best
Industrial
$681.3K
$596.1K – $794.8K
NOI $47,688 @ 7.0% cap · market cap 2.65%
Theoretical Best
Office A
$1.39M
$1.21M – $1.62M
NOI $96,998 @ 7.0% cap · market cap 5.39%
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
103
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48629, MI
7,420
Population
7,248
Households
1
Avg Household Size
56
Median Age
18%
College-Educated
90%
High-School Grad
77.5 sq mi
ZIP Area
96
Density / Sq Mi
$54,622
Median Household Income
$33,544
Median Earnings
$784
Median Rent
$142,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- China Buffet — 3513 W Houghton Lake Dr, Houghton Lake, MI 48629
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Waterfront restaurant and lounge with multiple bar areas, commercial kitchen, and lakeside beach and dock on Houghton Lake.
Where is this conventional restaurant located?
The property is located at 4168 W Houghton Lake Drive Houghton Lake, MI.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: About 152 feet of frontage on Houghton Lake; Four distinct bar areas including a 1,404‑square‑foot open‑air pavilion bar; Second floor originally designed as a poker room for events or expanded seating
