Seven-Cabin Rental
For Sale
$999,000
5358 Paw Paw Lake Road, Coloma, MI 49038
The cabins operate as seasonal short-term rentals, with longer-term occupancy during the off-season.
Property Size3,460 SF
Lot Size1.00 Acre
Price / SF$288.73
Days on Market11
Property Features for 5358 Paw Paw Lake Road
General Information
Standard status
Active
Size
3,460 SF
Lot size
1.00 Acre
Property subtype
Commercial
Units
Unit Mix
3 x 2BR/1BA, 3 x 1BR/1BA
Multifamily Units
6
Additional Details
Gross Income
$150,000
Taxes and HOA fees
Annual Taxes
$8,023
Amenities
on-site laundry
Building Details
Building Size
3,460 SF
Year Built
1935
Buildings
7
Stories
2508
Units
7
Listing Agency:
Ellsbury Group
(219) 200-5133
Listed By:
Lane Moser · License #RB19000138
(260) 615-9248
Source:
Buskardgroup
Added: Oct 22
Changed: Oct 26
Last Checked: Oct 29 at 8:26PM
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 Ellsbury Group
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Investment Insights
Based on property information with market context.
This short-term rental property comprises seven cabins totaling 3,460 square feet across two parcels of approximately 1 acre. Three cabins have two bedrooms and one bathroom each, while three have one bedroom and one bathroom each. The seventh cabin is being adapted for office and laundry use. Heating and cooling systems have been updated, and the driveway has been paved. The property was built in 1935.
Located across the road from Paw Paw Lake, the property includes addresses 5354 and 5358 Paw Paw Lake Road. Its rental schedule shifts from short-term stays in summer to longer-term rentals during the off-season.
Located across the road from Paw Paw Lake, the property includes addresses 5354 and 5358 Paw Paw Lake Road. Its rental schedule shifts from short-term stays in summer to longer-term rentals during the off-season.
Key Highlights
- Seven cabins totaling 3,460 square feet on approximately 1 acre across two parcels
- Three 2‑bedroom, 1‑bath cabins and three 1‑bedroom, 1‑bath cabins
- Seventh cabin being converted to office and on‑site laundry space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,240
Cap Rate
2.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$564,800
$564.8K
Cap Rate 7%
$403,429
$403.4K
Cap Rate 9%
$313,778
$313.8K
Market Conditions
NOI Build-Up for 3,460 SF
Gross rent
$54.4K $15.72/SF
− Vacancy
−$3.0K −$0.88/SF
EGI
$51.3K $14.84/SF
− OpEx
−$23.1K −$6.68/SF
NOI
$28.2K $8.16/SF
Area
Berrien County, MI
Vacancy
5.60%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$564,800
Cap Rate 7%
$403,429
Cap Rate 9%
$313,778
Alternative Uses
Best Use
Apartment 5plus
$403.4K
$353.0K – $470.7K
NOI $28,240 @ 7.0% cap · market cap 2.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$728.1K
$637.1K – $849.4K
NOI $50,965 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
40
Businesses Nearby
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Business Placement
Demographics for 49038, MI
8,979
Population
5,124
Households
1.8
Avg Household Size
45
Median Age
21%
College-Educated
92%
High-School Grad
39.0 sq mi
ZIP Area
230
Density / Sq Mi
$60,396
Median Household Income
$41,663
Median Earnings
$944
Median Rent
$196,200
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Short term rental property - The cabins operate as seasonal short-term rentals, with longer-term occupancy during the off-season.
Where is this short term rental property located?
The property is located at 5358 Paw Paw Lake Road Coloma, MI.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Seven cabins totaling 3,460 square feet on approximately 1 acre across two parcels; Three 2‑bedroom, 1‑bath cabins and three 1‑bedroom, 1‑bath cabins; Seventh cabin being converted to office and on‑site laundry space
