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    8195 Fifth Street Onekama, MI 49675

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    Claim this Listing
    Pending
    $749,000

    Bed & Breakfast - 2 Story,Apartment,In-Law Suite/Apt,Victorian,Bed & Breakfast

    Property size:
    2,056 SF
    Lot size:
    0.89 Acres
    Added:
    Oct 30, 2025
    Days on Market:
    181
    Last Refresh:
    Apr 28 at 7:06 pm

    Property Features for 8195 Fifth Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Residential,Multi-Family,Rental History
    Rooms
    Sauna
    Parking features
    Driveway, Paved or Surfaced
    Interior features
    Walk-in Closets, Formal Dining Room, Island Kitchen, Pantry, Mud Room, Den/Study, Bay Windows, Solid Surface Counters, Sauna, Water Softener
    Appliances
    Dryer, Freezer, Microwave, Range, Refrigerator
    Standard status
    Pending
    Size
    2,056 SF
    Lot size
    0.89 Acres

    Utilities

    Utilities
    Water Available
    Heating system
    Baseboard, Hot Water (Heating)

    Building Details

    Floors in Building
    2
    Number of units
    3
    Roof type
    Asphalt
    Architectural style
    Victorian

    We can help!

    Listing Contact
    Christina Roberts
    Christina Roberts

    Listing agent Christina Roberts

    Listing office Keller Williams Northern Michigan 830 E. Front St, Suite 110, Traverse City, MI

    Listing date Oct 30, 2025

    MLS# 1940157 Listing URL

    Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Victorian Bed & Breakfast Near Lake

    This beautifully preserved Victorian home, radiating character with original wood trim and high ceilings, is located in Onekama. Set on nearly an acre, this 1880 home offers 2,900 square feet of living space, featuring 5 bedrooms and 3 baths. Modern updates include new siding, roof, deck, and doors, with new windows on order. Currently used as a bed and breakfast, the home comes fully furnished. A self-contained 1-bed, 1-bath apartment offers flexibility for a caretaker, guest suite, or rental opportunity. The resort-style backyard includes an in-ground pool and a dry sauna located in the 2-car garage. Enjoy views of Portage Lake from the porch. The property is walkable to the public beach and village shops, and a short drive to the Lake Michigan shoreline, Arcadia Dunes, and Manistee. The property is suited for use as a B&B or a family retreat.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bed & breakfasts

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Kitchen & Bath Showroom Bar & Pub HVAC Service Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Onekama
    County
    Manistee
    State
    Michigan
    Longitude
    -86.196973
    Latitude
    44.363059

    Nearby Similar for Sale

    • $349,000
      3,500 SF

      Versatile Mixed-Use Property on M-22

      Mixed-use property with commercial storefront and residential space on M-22.
      4990 Main Street, Onekama, MI 49675
      View Details
    • $1,099,000

      Renovated Triplex on Portage Lake

      Income-generating, renovated triplex with private dock on Portage Lake.
      4642 Main Street, Onekama, MI 49675
      View Details
    • $749,000

      Victorian Home in Onekama

      Charming, updated Victorian near Portage Lake, ideal for B&B.
      8195 5th Street, Onekama, MI 49675
      View Details

    FAQs

    What type of property is this?
    Bed & breakfast - Charming Victorian home with modern updates, near Portage Lake.
    Where is this bed & breakfast located?
    The property is located at 8195 Fifth Street Onekama, MI.
    What is the asking price?
    The asking price for this property is $749,000.
    What are key features of this property?
    This property features: Beautifully preserved 1880 Victorian home with modern updates including new siding, roof, deck, doors, windows on order.; Prime location: walkable to public beach and village shops, short drive to Lake Michigan, Arcadia Dunes, and Manistee.; Includes a self‑contained 1‑bed, 1‑bath apartment for rental income, guest suite, or caretaker.
    (231) 675-3179
    We can help!
    Listing Contact
    Christina Roberts
    Christina Roberts
    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.

    More about this property
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