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    12731 Boyne City Rd Charlevoix, MI 49720-1684

    Sponsored
    For Sale
    $749,900

    Historic Motel, Eleven Units, High Visibility

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional investment opportunity presents the Charleboyne Motel, a well-established roadside motel located at 12731 Boyne City Road in Charlevoix, Michigan, 49720-1684. Built in the early 1950s, this charming property boasts eleven guest units, providing consistent rental income for over half a century. The motel also includes owner's living quarters, a convenient two-car garage, and an office, enhancing both operational efficiency and personal comfort. The property's strategic location offers significant advantages. Situated just off busy US-31 and boasting over 530 feet of frontage on Boyne City/Charlevoix Road, it benefits from high visibility and easy accessibility for travelers. The land itself comprises two parcels: one commercially zoned and one vacant residential lot, presenting potential for future development or expansion. The asking price for this unique property is $749,900. This represents a rare chance to acquire a piece of Charlevoix history with significant income potential and substantial road frontage. The property's established reputation and prime location make it an attractive investment for those seeking a turn-key operation or a development opportunity with considerable upside. The motel's enduring appeal and its location on a major thoroughfare ensure continued strong performance.

    Property Features for 12731 Boyne City Rd

    General Information

    Property type
    Land

    HighLights

    • $749,900 asking price.
    • Special purpose commercial land with motel.
    • Eleven motel units plus owner's quarters, two‑car garage, and office.
    • Over 530 feet of frontage on Boyne City/Charlevoix Road, near US 31.
    • Two parcels included (one commercial, one vacant residential).
    Property Profile Location Intelligence

    Current Use by Public Records

    Charleboyne Motel Motel

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Gym & Fitness Hotel & Motel Storage Facility Electrical Service Electronics Store Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Charlevoix
    County
    Charlevoix
    State
    Michigan
    Longitude
    -85.22816
    Latitude
    45.2938794

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    FAQs

    What type of property is this?
    Land - Historic Motel, Eleven Units, High Visibility
    Where is this land located?
    The property is located at 12731 Boyne City Rd Charlevoix, MI.
    What is the asking price?
    The asking price for this property is $749,900.
    What are key features of this property?
    This property features: $749,900 asking price.; Special purpose commercial land with motel.; Eleven motel units plus owner's quarters, two-car garage, and office.
    Request Owner's contact information
    12731 Boyne City Rd Charlevoix, MI 49720-1684
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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.

    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
    12731 Boyne City Rd Charlevoix, MI 49720-1684
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