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    115 Michigan Ave Beulah, MI 49617

    Sponsored
    For Sale
    $1,300,000

    Mixed-use building, high income potential.

    Property size:
    18,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional mixed-use building, Eden Brook Place, presents a lucrative investment opportunity in the thriving town of Beulah, Michigan. Located at 115 N Michigan Ave, this 18,000 square foot property sits on a 1.51-acre lot and boasts 18 individual condo units on the upper level, currently operating at 50% occupancy. The units offer immediate positive cash flow, suitable for both short-term and long-term rentals. The lower level, encompassing an additional 9,000 square feet, is currently vacant, having been previously used as a restaurant. This expansive space provides significant potential for expansion and increased revenue generation. Imagine developing additional condos, office space, retail outlets, a banquet facility, or corporate meeting spaces to capitalize on the growing tourism in the area. The property's prime location is steps from Crystal Lake and close to numerous Northern Michigan attractions, including hiking trails, parks, boating opportunities, golf courses, and skiing. Built in 1935, this two-story building is zoned for commercial use. The asking price is $1,300,000, representing a price per square foot of $72.22 and a price per unit of $72,222.22. The pro-forma NOI is $79,355, yielding a 6.10% cap rate. This is a rare chance to acquire a substantial income-producing asset with significant upside potential in a desirable Northern Michigan location.

    Property Features for 115 Michigan Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    18,000 SF
    Lot Size
    65,776 SF

    Building Details

    Year Built
    1935
    Buildings
    1
    Stories
    2
    Units
    18

    HighLights

    • Short‑term rentals allowed in all units.
    • Beulah is a rapidly growing Northern Michigan vacation destination.
    • Excellent location near beautiful beaches and charming small towns.
    • Family‑friendly area with numerous recreational activities.
    • Proximity to various attractions, including resorts and entertainment venues.
    Property Profile Location Intelligence

    Current Use by Public Records

    Eden Brook Place Apartment Complex

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Beulah
    County
    Benzie
    State
    Michigan
    Longitude
    -86.089741
    Latitude
    44.6333148

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    Nearby Similar for Sale

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    FAQs

    What type of property is this?
    Multifamily property - Mixed-use building, high income potential.
    Where is this multifamily property located?
    The property is located at 115 Michigan Ave Beulah, MI.
    What is the asking price?
    The asking price for this property is $1,300,000.
    What are key features of this property?
    This property features: Short-term rentals allowed in all units.; Beulah is a rapidly growing Northern Michigan vacation destination.; Excellent location near beautiful beaches and charming small towns.
    (231) 342-8456
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    Realmo Value Estimation

    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.

    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
    115 Michigan Ave Beulah, MI 49617
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