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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

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.
More about this property
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