Lakefront Retreat
New
For Sale
$2,300,000
9325 Dwight Boyer Road, Watervliet, MI 49098
Commercial Sale, Watervliet, MI
Property Size26,320 SF
Lot Size101.00 Acres
Price / SF$87.39
Days on Market1
Property Features for 9325 Dwight Boyer Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
RE
Bathrooms
17
Full bathrooms
17
Rooms
Bathroom 3, Bathroom 6, Bathroom 8, Bathroom 10, Bathroom 13, Bathroom 15, Bathroom 17, Bathroom 7, Bathroom 16, Bathroom 11, Bathroom 4, Bathroom 9, Bathroom 2, Bathroom 14, Bathroom 1, Bathroom 12, Bathroom 5
Interior features
Broadband
Elementary school district
Watervliet
Middle school district
Watervliet
High school district
Watervliet
Directions
The main entrance driveway for Ronora Lodge & Retreat Center is on the north side of Dwight Boyer Road about 1/2 mile east of M-140. There is a sign at the entrance driveway.
Standard status
Active
APN
11-21-0012-0003-04-3
Size
26,320 SF
Lot size
101.00 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Legal description available upon request
Tax Annual Amount
18411
Legal Description
Legal description available upon request
Utilities
Utilities
Propane
Sewer type
Septic Tank
Heating system
Forced Air
Cooling system
Window Unit(s), Central Air
Water source
Well
Water front
1
Amenities
horseshoes
basketball
soccer
pickleball
sand volleyball
trails
greenhouse
commercial kitchen
event space
fireplace
patio
deck
screened porch
Building Details
Year built
1934
Floors in Building
6
Number of units
6
Listing Agency:
Michigan Lifestyle Properties / Gull Lake Realty
(269) 629-4947
Listed By:
Emily E Wilke
(269) 615-4572
Added: Oct 5
Last Checked: Oct 5 at 11:06PM
MLS# 26052893
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 101-acre retreat property combines overnight lodging, gathering space, and recreational amenities. Accommodations include several houses and lodges with kitchens and living areas, while the dining hall offers a commercial kitchen, event space, and bathrooms with showers. The buildings include a 10-bedroom lodge, a six-bedroom house, and multiple smaller lodging units. A greenhouse and pole barn round out the improvements, and outdoor amenities include courts and fields for several sports.
Private-lake frontage and approximately 1.5 miles of trails support outdoor activities across the grounds. About 6 acres of open land sit beside the 1,250-square-foot greenhouse. The property is north of Watervliet and east of Paw Paw Lake, with Lake Michigan approximately 15 minutes away and I-94 just to the south. A conservation easement held by the Southwest Michigan Land Conservancy protects the property's natural features.
Private-lake frontage and approximately 1.5 miles of trails support outdoor activities across the grounds. About 6 acres of open land sit beside the 1,250-square-foot greenhouse. The property is north of Watervliet and east of Paw Paw Lake, with Lake Michigan approximately 15 minutes away and I-94 just to the south. A conservation easement held by the Southwest Michigan Land Conservancy protects the property's natural features.
Key Highlights
- 101‑acre property with frontage on a private lake
- Lodging capacity for up to 75 guests
- Approximately 1.5 miles of trails
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$140,648
Cap Rate
6.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,812,960
$2.8M
Cap Rate 7%
$2,009,257
$2.0M
Cap Rate 9%
$1,562,756
$1.6M
Market Conditions
NOI Build-Up for 26,320 SF
Gross rent
$394.8K $15.00/SF
− Vacancy
−$98.7K −$3.75/SF
EGI
$296.1K $11.25/SF
− OpEx
−$155.5K −$5.91/SF
NOI
$140.6K $5.34/SF
Area
Berrien County, MI
Vacancy
25.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,812,960
Cap Rate 7%
$2,009,257
Cap Rate 9%
$1,562,756
Alternative Uses
Best Use
Hotel Hospitality
$2.01M
$1.76M – $2.34M
NOI $140,648 @ 7.0% cap · market cap 6.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.54M
$4.85M – $6.46M
NOI $387,690 @ 7.0% cap · market cap 16.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
16
Businesses Nearby
Explore this area
Business Placement
Demographics for 49098, MI
5,739
Population
3,032
Households
1.9
Avg Household Size
44
Median Age
21%
College-Educated
88%
High-School Grad
32.6 sq mi
ZIP Area
176
Density / Sq Mi
$56,899
Median Household Income
$30,278
Median Earnings
$1,253
Median Rent
$150,500
Median Home Value
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Frequently Asked Questions
What type of property is this?
Resort - Lodging, event facilities, and outdoor recreation are set across a wooded property with private-lake frontage.
Where is this resort located?
The property is located at 9325 Dwight Boyer Road Watervliet, MI.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 101‑acre property with frontage on a private lake; Lodging capacity for up to 75 guests; Approximately 1.5 miles of trails
