Lake City, MI Multifamily properties for sale

Updated: Apr 15, 2025

8-Unit Multifamily Apartment Building

1341 S Lakeshore Drive, Lake City, MI 49651

$420,000

4,880 sqft 2.11 AC lot

Fully occupied 8‑unit apartment building with 6 double‑bed units and 2 king‑bed units
2.11‑acre lot with room to build additional units
Approximately 2,448 SF total living space
80 x 34 pool house with separate men’s and women’s bathrooms
56 x 24 pole barn for storage rental or added income

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Updated: Apr 20, 2025

Turnkey Multifamily with Expansion Potential

Lake City, MI 49651

$420,000

2,448 sqft 2.11 AC lot

Turnkey, fully rented 8‑unit apartment complex providing immediate, stable income.
Significant expansion potential on a 2.11‑acre lot.
High‑visibility location on M‑66/S. Lakeshore Drive.
Includes an 80 x 34 pool house, suitable for restoration or conversion.
Proximity to Lake Missaukee, downtown Lake City, and other Northern Michigan attractions.

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Based on your search, we've compiled 10 Potential Opportunities for your consideration. Besides 2 Active listings in Lake City, MI, we suggest exploring several alternatives: 4 properties in Nearby Cities, plus 4 Land Listings that present a potential for development.

Opportunities in Nearby Cities

Here are 4 Similar properties we found in Nearby Locations for your consideration.

Mixed-Use Property With Two Buildings

304 W Main Street, Manton, MI 49663

$275,000

8,411 sqft 0.28 AC lot

Two connected buildings offer existing residential space alongside open areas for additional mixed-use configuration.

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Mixed-Use Property with Bowling Alley

304 W Main Street, Manton, MI 49663

$275,000

8,411 sqft 0.28 AC lot

Two connected buildings totaling 8,000+ SF on three city lots, including a bowling alley and apartment shell space for expansion.

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Turnkey Duplex with Off-Street Parking

810 E Division St, Cadillac, MI 49601

$185,000

Two 2-bedroom, 1-bath units share a basement with laundry and each unit has dedicated storage.

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Corner-Lot Duplex

615 Maple St, Cadillac, MI 49601

$199,900

Two separately configured rental units with shared laundry, private parking features, and updated major systems.

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Potential Development Sites for Consideration

Can't find the perfect fit? These Land listings present an alternative path: the potential to develop a property for your specific goals.

Important: These AI-suggestions are a starting point, not a guarantee of permitted use. All zoning, permitting, and land use information must be independently verified by you with the appropriate local authorities before making any commitments.

Private Camping Lot with Electrical Hookups

4537 Pine Run Road, Farwell, MI 48622

$41,500

0.75 AC lot

Recreation lot in a private gated association with multiple 30 AMP electrical and septic hookups for camper-ready use.

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Multi-Building Resort Lodge

1306 N Tippy Dam Road, Wellston, MI 49689

$900,000

22.24 AC lot

Hospitality property with guest lodging, conference space, and a commercial kitchen.

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Elevated Farmland Development Parcel

Parcel C E Duck Lake Road, Suttons Bay, MI 49682

$2,600,000

74.20 AC lot

Developable farmland parcel offers ridge-top elevation and multi-directional water views near Suttons Bay.

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Deeded RV Recreational Lot

V/L E Kissing Oaks Trail, Custer, MI 49405

$39,900

0.96 AC lot

Deeded lot with a newly excavated site, entry, and driveway, backing Manistee National Forest.

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Lake City, MI Multifamily Properties Market Trends and Statistics

Explore 2 multifamily properties for sale in Lake City, MI on our real estate platform. These investment opportunities span a total of 7,328 square feet of properties for sale, with an estimated market value of $840,000.

Sale prices for multifamily properties in Lake City, MI average $420,000 — offering options for a variety of budgets and business needs. Daily updated analytics ensure you stay ahead with the latest data and market trends.

Neighborhood	Average Price
49651	$420K

Neighborhood

Average Price

49651

$420K