2645 Charlevoix Ave Petoskey, MI 49770
- Hospitality properties
Current Use by Public Records
- Hospitality properties
Property Details for 2645 Charlevoix Ave
- Property type
- Hospitality properties
- Property subtype
- Hotels
Description
Exceptional investment opportunity: The AmericInn Petoskey, a 58-key hotel in Michigan, is offered at $6,800,000. Boasting an impressive 11.76% cap rate and a current NOI of $800,000 (as of 12/31/2023), this two-story property presents a compelling return. The hotel, originally built in 1996 as a Super 8 and rebranded in 2018, is in excellent condition and features an indoor pool and spa, breakfast area, business center, and meeting room. Its strategic location on US-31, opposite the upscale Bay Harbor development, and near the intersection of US-31 and US-131, provides exceptional visibility and access. The property benefits from its proximity to Petoskey's downtown business district (approximately one mile away), major roadways serving the region, and the thriving tourism industry that fuels Petoskey's four-season economy. Nearby attractions include Northwest Michigan Hospital, Northern Michigan College, and Odawa Casino. The current occupancy rate stands at 58%. This represents a rare chance to acquire a well-maintained, high-performing hotel in a desirable tourist destination. The property is owned by an LLC and is not subject to a ground lease.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Petoskey
- County
- Emmet
- State
- Michigan
- Longitude
- -84.9943
- Latitude
- 45.3671
