115 Michigan Ave Beulah, MI 49617
- Commercial real estate
- 1.51 lot acres
Current Use by Public Records
- Eden Brook Place / Apartment Complex
Property Details for 115 Michigan Ave
- Lot size
- 1.51 lot acres
- Property type
- Commercial real estate
- APN
- 02-507-093-00
- APU
- 250709300
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Beulah
- County
- Benzie
- State
- Michigan
- Longitude
- -86.0896
- Latitude
- 44.6334
- CBSA code
- 45900
- CBSA name
- TRAVERSE CITY, MI MICROPOLITAN STATISTICAL AREA
