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    Elk Rapids, MI
    Residential Income

    Elk Rapids, MI Residential Income Properties for Sale

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    Williamsburg, MI Kewadin, MI Rapid City, MI Traverse City, MI Alden, MI Bellaire, MI Acme, MI Suttons Bay, MI
    Mixed-Use Downtown Building
    Updated: May 20
    Mixed-Use Downtown Building

    1-144 River St, Elk Rapids, MI 49629

    $499,000
    2,953 sqft
    Mixed‑use building in downtown Elk Rapids with ground‑floor commercial space plus a garden studio apartment and lower‑level storage
    Garden studio apartment is currently rented month to month at $695
    Unit #1 includes a commercial space currently occupied with potential to re‑sign the lease in the fall
    Zoned B2, allowing for short‑term rentals and a variety of commercial and residential uses
    Historic building with architectural character in a downtown setting near shops, restaurants, the marina, and the beach
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    This listing looks promising.

    Here's a quick look at some key insights for

    1-144 River St, Elk Rapids, MI

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    • Est. Cap Rate

      6.1%
      Above avg (5.9%)

    • Est. NOI

      $31K
      Annual

    • Price @ 7% Cap

      $438K
      Suggested
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    Restored Cottage Court Resort
    Updated: Aug 13
    Restored Cottage Court Resort

    917 S Bayshore Drive, Elk Rapids, MI 49629

    $1,750,000
    4,000 sqft 5.88 AC lot
    Restored 1938 cottage court with 10 individual cottages
    Nine cottages currently participate in the rental program
    Guest accommodations range from a 160‑square‑foot efficiency to a two‑bedroom retreat
    Combined lodging capacity of up to 28 guests
    New flooring, electrical, and plumbing throughout the cottages
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    Restored Cottage Court Resort
    Restored Cottage Court Resort

    917 S Bayshore Dr, Elk Rapids, MI 49629

    $1,750,000
    4,000 sqft 5.00 AC lot

    Ten renovated cottages with shared outdoor gathering areas sit across from public beach access.

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    Based on your search, we've compiled 11 Potential Opportunities for your consideration. Besides 3 Active listings in Elk Rapids, 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.

    Versatile Property with Development Potential
    Versatile Property with Development Potential

    Williamsburg, MI 49690

    $674,900
    4.69 AC lot

    Income-generating duplex with light industrial zoning and development opportunities.

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    Commercial Land with Rental Cabins
    Commercial Land with Rental Cabins

    1470 US-31 N, Traverse City, MI 49686

    $499,000
    1,000 sqft 0.66 AC lot

    Commercially zoned land with two cabins and a storage garage, near state park and the TART trail.

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    Zoned Regional Business Waterfront Land
    Zoned Regional Business Waterfront Land

    Traverse City, MI 49686

    $499,000
    1,000 sqft

    Waterfront-facing land with two existing cabins and regional business zoning for offices, retail, or rentals.

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    Light Industrial Land with Duplex
    Light Industrial Land with Duplex

    Williamsburg, MI 49690

    $600,000

    Grandfathered duplex with in-unit washer/dryer on light industrial/warehouse-zoned land with extensive frontage on M-72.

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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.

    Elk Rapids Vacant Land
    Elk Rapids Vacant Land

    Capa-Bran Terrace lot: 8, Elk Rapids, MI 49629

    $199,900
    0.26 AC lot

    Vacant lots in Elk Rapids, close to beaches and restaurants.

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    Elk Rapids Vacant Land
    Elk Rapids Vacant Land

    Capa-Bran Terrace lot: 7, Elk Rapids, MI 49629

    $199,900
    0.23 AC lot

    Vacant lots in Elk Rapids, close to beaches and restaurants.

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    Buildable Lot in Elk Rapids
    Buildable Lot in Elk Rapids

    142 Charles Street, Elk Rapids, MI 49629

    $110,000
    0.50 AC lot

    Vacant lot in Elk Rapids, close to amenities.

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    Residential Waterfront Estate Land
    Residential Waterfront Estate Land

    B-4 Stallman Road, Rapid City, MI 49676

    $159,900
    7.51 AC lot

    Build a private estate on a residential waterfront parcel near Torch and Elk lakes in the Rapid City area.

    View details

    Elk Rapids, MI Residential Income Properties Market Trends and Statistics

    Explore 3 residential income properties for sale in Elk Rapids, MI, showcased through 3 active listings on our real estate platform. These investment opportunities span a total of 10,953 square feet of properties for sale, with an estimated market value of $3,999,000.

    Sale prices for residential income properties in Elk Rapids, MI start at $499,000, averaging $1,333,000, and reaching up to $1,750,000 — offering options for a variety of budgets and business needs. Daily updated analytics ensure you stay ahead with the latest data and market trends.

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    Top Commercial Asset Segments

    Commercial property segments ranked by active listings on the market

    Multifamily properties 2
    Short term rental properties 2

    Demographics Overview

    Population 2,037
    Population Growth (5Y) +0.1%
    Median Household Income $74,318
    College Educated 62.2%

    High-Yield Neighborhoods for Investment

    Identify Elk Rapids submarkets with the highest inventory density on the market and evaluate the average listing prices of real estate assets

    Neighborhood Average Price
    49629 $874.5K

    Taxes & Financing

    Tax Rate (average for all types) 1.89%
    Property Tax per SF $21.92 per SF
    Tax Rate vs County Average 0.43 pp below county avg
    Average Loan-to-Value 65.0%

    Total CRE Inventory on Market (SF)

    Average Property Price per SF

    For-sale pricing trends across core commercial property types in Antrim County

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