Lake City, MI Residential income 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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Turn a Listing Into an Investment Snapshot Cap Rate, Potential NOI, Demand score for every listing. Go To Analytics Center

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.

415 E Harris Street, Cadillac, MI 49601

$199,900

2,314 sqft 0.15 AC lot

Fully occupied triplex with a City of Cadillac rental certificate and tenant-paid electricity, plus separate unit entries.

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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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Mobile Home Park With Development Sites

Mc Bain, MI 49657

$249,900

Mobile home park with municipal utilities and additional sites for housing placement.

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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.

Buildable Lot in Lake City

N Canal Street, Lake City, MI 49651

$39,900

0.12 AC lot

Rare opportunity to build in a vibrant lakeside community.

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Vacant Land in Downtown Lake City

222 N Main Street, Lake City, MI 49651

$64,900

0.23 AC lot

Cleared double lot near shops, cafes, and Lake Missaukee.

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Recreational Hunting Land with Creek

Arnold Road, Manton, MI 49663

$220,000

50.00 AC lot

50 acres of rolling hardwoods and level ground with Golden Creek crossings via installed culverts and a 30-foot access/utility easement.

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Paved Commercial Land

208 Robertson Street, Cadillac, MI 49601

$150,000

0.69 AC lot

Mostly level, fully paved commercial parcel with cable availability and an easement connection to an adjacent office building.

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Lake City, MI Residential Income Properties Market Trends and Statistics

Explore 2 residential income 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 residential income 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