$550,000
$649,000
15.3%For more information regarding the value of a property, please contact us for a free consultation.
4,755 SqFt
SOLD DATE : 04/17/2023
Key Details
Sold Price $550,000
Property Type Commercial
Sub Type Business And Real Estate
Listing Status Sold
Purchase Type For Sale
Square Footage 4,755 sqft
Price per Sqft $115
MLS Listing ID 67022012712
Sold Date 04/17/23
Originating Board Mason Oceana Manistee Board of REALTORS®
Year Built 1950
Annual Tax Amount $4,706
Lot Size 0.380 Acres
Acres 0.38
Lot Dimensions 150 x 100 & 37.5 x 40
Property Description
The famous Portage Lake Motel is available for purchase, located on the shores of Portage Lake with 13 units offering great summer vacations. Revenues are anticipated to be $204,000 this year. All rooms have been updated and refurbished. Most of the rooms have been reserved this summer (room rates are 10% higher than last yr). The lakefront features almost 37 feet, a dock and a nice sandy beach and lake bottom. Visit www.portagelakemotel.com to view all of the rooms and the lakeside cottage. There is an on-site manager and housekeeper so you can purchase and just make a good return on your money or manage it yourself for a great income. The asking price can result in a cash flow providing a 20% rate of return on your investment. There is also a cottage which can be included MLS 22010466
Location
State MI
County Manistee
Area Onekama Vlg
Direction From Manistee, north on US-31 to 8 Mile Road, west to Main Street (M-22), turn right
Interior
Heating Hot Water
Heat Source Natural Gas
Exterior
Pool No
Waterfront 1
Road Frontage Paved
Building
Sewer Public Sewer (Sewer-Sanitary), Sewer at Street
Water Well (Existing)
Structure Type Block/Concrete/Masonry,Frame,Wood
Schools
School District Onekama
Others
Tax ID 4145000300
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Cash,Conventional
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