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Listed by Berkshire Hathaway Homeservices Michigan - TC
$990,000
Est. payment /mo
9,177 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 9,177 sqft
Price per Sqft $107
MLS Listing ID 1931755
Year Built 1993
Lot Size 2.000 Acres
Acres 2.0
Property Sub-Type Multi Family
Property Description
Exceptional opportunity to own the Waterway Inn—Indian River's top-rated lodging facility and a thriving, fully renovated four-season business in the heart of Northern Michigan's Inland Waterway. Sitting on nearly 2 acres of commercial-zoned land just 300 feet off I-75, this turnkey property offers significant growth potential with room for expansion. Originally purchased as the Coach House Motel in 2019, the owners have invested over $400,000 in improvements, elevating the property's reputation to a 4.6-star Google rating and earning the #1 spot on TripAdvisor for lodging in Indian River. The Inn features 11 fully updated rooms, six income-producing mobile homes, and a spacious 3-bedroom, 1-bath owner's quarters. A profitable public drop-off laundry service adds an additional revenue stream. Every room and mobile home has been renovated with new beds, linens, Roku TVs, high-speed internet, and a modern reservation system that seamlessly connects to major booking platforms. Centrally located, the Waterway Inn is the only lodging facility within walking distance to downtown Indian River, Burt Lake State Park, two boat launches, and direct access to the North Central State Trail. Its prime location off Exit 310 also captures a steady flow of walk-in traffic. The Inn benefits from repeat business, exclusive partnerships with local golf courses, fishing charters, and outdoor adventure companies, and is frequently at full capacity during peak seasons and even throughout the off-season. With a strong 16% cap rate, this property offers excellent cash flow and investment potential. Indian River is a rapidly growing destination with over $6 million in recent commercial investment, limited commercial-zoned land, and easy access to Petoskey, Harbor Springs, Bay Harbor, and Mackinaw City. Offered turn-key, this sale includes the real estate, business, equipment, furnishings, and detailed operational records—ready for new ownership
Location
State MI
Community Common Area, Trails
Interior
Interior Features None, High Speed Internet, Cable TV
Heating Forced Air, Fireplace(s), Natural Gas
Fireplaces Type Gas
Fireplace true
Appliance Other
Exterior
Exterior Feature Garden
Community Features Common Area, Trails
Waterfront Description Community Well
Roof Type Asphalt
Garage false
Building
Story Two
Foundation Slab
Sewer Public Sewer
Water Community Well
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