905 Forest Avenue
Frankfort, MI 49635
$865,000
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Turnkey lodging property in beautiful downtown Frankfort on M22. Owner retiring. Includes 14 tastefully decorated rooms with heat, a/c, flat screen TV's, compact refrigerator, and microwave plus a 440 sf cabin with kitchen. Also includes a remodeled 2BR/1.5BA house with deck and basement storage currently used as an owner's residence, but could be rented for additional income. A short walk to downtown shopping, restaurants, movie theater and a sandy Lake Michigan beach. Close to the Betsie Valley bike trail, public boat launch with Lake Michigan access, marina, Crystal Lake and Sleeping Bear National Lakeshore. Listed at 17% cap rate based on 2019 financials. Strong growth trend with a 26% increase in 2019 revenue and a record July/August 2020. Owner has made ongoing improvements (see documents). Currently open April through October. Up North living at its best!

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Property Details
Status: Contingency
Listing Date 08/13/2020
County: Benzie
Acreage: 0.57
Lot Dimensions: 150 X 166
Price/SqFt: $164
Zoning: Residential
Current Use: Recreational/Resort
Water: Municipal Water
Features: Furniture/Fixtures, Other
Sub Property Type: Hospitality
Possession: At Closing
Total Finished SqFt: 5,273
Year Built: 1944
Parking: Common
Exterior Features: Stone, Vinyl, Wood
Cooling: Forced Air, Mutiple Units, Natural Gas, Other, Window Air Conditioner
Heating: Forced Air, Mutiple Units, Natural Gas, Other, Window Air Conditioner
 
Listing Office: Three West, Llc
Office Address: 1131 E. Eighth Street
Listing Number: 1878591
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