Listed by JDS Real Estate Services, Inc.
$2,100,000
Riverside Motel-Marina
Details
APN 51-365-702-01
Property Type Hospitality, Special Purpose
Sub Type Motel, Marina
Square Footage 5,495
Keys 20
Cap Rate 12.00%
NOI $252,000
Occupancy 90%
Tenancy Single
Class B
Year Built 1950
Year Renovated 2022
Buildings 1
Stories 1
Acreage 1.600
Investment Type Stabilized
Ground Lease No
Ownership Fee
20-RM WATERFRONT MOTEL & MARINA
Marketing description
The Riverside Motel-Marina is located on the Manistee River, a 190-mile-long river that flows directly into Lake Michigan. The motel offers 20 rooms and a private marina that is part of the "Riverwalk" a 1.75-mile walk along the marina that offers historic markers along the way. The marina also offers fishing boat charters and Casino Shuttle.
The motel is in great condition and in need of no repairs or upgrades. This is a turn-key operation perfect for an owner-occupant or absentee owner.
Investment highlights
- 1.6-acres MOL
- 20-Rm Motel 5,495 SF
- In-Ground Pool
- Built/Renovated: 1950/2022 (Structural includes newer roof)
- In-Ground Pool/Lounge Area
- Private Marina (16-Slips
- Current Occupancy: 90%
- Gross Revenue: $402,000 (2024)
- NOI: $252,000 (2024)
- Structure and all rooms have been completed upgraded
Listing Contacts
Listed by JDS Real Estate Services, Inc.
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$252,000.00
$21,000.00/mo
Valuation Metrics
0
DSCR
12%
Cap Rate
12%
ROI
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?
