Lake Resort in SW Michigan

$1,200,000
20
17
113,256
sq. ft.
$11
per sq ft
Heated sq ft: 113,256 sq ft
Avg Nightly Rate: $125
Home Legally Sleeps: 70
Occupancy Rate: 40 weeks
Annual Gross Income : 145000
Annual Net Operating Income : 80000
Property Type: Multi-Unit Property (B&B)
Ownership Type: Full (100%)
Seasoned Short Term Rental: Yes
Furnishings Included: Yes
For Sale By: Owner
Seller Financing: No
Niche: Resort, Weddings or Family Reunions
New Construction: Yes
Days on Vrolio: 21

Property Description

Turn-key business for sale! Highly successful lakefront vacation property with 10 cabins, large bed and breakfast, licensed café, marina gas station, and pontoons. The business has been thriving for decades and has a loyal clientele in addition to dozens of new guests annually. We are nestled in one of Michigan’s popular tourist destinations, halfway between Detroit and Chicago. Cabins are equipped for year-round guests with heating and AC. For serious buyers, business records will be disclosed to a licensed realtor. Sales have grown exponentially since 2014 when new management renovated and expanded the business.

Presented by:
Owner:
tamara korenman
Seller Financing
No
Distress Sale
None
Seller Financing Terms
Seasonal Nightly Rates
High: 150
Low: 100
Peak: 200
Special Event: 250
Avarage: 125.00
Furniture Age
5
Est Value of Furnishings
$1,000
Peak & High Seasons
May, June, July, August, September
Ownership Percentage
Full (100%)
Qualifies for foreign national visa
Not sure
Reason for Selling
Retiring and relocating to dedicate more time with grandchildren
Foreign national buyer restrictions from government?
Not sure
Gross Annual Income
145000
Net Operating Income
80000
Stories
2
Additional Indoor Rooms
Attached Garage for 3 Cars, Attached In Law Suite, Family Room, Finished basement, Formal Dining Room, Game Room, Home Office/Den, Living Room, Master Suite Down, Mud Room
Appliances
Dishwasher, Dryer, Electric appliances, Full stove, Microwave, Refrigerator, Washer
Heating/Cooling
Central A/C (gas or electric), Central Heat (gas or electric)
Floor Coverings
Carpet, Laminate Wood
Security
Yes
Security Description
we have three security cameras on premises
Half Baths
5
Master Suite(s)
Inquire
Energy Efficiency
Carpet, Energy efficient lighting, Low flow faucets/toilets, Programmable thermostat
Year built
1940
Outdoor Features
Dock, Fire Pit, Garden
View
Lake, Valley, Wooded Area
Backyard Exposure
East
Lot Size
2.6 acres lot on the lake
Community Features
Community Dock, Lake Access, Marina, Playground, Restaurant(s)
Tax Amount/Year
$10,102
CDD Amount
Inquire
Neighborhood
Inquire
Deed Restricted Community
No
Interview Required
No
Neighborhood Amenities
Community Dock, Lake Access, Marina, Playground, Restaurant(s)
Mandatory HOA
Inquire
Home Legally Sleeps:
70
Onsite Parking
cars park by the cabin. Additional parking spots for guests.
Neighborhood Association STR Rules
Inquire
Municipality STR Rules
No restrictions documented by owner. Verification recomended
Transferrable Permit or License
Yes, Municipality Issuing New Permits
Rental Tax Info
$0.06
Minimum Nightly Rental
No Minimum
Rental Length Requirement
No Restriction
Has Rental History
Yes
Established Rental History
5 Years
Occupancy Rate
40
Being Sold with Bookings
Inquire
Caretaker Info
InquireCaretaker cannot stay and oversee the property
Bookings Placed By
Owner
Managed By
Owner
Management Bookings Percentage
Inquire
Caretaker Bookings Percentage
Inquire
Paid Booking History
Yes
Future Booking Calendar
Management Fees
Inquire
Caretaker Fees
Inquire
Sold with Marketing Collateral
Yes, Private website, Existing database of guests, Professional photos, Professional video, Social media profiles
Manager Cancellation Policy
 
  •  
Credit Card Fee
$0.03
Cleaning Fee
$500.00
Licesnes & Permits (Annual)
$300.00
Advertising & Tech Costs (Annual)
$50.00
Yard & Pest Control (Annual)
$560.00
Pool & Spa Maintinence (Annual)
Inquire
Electricity (Annual)
$12,000.00
Water/Sewer (Annual)
$2,000.00
Cable/Interbet (Annual)
$2,500.00
Accounting Fee (Annual)
$500.00
Property Taxes (Annual)
$10,102.00
Homeowner's Insurance (Annual)
$4,000.00
Short Term Rental Insurance Rider (Annual)
$4,700.00
CDD Fee (Annual)
Inquire
Annual Homeowner's Association Dues
Inquire
Additional Membership Fees (Annual)
Inquire
Acquisition
Purchase price
Closing costs
Home Inspection
Furniture & Interiors Package
Rehab Work Estimates
Other
Total Capital Investment

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User understands this calculator is deemed reliable but not guaranteed. Vrolio makes absolutely no guarantees on returns or income. User should do their own due diligence and verify all data before making a purchasing decision. User understands that this is an educational tool only. We therefore accept no liability arising from any reliance made by any user or person to whom this information is made available to. Please use this tool at your own discretion and use caution always before buying any real estate investment.

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