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Riverside Motel & Marina 520 Water St 20 Room Hotel Manistee, MI 49660 $2,931,432 CAD ($146,572 CAD/Room) 12% Cap Rate
INVESTMENT HIGHLIGHTS
- TURN-KEY HIGH INCOME INVESTMENT
- SELLER FINANCING OFFERED TO QUALIFIED PURCHASER
- 12% CAP RATE AT ASKING PRICE
EXECUTIVE SUMMARY
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.
This offering include:
• 1.6-acres MOL
• 21-Rm Motel 5,495 SF (20 Rentals + 1 Apartment)
• In-Ground Pool
• Built/Renovated: 1950/2022 (Structural includes newer roof)
• In-Ground Pool/Lounge Area
• Private Marina
• Current Occupancy: 90%
• Gross Revenue: $402,000 (2024)
• NOI: $252,000 (2024)
Note: Structure and all rooms have been completed upgraded
Asking Price: $2.1M OBO
Financing: Seller Financing is offered to a qualified purchaser. Interest Rate and Terms are TBD.
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.
This offering include:
• 1.6-acres MOL
• 21-Rm Motel 5,495 SF (20 Rentals + 1 Apartment)
• In-Ground Pool
• Built/Renovated: 1950/2022 (Structural includes newer roof)
• In-Ground Pool/Lounge Area
• Private Marina
• Current Occupancy: 90%
• Gross Revenue: $402,000 (2024)
• NOI: $252,000 (2024)
Note: Structure and all rooms have been completed upgraded
Asking Price: $2.1M OBO
Financing: Seller Financing is offered to a qualified purchaser. Interest Rate and Terms are TBD.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $2,931,432 CAD | Lot Size | 1.60 AC |
| Price Per Room | $146,572 CAD | Building Size | 5,495 SF |
| Sale Type | Investment | No. Rooms | 20 |
| Cap Rate | 12% | No. Stories | 1 |
| Property Type | Hospitality | Year Built/Renovated | 1950/2023 |
| Property Subtype | Hotel | Parking Ratio | 4.19/1,000 SF |
| Building Class | C | Corridor | Exterior |
| Zoning | C2 | ||
| Price | $2,931,432 CAD |
| Price Per Room | $146,572 CAD |
| Sale Type | Investment |
| Cap Rate | 12% |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 1.60 AC |
| Building Size | 5,495 SF |
| No. Rooms | 20 |
| No. Stories | 1 |
| Year Built/Renovated | 1950/2023 |
| Parking Ratio | 4.19/1,000 SF |
| Corridor | Exterior |
| Zoning | C2 |
AMENITIES
- Pool
- Shuttle Service
- Patio
- Outdoor Pool
- Marina
- Public Access Wifi
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Suite | 2 | $319.67 CAD | - |
| Guest Room | 18 | $201.01 CAD | - |
1 1
Walk Score®
Very Walkable (73)
PROPERTY TAXES
| Parcel Number | 51-365-702-01 | Total Assessment | $853,155 CAD (2025) |
| Land Assessment | $0 CAD (2025) | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $0 CAD (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
51-365-702-01
Land Assessment
$0 CAD (2025)
Improvements Assessment
$0 CAD (2025)
Total Assessment
$853,155 CAD (2025)
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2024
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Riverside Motel & Marina | 520 Water St
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