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20-Rm Motel & Marina! Seller Financing! 520 Water St 20 Room Hotel Manistee, MI 49660 $2,851,800 CAD ($142,590 CAD/Room) 12% Cap Rate
Investment Highlights
- TURN-KEY MOTEL & MARINA
- 12% CAP RATE AT ASKING PRICE
- 20-RM MOTEL & 16-SLIP MARINA BUSINESS
- SELLER FINANCING OFFERED TO QUALIFIED PURCHASER
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 (16-Slips) 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 includes:
• 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
•NOI: $252,000
Note: Structure and all rooms have been completed upgraded
Seller financing offered to qualified purchaser who has a minimum 25% liquid capital available for the down payment. Interest Rate and Terms TBD.
POF's must accompany all offers and provided before scheduling site visits.
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 includes:
• 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
•NOI: $252,000
Note: Structure and all rooms have been completed upgraded
Seller financing offered to qualified purchaser who has a minimum 25% liquid capital available for the down payment. Interest Rate and Terms TBD.
POF's must accompany all offers and provided before scheduling site visits.
Property Facts
| Price | $2,851,800 CAD | Lot Size | 1.60 AC |
| Price Per Room | $142,590 CAD | Building Size | 5,495 SF |
| Sale Type | Investment | No. Rooms | 20 |
| Cap Rate | 12% | No. Stories | 1 |
| Property Type | Hospitality | Year Built | 1950 |
| Property Subtype | Hotel | Parking Ratio | 4.19/1,000 SF |
| Building Class | C | Corridor | Exterior |
| Zoning | C2 | ||
| Price | $2,851,800 CAD |
| Price Per Room | $142,590 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 | 1950 |
| 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 | $310.98 CAD | - |
| Guest Room | 18 | $195.55 CAD | - |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 51-365-702-01 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $826,725 CAD |
Property Taxes
Parcel Number
51-365-702-01
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$826,725 CAD
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20-Rm Motel & Marina! Seller Financing! | 520 Water St
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