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$ 990,000
Est. payment | /mo
9,177 SqFt
$ 990,000
Est. payment | /mo
9,177 SqFt
Key Details
Property Type Commercial
Sub Type Business
Listing Status Active
Purchase Type For Sale
Square Footage 9,177 sqft
Price per Sqft $107
Subdivision Mi
MLS Listing ID 1931611
Year Built 1993
Lot Size 2.000 Acres
Acres 2.0
Lot Dimensions Irregular
Property Sub-Type Business
Property Description
Exceptional opportunity to own the Waterway Inn—Indian River’s top-rated lodging facility and a thriving, fully renovated four-season business in the heart of Northern Michigan’s Inland Waterway. Sitting on nearly 2 acres of commercial-zoned land just 300 feet off I-75, this turnkey property offers significant growth potential with room for expansion. Originally purchased as the Coach House Motel in 2019, the owners have invested over $400,000 in improvements, elevating the property’s reputation to a 4.6-star Google rating and earning the #1 spot on TripAdvisor for lodging in Indian River. The Inn features 11 fully updated rooms, six income-producing mobile homes, and a spacious 3-bedroom, 1-bath owner’s quarters. A profitable public drop-off laundry service adds an additional revenue stream. Every room and mobile home has been renovated with new beds, linens, Roku TVs, high-speed internet, and a modern reservation system that seamlessly connects to major booking platforms. Centrally located, the Waterway Inn is the only lodging facility within walking distance to downtown Indian River, Burt Lake State Park, two boat launches, and direct access to the North Central State Trail. Its prime location off Exit 310 also captures a steady flow of walk-in traffic. The Inn benefits from repeat business, exclusive partnerships with local golf courses, fishing charters, and outdoor adventure companies, and is frequently at full capacity during peak seasons and even throughout the off-season. With a strong 16% cap rate, this property offers excellent cash flow and investment potential. Indian River is a rapidly growing destination with over $6 million in recent commercial investment, limited commercial-zoned land, and easy access to Petoskey, Harbor Springs, Bay Harbor, and Mackinaw City. Offered turn-key, this sale includes the real estate, business, equipment, furnishings, and detailed operational records—ready for new ownership
Location
State MI
County Cheboygan
Area Tuscarora Twp (16016)
Zoning Commercial
Interior
Heating Forced Air
Exterior
Parking Features Parking Lot
Roof Type Asphalt
Building
Foundation Slab
Water Community Well
Structure Type Frame
Others
Ownership Corporation
Energy Description Electric,Natural Gas
Financing Cash,Commercial Loan,Conventional
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by Berkshire Hathaway Homeservices Michigan - TC
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