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Active
231 E Buffalo Street New Buffalo, MI 49117-1107
5,100 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Business
Listing Status Active
Purchase Type For Sale
Square Footage 5,100 sqft
Price per Sqft $259
Subdivision Mi
MLS Listing ID 70505745
Year Built 1955
Annual Tax Amount $6,154
Tax Year 2024
Lot Size 0.450 Acres
Acres 0.45
Lot Dimensions Irregular
Property Sub-Type Business
Property Description
A rare opportunity in the heart of Harbor Country--this fully turnkey short-term rental business has been owned and operated for over 30 years and is now ready for its next chapter. The sale includes the entire business operation: website, client list, booking database, furnishings, and decor--making it a true walk-in investment with immediate income potential.Current NOI: $146,258Asking Price: $1,325,000Cap Rate: 11%Annual Room Revenue: $251,000Immediate Value-Add PotentialThe property currently operates at roughly 44% occupancy with an average nightly rate of $226. Our proforma is based on pushing occupancy to 50%, increasing nightly rates by 30%--a highly conservative adjustment compared to competitor pricing.
Location
State MI
County Berrien
Area New Buffalo (11037)
Zoning Commercial
Interior
Heating Forced Air
Exterior
Parking Features 11-20 Spaces
Roof Type Composite
Building
Foundation Basement
Structure Type Block,Brick,Stone
Others
Ownership LLC
Energy Description Natural Gas
Financing Cash,Conventional
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by Ellsbury Commercial Group