118 E State Street, Fife Lake, MI 49633

Listing Description

Built in 1886 overlooking Fife Lake, this historic triplex offers a rare opportunity for investors, renovators, and visionaries. The property screams opportunity to those who pay attention. While the building itself is ready for substantial updating, the view is something money alone can't recreate. The expansive deck offers year round views of Fife Lake, a popular Northern Michigan all-sports lake. It is the kind of setting that keeps people coming back year after year. Originally constructed as a mercantile building, the property later evolved into a residence before being converted into a three-unit income property. The conversions were functional rather than elegant, leaving plenty of opportunity for the next owner to improve both the units and the overall experience. The biggest asset here is flexibility. All three units have the potential to serve as seasonal rentals in a village known for boating, fishing, swimming, snowmobiling, and year-round recreation. With strong demand for Northern Michigan getaways, the property offers multiple paths to value creation. A practical approach may be renovating one unit at a time while keeping the remaining units operational. Whether your goal is short-term rentals, long-term income, or a thoughtful restoration that respects the building's history, this property provides a solid foundation for future improvements. At less than $133,000 per unit, the numbers are compelling. This is not a turnkey investment & it needs some love; however, it offers a remarkable view, easy access to the lake and income potential, and the opportunity to create significant value through vision, patience, and effort. * (rental rates are below market value) Interested in maximizing this property's potential? Ask me about the neighboring property. It would be perfect for additional storage, garage space, or a dedicated "toy barn" for boats, snowmobiles, ATVs, and other recreational equipment—a valuable amenity for vacation rental guests.

Source: SparkMLS

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