6100 M-68 Hwy Indian River, MI 49749
9,177 Sq. Ft. / 87,120 Sq. Ft., 2 acres lot size / Business Opportunities
Status: Sold
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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
property details
Type
Business Opportunities
Status
Closed
County
Cheboygan
Year Built
1993
Sq. Ft.
9,177
Lot Size
87,120 Sq. Ft., 2 acres
Listing Id
80054972
Courtesy Of
Kenneth Weaver - Berkshire Hathaway Homeservices - TC traversenorth@gmail.com
List Office Phone
+1 (231) 947-7777
Subdivision
Waterway Inn
Interior Features
Living Area Units
Sq. Ft.
Exterior Features
Parking
Parking Lot
Utility & Building Info
Below Grade Finished Area
0
Price Per Sq Meter
$0
Heating
Gas Heat
Electric Heating
Forced Air
Electric Heating
Forced Air
Building Area Total
9,177 Sq. Ft.
Architectural Style
Other
Northern Michigan MLS, Inc listings presented by:
203 Bridge St.
Charlevoix, Michigan 49720
(231) 547-9905
Price History
| date | event | price | source |
|---|---|---|---|
|
10/16/2025
10/16/2025
|
Sold |
$860,000
|
MI RealSource (MIMC) |
|
10/12/2025
10/12/2025
|
Pending |
$990,000
|
MI RealSource (MIMC) |
|
03/20/2025
03/20/2025
|
Active |
$990,000
|
MI RealSource (MIMC) |
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Market Trends
Source: Constellation1
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