Sand Point, MI 48755

Features

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Sale Type

This property is offered for sale with Owner Financing available. With Owner Financing, owners can offer flexible terms which allow buyers to purchase property without a traditional bank loan. This leaves more room for negotiation on loan terms and approvals.

Description

INVESTMENT OPPORTUNITY Sand Point / Pigeon, Michigan!!! This two-building condominium/ residential hotel complex consists of 12 2 bedroom 2 bath newly renovated and furnished individual units ready for new ownership. Welcome to Sand Point Resort with 12 full luxury units that come fully furnished complete with a living room, dining area, large kitchen, bedroom with en-suite with jetted tub and separate shower. They also contain in-unit laundry for convenience! Each unit is capable of being divided into a full suite and a studio unit. The studio units include a living room/bedroom combination, full bath with jetted tub, wet bar, and efficiency kitchen. Full units adjoin with studio units and can be rented separately or together, as double units. Each second story unit has a private, covered balcony and the lower units have a private patio. Many improvements have been made to the complex which include new metal roof (2017), new tile on the outdoor porches and balconies (2019), new commercial grade programmable security keypad locks for entry with Wi-Fi capability and custom code features (2020). Additional upgrades completed to both buildings in 2021 include: new kitchen faucets, gutters, landscaping, exterior stucco, and exterior wood beams/posts trimmed with new composite boards. Seller is willing to finance with a 25% down payment with the remaining balance amortized over 15 years with the first 5 years having an interest rate of 5%, years 6-10 at 6%, and years 11-15 having an interest rate of 7%. A $2500.00 fully refundable deposit is required to save your spot. These units may be used as a short term rentals and can be leased and managed by the individual owner, or can be managed by the resort association management company. This is truly a turnkey operation. Condo fees are $250/month which include natural gas, electric, water, septic, snow removal, yard maintenance, building insurance, and two monthly passes to the onsite spa. The SPA includes a fitness facility, indoor heated pool, sauna, and hot tub. Fiber optic network is available on site for an additional $52/ month. A short drive to Caseville, where you will find beautiful beaches, shops, restaurants, a marina, a wonderful school and much more. Efficiency suite rents for $125 per night, $185 per night for full suite. Combined $275 per night.