519 Lake Street, Frankfort, MI 49635
None · Benzie County
Key Facts
Description
Discover a rare chance to own a family-run motel and home just steps from downtown Frankfort and the Lake Michigan shoreline. This well-established business built in 1988 has been lovingly maintained by the original owners and boasts a loyal client base of repeat guests who return year after year. The picturesque grounds feature a charming creek, gazebo, and picnic area—perfect for relaxation and outdoor gatherings. Directly across the street lies the scenic Betsie Bay and the Betsie Valley Bike Trail, offering easy access to both Frankfort and Elberta’s shops, restaurants, theater, library, public boat launch and the stunning beaches of Lake Michigan. The motel includes 9 guest rooms including 4 rooms with two full beds, 2 rooms with three full beds and 3 rooms with queen beds. There is also potential to create additional guest accommodations or reconfigure the layout to fit a new vision. The owner’s home doubles as the check-in area and includes a comfortable single-family residence with a studio apartment on the second level, ideal for guest lodging or long-term rental income. Recent upgrades provide peace of mind include new heating/cooling units, beds, carpeting, and updated bathrooms in every room. A new roof, sealed driveway, underground electric, and new gas lines for the motel. The home has new windows, roof and the start of renovations to finish off more living space. This property presents endless possibilities—expand the motel, transform it into a charming Bed & Breakfast, add an event venue, or create additional guest accommodations. Situated along the iconic M-22 Scenic Drive, this location is unbeatable—just minutes from Sleeping Bear Dunes National Lakeshore, Crystal Lake, world-class trout streams, and endless hiking and biking trails. Guests can enjoy the best of northern Michigan right outside their door. A rare turnkey opportunity to own a thriving hospitality business in one of Michigan’s most beloved destinations.
Property Information
Property Type
Commercial Sale
Sub-Type
Hotel/Motel
Year Built
1966
Living Area
4,033 sq ft
Lot Size
0.97 acres
Lot Dimensions
208x142x297x142
Days on Market
331
MLS® Listing#
1937875
Property Features
Cooling
Heating
Basement
Parking
Lot Features
Construction
Foundation
Roof
Sewer
Water Source
Financial Details
HOA
Yes
Assessed Value
$159,300
Parcel Number
05-001-461-00/5103002700
Directions
Property on the corner of Lake Street and Didrickson Road
Affordability Calculator
$198,000
Estimated monthly payment
$5,269/mo
Principal $792,000 · Est. interest $1,104,910 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in Frankfort, MI
- $700,000
- Median Listing Price
- 34
- Median Days on Market
- 1,664
- Median Sq Ft
- $450
- Median Price / Sq Ft
- 69
- Active Listings
- This home’s price is 41% above the area median.
- Its price per sq ft is 45% below the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in Frankfort, MI.
Location
Points of Interest in Frankfort, MI
Showing the Frankfort area map.
Nearby Schools
Frankfort High School
Secondary · 0.8 mi away
Frankfort-Elberta Area Schools
Elementary · 1.0 mi away
Benzie Central High School
Secondary · 8.2 mi away
Benzie County Central Schools
School · 10.7 mi away
Bear Lake School
Secondary · 14.7 mi away
Betsie Valley Elementary School
Elementary · 16.5 mi away
Benzie County Central Schools
School · 16.5 mi away
Onekama Consolidated Schools
Elementary · 18.0 mi away
Lake Ann Elementary School
Elementary · 18.5 mi away
Glen Lake Community Schools
School · 21.2 mi away
Mallory-Towsley Center for Arts Leadership
School · 22.2 mi away
Interlochen Elementary School
Elementary · 22.4 mi away
Westwoods Elementary School
Elementary · 22.6 mi away
Bay Area Adventure School
School · 22.8 mi away
The Leelanau School
School · 23.0 mi away
Brethren High School
Secondary · 24.3 mi away
Manistee Intermediate School District
Secondary · 24.7 mi away
Manistee Isd Center Programs
School · 24.7 mi away
Long Lake Elementary School
Elementary · 25.6 mi away
Silver Lake Elementary School
Elementary · 26.3 mi away
Commute Calculator
Nearby Homes
Similar Homes Nearby
Similar Home Values
Comparable nearby listings and their asking prices.
| Address | Price | Beds | Baths | Sq Ft |
|---|---|---|---|---|
| 2057 Glory Road, Frankfort, MI | $699,000 | 4 | 3 | 2,168 |
| Unit 40B Lake Street, Frankfort, MI | $715,000 | 2 | 2 | 1,442 |
| Unit 38A Lake Street, Frankfort City, MI | $715,000 | 2 | 2 | 1,442 |
| Unit 38A Lake Street, Frankfort, MI | $715,000 | 2 | 2 | 1,442 |
| 5543 Crystal Lane, Frankfort, MI | $749,000 | — | — | — |
| 1955 Laurel Lane, Frankfort, MI | $750,000 | 3 | 3 | 1,918 |
Moving Cost Estimate
EXIT Agents in Frankfort
Listing Courtesy: Century 21 Northland-Frankfort - Cell: 231-651-0923