Waterway Inn: Business and property

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4 years ago, we bought a roadside motel in need of some TLC in beautiful Indian River, Michigan. Presented with a new opportunity, we have decided it's time to move on! What was a 3.5/5 rating when we purchased the Inn, known as the Coach House Motel at the time, is now a 4.6/5. This is the result of over $300,000 in improvements. Some of the highlights are:

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• Partial renovations in every room and mobile home

• Improved internet speed and accessibility

• New beds, linens, and towels

• New Roku televisions

• New reservation system which seamlessly connects to major OTA sites

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A bit about the Waterway Inn. Built in the early 70's, it is located on an almost 2-acre parcel of land, in the heart of Indian River.  It is .25 miles off of exit 310 in Indian River, named for the river that runs between Burt and Mullett Lakes, the 5th and 4th largest lakes in Michigan, respectively, and part of the Inland Waterway. Indian River is known as the hub of northern Michigan. From here, you less than 30-minutes from Petoskey on Lake Michigan, Lake Huron, Gaylord, the Mackinac Bridge, and Mackinaw City to catch the ferry to Mackinac Island! 

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The Inn has 11 rooms and 5 mobile homes on site.  The rooms are roughly 330 Sq Ft., and the mobile homes are roughly 600 sq. ft. There is a 1,200 sq. ft. living quarters attached to the office with 3 bedrooms, and 1 full bath.  There is room to add additional units on the property, and there is a lot adjacent to the Inn that the owner has indicated he is willing to sell if you're considering expansion. For room and mobile home pictures, follow this link. For an aerial view of the property, follow this link.

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The Inn has quickly gained a reputation for having the cleanest rooms and providing the best value, as evidenced by the reviews. We frequently refer visitors to other facilities in the area during the summer months because we don't have rooms to accommodate all who want to stay.  Some other items that are unique to the Waterway Inn that make it the preferred lodging facility in Indian River:

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• Located adjacent to the North Central State Trail, a 62-mile trail that runs from Gaylord to Mackinaw City. It is a non-motorized trail during the spring, fall, and summer. Visitors frequently walk or ride their bikes on the trail, which can be directly accessed from the Inn. From Dec 1. to March 31, snowmobiles are allowed on the trail.

• Walking distance from town: The Waterway Inn is the only lodging facility that is within walking distance from town, where you will find local and visitor favorites like Station 310 , Northland Brewing, Christoper's Cafe, Aurora B Cigar Lounge, Wilson's River Edge, Wildwood Coffee, Burt Lake State Park, food trucks, and more. In addition, we are a stone's throw from two gas stations, a Family Dollar, Burger King, and McDonald's.

• Near exit I-75, exit 310, and the busiest intersection in the county: The Inn gets a significant number of walk-in reservations because it is .25 miles from the exit and less than 1/4 mile from the busiest intersection in the county, the intersection of Straits Hwy and M-68. 

• Close to 2 major boat launches: Fishing draws many visitors to the area, this year, there are no less than 3 tournaments being held in Indian River. Anglers want to be close to the launches to get out to their fishing spot quickly. The Waterway Inn is .6 miles from Burt Lake State Park and .8 miles from Marina Park

• Nature Lovers and Outdoor enthusiasts flock to the Indian River: Cheboygan County has hundreds of miles of snowmobile and ORV trails. There can be anywhere from 3-5 ORV rides per year that are held in Indian River held by Indian River Based ORV groups like Michigan Treadhead and Mud Brothers. There are several nature preserves and pathways to get out and enjoy the beauty of Northern Michigan. Some examples are Banwell Nature Preserve, Agness Nature Preserve, Wildwood Hills Pathway, and 7 Springs Nature Preserve

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Here is your opportunity to own a lodging facility in a rapidly growing town that, in the last 4 years, has experienced an influx of new business owners to the area via sales of:

• 4 of the 7 lodging facilities

• 3 restaurants

• 2 of the 3 marinas

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In addition to that, 3 new businesses have opened in the last few years, a large VA clinic will be opening soon, and plans are in the works for:

• A coin laundromat with commercial laundry capability 

• 10-15 Riverfront condos that will have a starting price of $750,000

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Follow this link for an article highlighting the recent influx of interest in the Petoskey area. This article is a few years late as the interest and investment in Petoskey has been strong for the last 3-5 years. Due to that, investors are moving north to the next closest town with a lake, and that's Indian River. 

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Revenue and financials: It has more than doubled since our first year of ownership! We are willing to provide P+L statements for the last 3 years with a completed NDA (Please make a copy before modifying). Once completed, email to waterwayinnIR@gmail.com.

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Due to the pace at which we chose to make improvements, we had to sacrifice profit. Almost every dollar that came across the desk from the customer went to improvements and staff payroll. The major renovations have been completed, so you won't purchase a business needing significant upgrades. The purchase price includes the land, business, and all the equipment, furnishings, etc., that are part of the business or needed to run the business.

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Asking Price: $1,000,000* 

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In an effort to reduce the asking price, we are choosing not to use an agent so that we won't be paying a realtor's commission. If an agent is required, the buyer will pay the agent's fee, or the price goes up to $1.2 million.

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Questions: Call 231-238-9370 between the hours of 10 a.m. and 6 p.m. EST and ask for Jess or Chris. Email anytime at waterwayinnIR@gmail.com

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