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5358 Paw Paw Lake Rd - Heron's Nest 6 Unit Apartment Building Offered at $1,125,000 at a 8.71% Cap Rate Coloma, MI 49038
Investment Highlights
- Seasonal short-term rental operation, not a standard multifamily lease-up — nightly STR income through summer via Airbnb/VRBO
- 2025 gross revenue of $150,855, with H1 2026 revenue up 107% YoY — evidence of a maturing off-season occupancy strategy.
- Six-unit turnkey compound (3×1BR/1BA, 3×2BR/1BA) plus dedicated office/laundry building on one Coloma, MI site.
Executive Summary
Heron's Nest is a seven-building rental compound at 5358 Paw Paw Lake Rd, Coloma, MI, coded here as multifamily (6 rental units — 3 one-bedroom/one-bath, 3 two-bedroom/one-bath — plus a non-revenue office/laundry building). Note for underwriting: this is not a traditional long-term multifamily hold. The property operates as a furnished short-term (nightly) vacation rental during the May–September peak season via Airbnb/VRBO, converting to off-season monthly/extended-stay leases the rest of the year. Trailing 12-month (2025) gross revenue was $150,855 with a $98,006.33 net owner distribution over the nine operating months (Apr–Dec; cabins were shut down Jan–Mar while the off-season leasing program was established). H1 2026 gross revenue of $76,443 is up ~107% year-over-year, with the portfolio now booking room nights in every month versus that Jan–March shutdown in 2025. Asking price is $1,125,000 ($187,500/revenue unit). Located in Berrien County's Paw Paw Lake corridor, roughly 90 minutes from Chicago.
Data Room Click Here to Access
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,125,000 | Property Type | Multifamily |
| Price Per Unit | $187,500 | Apartment Style | Single-Family Home |
| Sale Type | Investment | Building Size | 3,460 SF |
| Cap Rate | 8.71% | No. Stories | 1 |
| No. Units | 6 | Year Built/Renovated | 1944/2025 |
| Price | $1,125,000 |
| Price Per Unit | $187,500 |
| Sale Type | Investment |
| Cap Rate | 8.71% |
| No. Units | 6 |
| Property Type | Multifamily |
| Apartment Style | Single-Family Home |
| Building Size | 3,460 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1944/2025 |
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Somewhat walkable
20/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
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5358 Paw Paw Lake Rd - Heron's Nest