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501 Michigan Ave, Frankfort, MI, 49635

7beds
8baths
4,851sqft
$1,999,999
$412price/sqft
$12,509/moest. monthly cost
$500,360/yrincome needed

About This Home

Perched on a scenic bluff overlooking the crystal clear waters of Lake Michigan and the iconic Frankfort Lighthouse, this extraordinary 7-bedroom, 8-bath estate offers a rare opportunity to own one of downtown Frankfort’s most distinguished homes. Surrounded by mature landscaping and framed by breathtaking panoramic views, the property delivers a peaceful retreat where the sights and sounds of the lake take center stage. Inside, a striking mid-century modern foyer welcomes you with soaring ceilings, rich wood detailing, and stunning stained-glass windows. Walls of windows along the lake-facing side of the home flood the interior with natural light while showcasing spectacular water views from nearly every angle. Impeccably maintained wood flooring flows throughout the home, adding warmth and timeless character. Designed for both comfortable everyday living and effortless entertaining, the spacious living room features a cozy wood-burning fireplace and opens seamlessly to the dining area and kitchen. The kitchen’s oversized butcher block island creates the perfect gathering space for hosting family and friends. The main level includes three generously sized guest suites, each with a private bath for comfort and privacy. The luxurious primary suite is a private sanctuary complete with sweeping Lake Michigan views, a spacious office/library, sitting room with gas fireplace, wet bar, en-suite bath, and private deck overlooking the water. An additional guest suite also enjoys stunning lake views and a private bath. Outdoor living is equally exceptional with a large screened-in porch designed for relaxing evenings, sunset views, and the soothing sound of waves below. The detached two-car garage offers ample storage for vehicles and recreational gear, while the attached two-bedroom, one-bath bunkhouse provides ideal guest accommodations or potential rental income. Perfectly tucked away in a serene setting yet just moments from Downtown Frankfort.

Getting Around

29
WalkingCar-Dependent
0
TransitVery Limited Transit
14
BikeSomewhat Bikeable

Schools

8/10
7/10
Frankfort High SchoolGrades 6-121.0 mi

Construction

Condition

  • Year built: 1935

Materials

  • Foundation: Block
  • Roof: Asphalt
  • Construction materials: Frame,Stucco/Drivit

Type & Style

  • Home type: SingleFamily
  • Architectural style: Contemporary
  • Property subType: Single Family Residence

Interior

Appliances

  • Appliances included: Refrigerator,Oven/Range,Dishwasher,Trash Compactor,Washer,Dryer,Oven,Cooktop
  • Laundry features: Lower Level

Basement

  • Has basement: Yes
  • Basement: Full,Crawl Space,Daylight,Unfinished,Interior Entry

Bedroom2

  • Level: Upper
  • Area: 250.85

Bedroom3

  • Level: Main
  • Area: 244.782

Bedroom4

  • Level: Main
  • Area: 172.205

Bedrooms & Bathrooms

  • Bedrooms: 7
  • Bathrooms: 8
  • Full bathrooms: 4
  • 3/4 bathrooms: 3
  • 1/2 bathrooms: 1
  • Main level bathrooms: 5
  • Main level bedrooms: 2

Dining Room

  • Level: Main
  • Area: 287.12

Family Room

  • Level: Upper
  • Area: 532.5

Features

  • Cathedral Ceiling(s),Bookcases,Entrance Foyer,Wet Bar,Pantry,Solarium/Sun Room,Solid Surface Counters,Kitchen Island,Mud Room,Den/Study,Ceiling Fan(s),Cable TV,High Speed Internet
  • Window features: Drapes,Curtain Rods
  • Flooring: Wood,Concrete
  • Fireplace features: Gas,Wood Burning
  • Fireplace: Yes
  • Finished area below ground: 0
  • Finished area above ground: 4,851

Heating

  • Heating features: Forced Air,Baseboard,Natural Gas,Fireplace(s)

Interior Area

  • Total structure area: 4,851
  • Total interior livable area: 4,851 sqft

Kitchen

  • Level: Main
  • Area: 349.33

Living Room

  • Level: Main
  • Area: 650.199

Master Bathroom

  • Features: Private

Master Bedroom

  • Level: Upper
  • Area: 555.12

Property

Accessibility

  • Accessibility features: Covered Entrance

Details

  • Parcel number: 5115000401
  • Zoning description: Residential

Features

  • Levels: Two
  • Stories: 2
  • Patio & porch: Deck,Patio,Porch,Screened
  • Exterior features: Balcony,Rain Gutters
  • Has view: Yes
  • View description: Water
  • Water view: Water
  • On waterfront: Yes
  • Waterfront features: All Sports,Bluff (greater than 10ft),Great Lake,Sandy Shoreline
  • Frontage type: Waterfront

Lot

  • Lot size: 1.28 Acres
  • Features: Wooded-Hardwoods,Cleared,Wooded,Evergreens,Level,Bluff,Metes and Bounds
  • Lot size dimensions: 313 x 164 irreg

Parking

  • Total spaces: 2
  • Parking features: Detached,Garage Door Opener,Heated Garage,Finished Rooms,Concrete Floors,Asphalt,Circular Driveway,Easement,Private
  • Has garage: Yes
  • Attached garage spaces: 2

Climate Risk is Financial Risk

Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.

Biggest Threats for This Home

  • Winter Weather
    Winter WeatherVery High
  • Cold Wave
    Cold WaveRelatively High
  • Inland Flooding
    Inland FloodingModerate
  • Lightning
    LightningModerate
  • Strong Wind
    Strong WindModerate
  • Tsunami
    TsunamiInsufficient Data

How This Home’s Risks Compare

Winter Weather
Cold Wave
Inland Flooding
Lightning
Strong Wind
Tsunami

FEMA Declared Disasters in Benzie County and Michigan

Severe Ice Storm
Winter Storm

Understanding the Costs

Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.

Estimated Costs Today

MonthlyAnnual
Mortgage $10,113$121,356
Home Insurance *$584$7,008
Property Taxes $1,283$15,396
Electricity $529$6,349
Total$12,509$150,108
*Does not include cost of any FAIR Plan premiums

Income You'd Need if You Spent...

35% on housing$428,880/yr
40% on housing$375,270/yr
45% on housing$333,573/yr

Michigan FAIR Plan Programs

Michigan Basic Property Insurance Association

Covered
WildfireWildfire
HailHail
WindWind
Visit Website →
Current Policies
Residential: 15,981Commercial: 293
Total Premiums$13.85M
Total Exposure$2.60B

How Costs Could Change Over Time

Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.

Insurance Growth Rate5-year average: 5.0%
5.0%
0%30.0%
Electricity Growth Rate10-year average: 3.9%
3.9%
0%15.0%
Property Taxes Growth Rate2-year average: 3.6%
3.6%
0%15.0%
Income Spent on Housing
30%
30%45%

Comparing Against the Market

Price Per Sq Ft

$412This listing

vs Other Active Listings

Avg $/sqft

ZIP 49635$348
Benzie County$266

vs Homes Sold Last Month

Median $/sqft

ZIP 49635$292
Benzie County$298

Current Market Trends

Median Price Per Square Foot

The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.

Historicals for This Listing

Zestimate History ($/sqft)

Price History

DateEventPrice
2026-08-18Price change$1,850,000
2026-05-18Listed for sale$1,999,999
2026-04-01Listing removed$2,099,999
2025-08-30Price change$2,099,999
2025-08-16Price change$2,225,000
2025-07-11Price change$2,300,000
2025-03-18Listed for sale$2,400,000

For Sale by Agent

AgentKari King
BrokerageCentury 21 Northland-Frankfort

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