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    For Sale (13)

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    Bellaire Vacant Lot Near Golf
    Contact for pricing
    2.04 Acres

    Bellaire Vacant Lot Near Golf

    Vacant lot near golf, lakes, and ski resorts.

    Vl Rnch Dr, Bellaire, MI 49615
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    Lakes of the North Vacant Lot
    Contact for pricing
    0.58 Acres

    Lakes of the North Vacant Lot

    Secluded lot with access to golf, pool, ORV trails.

    Vl Cliffmont Dr, Mancelona, MI 49659
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    Elmira Vacant Land Opportunity
    Contact for pricing
    1.58 Acres

    Elmira Vacant Land Opportunity

    1.58 acre wooded lot near golf and recreation.

    Vl Snowridge Trl, Elmira, MI 49730
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    Mancelona Vacant Lot with Amenities
    Contact for pricing
    0.49 Acres

    Mancelona Vacant Lot with Amenities

    Wooded lot with golf, pool, restaurant, tennis, and airport.

    Vl Wilamont Cir, Mancelona, MI 49659
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    Heavily Wooded Corner Lot
    Contact for pricing
    0.58 Acres

    Heavily Wooded Corner Lot

    Wooded lot in Lakes of the North community.

    5165 Snowridge Trl, Elmira, MI 49730
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    Land Parcel with Highway Access
    Contact for pricing

    Land Parcel with Highway Access

    Open land parcel with deeded highway access and utilities.

    00 Park S, Benzonia, MI 49616
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    Kewadin Industrial Storage Unit
    $160,000
    1,600 SF

    Kewadin Industrial Storage Unit

    Spacious drive-through storage, ideal location.

    6911 Clipper, Kewadin, MI 49648
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    Kewadin Mixed-Use Storage Unit
    $160,000
    1,600 SF

    Kewadin Mixed-Use Storage Unit

    Spacious drive-through storage, ideal location.

    6911 Clipper Ave, Kewadin, MI 49648
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    Benzonia Industrial Storage Unit
    $164,900
    1,500 SF

    Benzonia Industrial Storage Unit

    Secure, spacious industrial unit near Crystal Lake.

    Benzonia, MI 49616
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    Versatile Commercial Property with Warehouse
    $400,000
    5,680 SF

    Versatile Commercial Property with Warehouse

    Spacious property with heated warehouse, outbuildings, and office space.

    2431 Refinery Rd, West Branch, MI 48661
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    US-31 Frontage Commercial Land
    $260,000

    US-31 Frontage Commercial Land

    Commercial land with frontage on US-31 in Beulah/Benzonia.

    1388 Michigan Ave, Benzonia, MI 49616
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    Expansive Wooded Parcel in Buckley
    $74,900

    Expansive Wooded Parcel in Buckley

    6+ acre wooded parcel offers seclusion and tranquility.

    2 2 1/2 Rd, Buckley, MI 49620
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    Old Mission Waterfront Land Parcel
    $3,300,000

    Old Mission Waterfront Land Parcel

    Exceptional 5-acre waterfront parcel on Old Mission Peninsula.

    14750 Mallard Dr, Traverse City, MI 49686
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    For Lease (2)

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    Downtown Beulah Retail/Office Space
    Contact for pricing

    Downtown Beulah Retail/Office Space

    Prime Commercial Avenue frontage in the heart of downtown Beulah.

    244 S Benzie Blvd, Beulah, MI 49617
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    Furnished Office Space with Terrace
    Contact for pricing

    Furnished Office Space with Terrace

    Office space for lease near the Financial District with amenities.

    4 World Trade Ctr, New York, NY 10006
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    Leases and Sales on Map

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    • For Lease

    Properties for sale

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    Real Estate One, Inc.
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Real Estate One, Inc.
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