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    For Sale (15)

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    Live/Work Opportunity Near Downtown
    $995,000
    1,792 SF

    Live/Work Opportunity Near Downtown

    Turnkey live/work space with development potential near downtown Traverse City.

    1323 S Cass St, Traverse City, MI 49684
    View details
    Secluded Wooded Land in Kingsley
    $169,000
    19.66 Acres

    Secluded Wooded Land in Kingsley

    19.66 acres of private land perfect for outdoor enthusiasts.

    Vans Ln, Kingsley, MI 49649
    View details
    Land with Lake Leelanau Views
    $129,900
    1.85 Acres

    Land with Lake Leelanau Views

    1.85 acre building site near Lake Leelanau.

    E Hidden Beech Dr, Cedar, MI 49621
    View details
    Residential Land in Traverse City
    $79,900
    1.04 Acres

    Residential Land in Traverse City

    1.04 acre residential lot near Traverse City amenities.

    8910 Hemlock Hl Dr, Traverse City, MI 49685
    View details
    77 Acres Near Traverse City
    $300,000
    77.20 Acres

    77 Acres Near Traverse City

    Pristine 77-acre parcel with building envelope near Traverse City.

    Tbd Hoosier Vly Rd, Traverse City, MI 49685
    View details
    Lakeview Land Parcel in Cedar
    $119,900
    1.66 Acres

    Lakeview Land Parcel in Cedar

    1.66-acre parcel with lake views and development-ready features.

    00 S Lake Shore Dr, Cedar, MI 49621
    View details
    Residential Land in Tranquil Setting
    $74,900
    1.00 Acre

    Residential Land in Tranquil Setting

    One-acre lot near Traverse City with utilities being installed.

    8903 Hemlock Hl Dr, Traverse City, MI 49685
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    Tranquil Residential Land in Traverse City
    $103,900
    1.38 Acres

    Tranquil Residential Land in Traverse City

    1.38 acre lot near Traverse City amenities.

    8886 Hemlock Hl Dr, Traverse City, MI 49685
    View details
    Residential Land in Serene Setting
    $123,900
    1.39 Acres

    Residential Land in Serene Setting

    1.39 acre lot near Traverse City with well.

    4717 Leaning Birch Dr, Traverse City, MI 49685
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    Tranquil Residential Lot in Traverse
    $103,900
    1.39 Acres

    Tranquil Residential Lot in Traverse

    1.39-acre lot near Traverse City amenities.

    4735 Leaning Birch Dr, Traverse City, MI 49685
    View details
    Vacant Land with Lake Views
    $249,000
    4.10 Acres

    Vacant Land with Lake Views

    4-acre vacant land with water views and building potential.

    00 E Hidden Beech Dr, Cedar, MI 49621
    View details
    Wooded Land Near Pyatt Lake
    $259,000
    1.29 Acres

    Wooded Land Near Pyatt Lake

    1.29-acre wooded parcel with pole building near Traverse City.

    14607 Pyatt Rd, Traverse City, MI 49686
    View details
    Spacious Land Parcel Ready Build
    $169,900

    Spacious Land Parcel Ready Build

    Land parcel with building sites, countryside views, convenient location.

    A7 S Bright Rd, Maple City, MI 49664
    View details
    Lake Township Acreage with Lake Access
    $55,000

    Lake Township Acreage with Lake Access

    3.5-acre parcel with deeded access to Big Star Lake.

    8616 Katie Ln, Baldwin, MI 49304
    View details
    Updated Four-Unit Multifamily Property
    $849,000

    Updated Four-Unit Multifamily Property

    Four-unit property near Timber Ridge with recent updates.

    1627 Rasho Rd, Traverse City, MI 49696
    View details

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    The Mitten Real Estate Group
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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
    The Mitten Real Estate Group
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