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    The Largest CRE Database in the US with Over 1 Million Listings

    10420 4 & 5, Unit 3 Luna Pier, MI 48157

    Sponsored
    For Sale
    $3,500,000

    COMMERCIAL - Luna Pier, MI

    Property size:
    2,318 SF
    Lot size:
    18.42 Acres
    Days on Market:
    23
    Last Refresh:
    Jan 29 at 8:06 pm

    Property Features for 10420 4 & 5

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bathroom 1
    Bathrooms
    1
    APN
    51-003-010-00
    Parking
    40
    Size
    2,318 SF
    Lot size
    18.42 Acres

    Utilities

    Heating system
    Forced Air
    Water front features
    Lake
    Water front
    1

    Building Details

    Year built
    1980
    Number of units
    1
    Building materials
    Wood Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Matthew Miller

    Real Broker, LLC (517) 200-3245

    Listing agent Matthew Miller (269) 267-7406

    Listing date Jan 7, 2026

    MLS# 26000641

    Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Luna Pier Waterfront Commercial Property

    The Luna Pier Harbor Club is a waterfront commercial property located on Lake Erie in Luna Pier, Michigan. The property, formerly a full-service marina, offers the opportunity to acquire a large-scale marina asset with redevelopment and repositioning potential in a Great Lakes market. The property includes over 400 existing boat slips, accommodating various vessel sizes, and spans a stretch of shoreline with direct access to Lake Erie. Existing improvements include a 2318 square foot office building and a retail structure (former bait shop), providing a foundation for marina operations, tenant services, or future redevelopment. The 18.42-acre site also offers potential for gas dock installation, subject to approvals. Located minutes from I-75, the property provides access to Toledo, Detroit, and regional Great Lakes boating destinations. The surrounding area includes residential neighborhoods, seasonal tourism, and recreational boating. This asset is suited for investors, developers, or owner-operators seeking to revitalize an existing marina, redevelop into a mixed-use waterfront destination, or reimagine the site as a recreational, hospitality, or resort-style property, subject to zoning and entitlements.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Marinas

    Map

    City
    Luna Pier
    County
    Monroe
    State
    Michigan
    Longitude
    -83.445815
    Latitude
    41.802697

    FAQs

    What type of property is this?
    Marina - Waterfront commercial property with redevelopment potential on Lake Erie.
    Where is this marina located?
    The property is located at 10420 4 & 5, Unit 3 Luna Pier, MI.
    What is the asking price?
    The asking price for this property is $3,500,000.
    What are key features of this property?
    This property features: - Large-scale waterfront commercial property on Lake Erie with **over 400 existing boat slips**.; - Significant redevelopment and repositioning potential in a well-situated Great Lakes market.; - Extensive shoreline with direct access to open Lake Erie waters.
    (269) 267-7406
    Request Owner's contact information
    10420 4 & 5, Unit 3 Luna Pier, MI 48157
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    Luna Pier, MI 48157
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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
    10420 4 & 5, Unit 3 Luna Pier, MI 48157
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    We can help!
    Listing Contact
    Matthew Miller
    Real Estate License ID: 6501432246
    (269) 267-7406
    Learn more
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