Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    11042 W Lilly Lake Manistique, MI 49854

    View on Map
    For Sale
    $34,000

    Vacant Land - Manistique, MI

    Lot size:
    2.10 Acres
    Added:
    Jun 9, 2025
    Days on Market:
    301
    Last Refresh:
    Apr 5 at 9:06 pm

    Property Features for 11042 W Lilly Lake

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Recreational
    Standard status
    Active
    APN
    003-371-028-00
    Lot size
    2.10 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    226.37

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    CORRINA JOHNSON

    Listing agent CORRINA JOHNSON

    Listing office GROVER REAL ESTATE 771 East Lakeshore Drive, Manistique, MI

    Listing date Jun 9, 2025

    MLS# 50177703 Listing URL

    Copyright © 2026 Upper Peninsula Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    2.1 Acres in Lake Superior Forest

    This 2.1-acre parcel is located in the heart of the Lake Superior State Forest, offering a location for a U.P. getaway. Situated near Lily Lake and Boot Lake, the property is surrounded by state forest and inland lakes. Located on a dirt road with a small driveway, electricity is available. With proximity to M94, the property provides access to snowmobile and ATV trails.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Recreation land

    Map

    City
    Manistique
    County
    Schoolcraft
    State
    Michigan
    Longitude
    -86.3397
    Latitude
    46.1571

    Nearby Similar for Sale

    • $240,000
      6,200 SF

      Historic Downtown Manistique Storefront

      Turnkey business opportunity in a high-visibility location.
      239 S Cedar, Manistique, MI 49854
      View Details
    • $350,000

      Manistique Vacant Commercial Land

      Vacant land suitable for retail, restaurant, or hospitality businesses.
      6838 W US2, Manistique, MI 49854
      View Details
    • $250,000
      2,500 SF

      Manistique Commercial/Industrial Opportunity

      Prime corner lot with high visibility and business potential.
      192 River, Manistique, MI 49854
      View Details
    • $300,000
      1,000 SF

      Waterfront Commercial Property in Manistique

      High-exposure waterfront commercial property in a charming lakefront town.
      103 W Lakeshore, Manistique, MI 49854
      View Details
    • $185,000
      4,080 SF

      Manistique Commercial Building with Parking

      Versatile 4,000 SF commercial building in Manistique, Michigan.
      127 Chippewa, Manistique, MI 49854
      View Details
    • $217,500
      1,200 SF

      Established Flower Shop Opportunity

      Turnkey flower shop with inventory in Manistique, Michigan.
      176 River, Manistique, MI 49854
      View Details
    • $415,000
      4,000 SF

      Historic Tavern with Resort Liquor License

      Established tavern near Kitch-iti-kipi with expansion potential.
      1263 M149, Manistique, MI 49854
      View Details
    • $30,000

      Land Near Lake Michigan

      Vacant land parcels near Lake Michigan in Manistique, Michigan.
      Parcel 1-3 Michigan Ave, Manistique, MI 49854
      View Details
    • $125,000

      Lake Michigan Waterfront Land Parcel

      1.08 acres of Lake Michigan waterfront property with south-facing views.
      W Barque Point, Manistique, MI 49854
      View Details
    • $125,000

      Lake Michigan Waterfront Land Parcel

      1.08 acres of Lake Michigan waterfront with south-facing views.
      W Barque Point, Manistique, MI 49854
      View Details
    • $50,000

      Prime Commercial Corner Lot

      High-traffic vacant land in downtown Manistique, zoned for general business.
      TBD Deer ST. N Deer Street, Manistique, MI 49854
      View Details
    • $11,000

      Vacant Land Near Lake Michigan

      City parcels near Lake Michigan, ideal for building or investment.
      Parcel 2 Michigan Avenue, Manistique, MI 49854
      View Details

    FAQs

    What type of property is this?
    Recreation land - 2.1 acre parcel near Lily and Boot Lakes.
    Where is this recreation land located?
    The property is located at 11042 W Lilly Lake Manistique, MI.
    What is the asking price?
    The asking price for this property is $34,000.
    What are key features of this property?
    This property features: Located in the heart of the Lake Superior State Forest on 2.1 acres.; Close proximity to Lily Lake & Boot Lake and hundreds of other inland lakes.; Electricity available on the property.
    (906) 286-2978
    We can help!
    Listing Contact
    CORRINA JOHNSON
    Real Estate License ID: 6501462277
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!