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

    1873 Chapel Hill Petoskey, MI 49770

    View on Map
    Claim this Listing
    For Sale
    $52,000

    Lots/Land - Petoskey, MI

    Type:Single Family Residence
    Lot size:
    3.21 Acres
    Added:
    Mar 26, 2025
    Days on Market:
    389
    Last Refresh:
    Apr 18 at 6:06 pm

    Property Features for 1873 Chapel Hill

    General Information

    Property type
    Land
    Property subtype
    Single Family Residence
    Zoning
    EC FF-1
    Interior features
    Hard Wood, Mixed Trees, Natural Gas, Cable TV, Under Ground Utilities, Paved Road
    Standard status
    Active
    APN
    01-19-28-150-126
    Lot size
    3.21 Acres

    Utilities

    Utilities
    Cable Available, Natural Gas Available

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Sue Louiselle

    Listing agent Sue Louiselle

    Listing office Sue Louiselle, Broker 7511 E. Lincoln Rd, Traverse City, MI

    Listing date Mar 26, 2025

    MLS# 467263 Listing URL

    Copyright © 2026 Northern Michigan MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    3.21 Acre Building Site

    This is an exclusive 3.21-acre parcel building site located in the Chapel Hill Site Condominium Association, an area of custom-designed homes. The lot is surrounded by hardwoods with valley views and open countryside views, with some sites featuring terrain suitable for walkouts. The property is located within 15 minutes of McLaren Hospital, downtown Petoskey, schools, a casino, and shopping. Chapel Hill features natural gas and underground utilities. True Stream Fiber and Spectrum cable are available. An open park area and walking trails are present. Snowmobile trails, ski and golf resorts, and dining options are nearby. The zoning is EC FF-1. The property is located in Emmet County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Accounting Firm Florist

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Petoskey
    County
    Emmet
    State
    Michigan
    Longitude
    -84.9315274
    Latitude
    45.3150666

    Nearby Similar for Sale

    • $893,000
      3,256 SF

      Versatile Commercial Property on US 31

      Commercial property with open building, office, and paved parking.
      2356 N US 31, Petoskey, MI 49770
      View Details
    • $120,000
      2,150 SF

      Established Restaurant in Petoskey, MI

      Well-established restaurant with growth potential in Petoskey/Bay Harbor, Michigan.
      3890 Charlevoix, Petoskey, MI 49770-0000
      View Details
    • $1,850,000
      7,958 SF

      Prime Petoskey Retail and Office

      Commercial building in Petoskey's Gaslight District with high visibility.
      321 E Lake, Petoskey, MI 49770
      View Details
    • $559,900
      2,318 SF

      Remodeled Duplex in Prime Location

      Updated duplex near Gaslight district, shopping, and recreation.
      415 Liberty, Petoskey, MI 49770
      View Details
    • $875,000

      Petoskey Multifamily Investment Opportunity

      Five-unit property near downtown Petoskey with strong cash flow.
      138 E Sheridan Street, Petoskey, MI 49770
      View Details
    • $1,930,000
      10,580 SF

      Versatile Commercial Property Near Hospital

      Commercially zoned property with multiple rental units and commercial spaces.
      525 W Mitchell, Petoskey, MI 49770
      View Details
    • $850,000

      Victorian-Style 5-Unit Multifamily Property

      Petoskey 5-unit with recent renovations and strong rental demand.
      624 Michigan Street, Petoskey, MI 49770
      View Details
    • $850,000

      Petoskey Multifamily Investment Opportunity

      Well-maintained 6-unit multifamily property near downtown Petoskey.
      524 State Street, Petoskey, MI 49770
      View Details
    • $369,000

      Petoskey Development Site with Bay Views

      Development site with panoramic bay views, suitable for mixed-use projects.
      4367 Charlevoix Ave, Petoskey, MI 49770
      View Details
    • $74,900

      Wooded Acreage Near Petoskey

      Scenic 4.46 acre wooded parcel near downtown Petoskey, MI.
      WILDWOOD, PETOSKEY, MI 49770
      View Details
    • $350,000
      1,816 SF

      Petoskey Duplex: Income Potential

      Centrally located Petoskey duplex with income potential near downtown.
      513 Liberty, Petoskey, MI 49770
      View Details
    • $69,500

      Buildable Lot in Petoskey, MI

      Cleared lot near Gaslight District and nature preserve trails.
      1325 KIERAN, PETOSKEY, MI 49770
      View Details

    FAQs

    What type of property is this?
    Land - Exclusive 3.21 acre parcel for custom home in Petoskey.
    Where is this land located?
    The property is located at 1873 Chapel Hill Petoskey, MI.
    What is the asking price?
    The asking price for this property is $52,000.
    What are key features of this property?
    This property features: Exclusive 3.21‑acre building site in a custom‑designed home community.; Natural gas and underground utilities are available.; High‑speed internet options: True Stream Fiber & Spectrum cable.
    (231) 835-1555
    We can help!
    Listing Contact
    Sue Louiselle
    Real Estate License ID: 6506046029
    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!