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

    1907 W Sugar Grove Rd Ludington, MI 49431

    Sponsored
    For Sale
    Under Contract
    $500,000

    MULTI_FAMILY - Ludington, MI

    Lot size:
    14.50 Acres
    Days on Market:
    14
    Last Refresh:
    Feb 1 at 4:06 am

    Property Features for 1907 W Sugar Grove Rd

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active Under Contract
    Rooms
    Bathroom 3, Bedroom 7, Bedroom 6, Bathroom 2, Basement, Bedroom 4, Bedroom 5, Bedroom 11, Laundry Room, Bathroom 1, Bedroom 3, Bedroom 14, Bathroom 7, Bedroom 2, Bathroom 8, Bedroom 10, Bedroom 1, Bedroom 9, Bedroom 12, Bedroom 13, Bathroom 5, Bedroom 8, Bathroom 4, Bathroom 6
    Bedrooms
    14
    APN
    53-015-034-007-00
    Parking
    10
    Parking features
    Driveway
    Basement
    Full
    Lot size
    14.50 Acres

    Utilities

    Utilities
    Propane
    Sewer type
    Septic Tank
    Heating system
    Forced Air
    Water source
    Well

    Building Details

    Year built
    1985
    Number of units
    6
    Building materials
    Vinyl Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Debby Stevenson

    GREENRIDGE Realty-Ludington (231) 843-6868

    Listing agent Debby Stevenson (231) 510-5727

    Listing date Jan 19, 2026

    MLS# 25041102

    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

    Versatile Income Property on 14.6 Acres

    This income-producing property features two residential buildings with a total of five rental units, with the potential for a sixth, plus a large pole barn. The property is situated on 14.6 acres in a central location. Building 1 offers two 4-bedroom, 2-bath units, each with walkout lower levels and laundry areas. Building 2 includes four units, with three completed 2-bedroom, 1-bath units and one undeveloped unit. Each unit is separately metered, allowing tenants to pay their own utilities. There is one well and one septic system for all units. Leases are already in place. The large pole barn provides additional storage or income potential. Located across the street from West Shore Community College and centrally positioned between Ludington, Scottville, and Manistee, this property offers convenient access to area amenities and a strong tenant pool. The property is located in Ludington, MI 49431, Mason County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Spa & Massage Veterinary Clinic Tailor Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Ludington
    County
    Mason
    State
    Michigan
    Longitude
    -86.328082
    Latitude
    44.005352

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    FAQs

    What type of property is this?
    Apartment building - Income-producing property with multiple rental units and a pole barn.
    Where is this apartment building located?
    The property is located at 1907 W Sugar Grove Rd Ludington, MI.
    What is the asking price?
    The asking price for this property is $500,000.
    What are key features of this property?
    This property features: - Significant Income Potential: Multiple rental units (5 existing, potential for 6th) with leases in place provide steady income.; - Large 14.6-Acre Property: Offers ample space and potential for further development or use.; - Pole Barn: Provides additional storage or income-generating opportunities.
    (231) 510-5727
    Request Owner's contact information
    1907 W Sugar Grove Rd Ludington, MI 49431
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    Ludington, MI 49431
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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
    1907 W Sugar Grove Rd Ludington, MI 49431
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    We can help!
    Listing Contact
    Debby Stevenson
    Real Estate License ID: 6502347161
    (231) 510-5727
    Learn more
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