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    202 Sawmill Marenisco, MI 49947

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    Claim this Listing
    For Sale
    $549,900

    Office - Marenisco, MI

    Type:Office
    Property size:
    38,950 SF
    Lot size:
    14.33 Acres
    Price / SF:
    $14/SF
    Added:
    Jul 10, 2025
    Days on Market:
    290
    Last Refresh:
    Apr 25 at 2:06 am

    Property Features for 202 Sawmill

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Property condition
    New Construction
    Zoning
    Commercial,Industrial
    Parking features
    Parking Lot
    Security features
    Security Lighting
    Interior features
    3 Phase Power, 440 Volt Power, ADA Accessible, Compressor, Concrete Floor, Delivery Area, Dock Door, Drive-In, Electric Available, Fence, Fixtures, Floor Drain, Gas Available, No Elevator, Off Street Loading, Overhead, Overhead Doors, Private Restrooms, Security Equipment, Security Syetem Owned, Sprinkler System, Truck Door(s), Underground Utilities
    Exterior features
    Ada Accessible, Fence, Fenced Yard, Fence Owned
    Fencing
    Fenced
    Accessibility
    Accessible Approach with Ramp, Accessible Elevator Installed
    Standard status
    Active
    APN
    2704-32-100-645
    Size
    38,950 SF
    Lot size
    14.33 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    8495.14

    Utilities

    Utilities
    Electricity Available
    Heating system
    Forced Air, Space Heater, Wall Furnace
    Water front features
    Lake/River Access, Lake/River Access, River Frontage, Waterfront, Waterfront
    Water front
    1

    Building Details

    Year built
    1970
    Flooring type
    Concrete
    Building materials
    Frame
    Roof type
    Other, See Remarks
    Architectural style
    Other

    We can help!

    Listing Contact
    SAMANTHA OLSON

    Listing agent SAMANTHA OLSON License #6501456171

    Listing office ZAK'S REALTY 110 E. Aurora Street, Ironwood, MI

    Listing date Jul 10, 2025

    MLS# 50181447 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

    Marenisco Commercial Building on 14 Acres

    Located in the Marenisco Industrial Park, this commercial building offers 38,950 sq ft of space on 14.33 acres. The property includes approximately 1,200 feet of river frontage. The building features ceilings over 16 ft high and multiple 16 ft high overhead garage doors. It also has an office, a handicap-accessible bathroom, and a break room. Direct access to the ATV/snowmobile trail makes it suitable for industrial, storage, or recreational uses. The property is zoned for commercial and industrial use, offering potential for expansion or development.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Marenisco
    County
    Gogebic
    State
    Michigan
    Longitude
    -89.6953703
    Latitude
    46.3725993

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    FAQs

    What type of property is this?
    Warehouse - 38,950 sq ft commercial building on 14 acres.
    Where is this warehouse located?
    The property is located at 202 Sawmill Marenisco, MI.
    What is the asking price?
    The asking price for this property is $549,900.
    What are key features of this property?
    This property features: 38,950 sq ft commercial building on 14 acres in Marenisco Industrial Park.; Approximately 1,200 feet of scenic river frontage.; Multiple 16ft high overhead garage doors and 16+ ft high ceilings.
    (906) 364-1146
    We can help!
    Listing Contact
    SAMANTHA OLSON
    Real Estate License ID: 6501456171
    Learn More
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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
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