Sign Up Successful!
You now have access to more from Realmo!
    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

    360 E Us41/M28 Negaunee, MI 49866

    Sponsored
    For Sale
    $970,000

    Vacant Land - Negaunee, MI

    Lot size:
    39.00 Acres
    Days on Market:
    24
    Last Refresh:
    Jan 30 at 7:06 pm

    Property Features for 360 E Us41/M28

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Commercial
    APN
    52-10-126-001-50 & 52-10-125-0
    Exterior features
    Street Lights
    Lot size
    39.00 Acres

    Utilities

    Water front features
    Great Lake, Waterfront
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    BRIAN OLSON

    Northern Michigan Land Brokers (906) 225-5263

    Listing agent BRIAN OLSON (906) 225-5263

    Listing date Jan 7, 2026

    MLS# 50122652 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.

    Learn more

    Overview

    High-Exposure Land in Negaunee Township

    This 39-acre commercial land is located on US Highway 41/28 in Negaunee Township, just a mile past the Marquette border. Situated between Marquette and Negaunee, this location experiences a high volume of traffic, offering significant exposure. The route serves as the gateway to the Western U.P., including Houghton, Hancock, the Keweenaw, and Michigan Tech University, and is also the southern route for the Lake Superior Circle Tour. Traveling east and south, it is a frequently traveled route to Munising, Escanaba, and the Soo, with the M28 branch leading to the interstate highway. The property is positioned in an area of business expansion, offering potential for business success. The lot features a flat area that inclines to the south, potentially offering Lake Superior views with tree removal. The land includes a mix of maples, oaks, evergreens, and white birch. Bordered by forest company land, there may be opportunities to purchase additional property. The southern border of the parcel is near the Iron Ore Heritage Trail. The sandy soil may facilitate development. Additional highway frontage is available for purchase in combination with this property.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Negaunee
    County
    Marquette
    State
    Michigan
    Longitude
    -87.509977725916
    Latitude
    46.534270076594

    Nearby Similar for Sale

    • $1,250,000
      6,227 SF

      Negaunee Restaurant & Bar Investment

      Iconic restaurant and bar for sale in Negaunee, Michigan.
      100 Cliff St, Negaunee, MI 49866
      View Details
    • $379,900
      4,441 SF

      Turnkey Mixed-Use Investment Opportunity

      Mixed-use property with short-term rental and commercial space.
      338 Rail St, Negaunee, MI 49866
      View Details
    • $200,000
      10,932 SF

      Versatile Commercial Space in Negaunee

      10,932 SF commercial/industrial space in historic downtown Negaunee.
      401 Jackson St, Negaunee, MI 49866
      View Details
    • $2,014,000
      24,124 SF

      Negaunee Strip Mall Investment

      Modern strip mall with highway frontage and tenant mix.
      400 E Us 41, Negaunee, MI 49866
      View Details
    • $750,000
      5,356 SF

      Turnkey Restaurant & Rental Income

      Established restaurant and bar with five rental units in Negaunee.
      305 Iron St, Negaunee, MI 49866
      View Details
    • $200,000
      10,932 SF

      Negaunee Industrial Space - Huge Potential

      10,932 sq ft, Downtown Negaunee, MI
      401 Jackson St, Negaunee, MI 49866
      View Details
    • $1,700,000

      High-Exposure Negaunee Industrial Site

      Manufacturing property; prime highway location.
      327 Us Highway 41, Negaunee, MI 49866
      View Details
    • $109,900
      3,456 SF

      Negaunee Industrial Property: Prime Location

      Historic building, high potential, downtown Negaunee.
      440 Iron St, Negaunee, MI 49866
      View Details

    FAQs

    What type of property is this?
    Commercial land - Large acreage site with high traffic exposure near Marquette border.
    Where is this commercial land located?
    The property is located at 360 E Us41/M28 Negaunee, MI.
    What is the asking price?
    The asking price for this property is $970,000.
    What are key features of this property?
    This property features: - High-exposure location on US Highway 41/28, the highest traffic volume area in Michigan's Upper Peninsula.; - Lower tax rate compared to nearby Marquette and Negaunee.; - Potential Lake Superior views with tree removal.
    (906) 869-6446
    Request Owner's contact information
    360 E Us41/M28 Negaunee, MI 49866
    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.
    360 E Us41/M28
    Negaunee, MI 49866
    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
    360 E Us41/M28 Negaunee, MI 49866
    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

    We can help!
    Listing Contact
    BRIAN OLSON
    Real Estate License ID: UPAR
    (906) 869-6446
    Learn more
    Google sign-in failed. Please try again or use another login method.