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    3943 N Skookum Rd Luther, MI 49656

    View on Map
    Sponsored
    For Sale
    $6,200,000

    2 Story,Lodge,1 Story, Duplex (2 Story),Apartment Complex - Luther, MI

    Property size:
    22,755 SF
    Lot size:
    668.82 Acres
    Days on Market:
    10
    Last Refresh:
    Mar 13 at 7:06 pm

    Property Features for 3943 N Skookum Rd

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Security features
    Security System
    Zoning
    Other
    Parking
    1
    Interior features
    Hardwood Floors, Laundry Hook-up, Handicap Access/Equipment, Storage Space, Beamed Ceilings, Vaulted Ceilings, Formal Dining Room, Great Room, Foyer Entrance, Exercise Room, Workshop, Solid Surface Counters, Granite Kitchen Tops, Drywall, None, Security System, Water Filtration System, Water Softener
    Accessibility
    Accessible Approach with Ramp
    Appliances
    Dishwasher, Dryer, Freezer, Garbage Disposer, Microwave, Range, Refrigerator, Washer
    Size
    22,755 SF
    Lot size
    668.82 Acres

    Utilities

    Utilities
    Water Available
    Heating system
    Forced Air
    Cooling system
    Central Air
    Water front features
    Waterfront
    Water front
    1

    Building Details

    Floors in Building
    2
    Number of units
    19
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Jonathan Crane

    BHHS Michigan Real Estate (231) 632-5105

    Listing agent Jonathan Crane (231) 947-7777

    Listing date Mar 3, 2026

    MLS# 1939261 Listing URL

    Copyright © 2026 Northern Great Lakes Realtors MLS. 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

    Unique Campus Property in Luther, MI

    This unique 670-acre private campus property in Northern Michigan presents a rare opportunity for institutional, nonprofit, retreat, or behavioral health organizations. The property includes a 12,500 square foot lodge featuring 10 guest suites, a commercial kitchen, and dining and gathering spaces. Four additional residential buildings provide approximately 8,800 square feet of space adaptable for housing, offices, classrooms, or program facilities. Additional improvements include a manager’s residence, maintenance buildings, utilities, backup generators, and existing infrastructure. The grounds feature a private 45–50 acre lake and extensive trail systems throughout the wooded acreage. With no traditional zoning, and subject to county and state compliance, the campus offers flexible potential for retreat centers, residential treatment programs, addiction recovery facilities, veteran programs, educational camps, nonprofit headquarters, or leadership development campuses. The property is located in Luther, MI.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Rockwell Lake Lodge Hotel & Motel Hillsdale College Biological College

    Suggested Use

    Hotel & Motel Bed & Breakfast

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

    Location Insight

    • Map
    • Local Demand
    City
    Luther
    County
    Lake
    State
    Michigan
    Longitude
    -85.646138
    Latitude
    44.043427

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      Mission-Ready Campus for Behavioral Health, Addiction Recovery, Veteran Programs or Nonprofit Retreats

      670-Acre Private Lakefront Institutional Campus | Ideal for Behavioral Health, Nonprofit Retreat, Veteran Programs or Residential Treatment
      3943 Skookum Rd, Luther, MI 49656
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    FAQs

    What type of property is this?
    Specialty property - 670-acre campus ideal for institutional, retreat, or healthcare uses.
    Where is this specialty property located?
    The property is located at 3943 N Skookum Rd Luther, MI.
    What is the asking price?
    The asking price for this property is $6,200,000.
    What are key features of this property?
    This property features: - Unique 670-acre private campus featuring a 45-50 acre private lake and extensive trail systems.; - **12,500 sq ft lodge with 10 guest suites**, commercial kitchen, dining and gathering spaces.; - Four additional residential buildings totaling approximately 8,800 sq ft adaptable for various uses.
    (231) 350-8039
    Request Owner's contact information
    3943 N Skookum Rd Luther, MI 49656
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    Luther, MI 49656
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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
    3943 N Skookum Rd Luther, MI 49656
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    We can help!
    Listing Contact
    Jonathan Crane
    Real Estate License ID: 6501400690
    (231) 350-8039 (231) 947-7777 (810) 629-0680
    Learn more
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