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    Unique Campus Property in Michigan Title is generated by Realmo AI

    3943 N Skookum Road, Luther, MI 49656

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    Claim this Listing
    For Sale
    $6,200,000

    Educational,Restaurant/Food Service,Medical/Dental,Office Building,Service,Recreational/Resort,Bed & Breakfast,Adult Foster Care,Other,Day Care Facility

    Property size:
    22,755 SF
    Lot size:
    668.82 Acres
    Price / SF:
    $272/SF
    Added:
    Oct 2, 2025
    Days on Market:
    248
    Last Refresh:
    Jun 6 at 8:06 am

    Property Features for 3943 N Skookum Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Other
    Bathrooms
    22
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5
    Parking
    25
    Basement Y/N
    1
    Standard status
    Active
    Size
    22,755 SF
    Lot size
    668.82 Acres

    Utilities

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

    Building Details

    Year built
    2007
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Jonathan Crane

    Listing agent Jonathan Crane

    Listing office Berkshire Hathaway Homeservices - TC 630 E. Front Street, Suite 200, Traverse City, MI

    Listing date Oct 2, 2025

    MLS# 1939259 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.

    HighLights

    • Unique 670‑acre private campus ideal for institutional, nonprofit, retreat, or behavioral health uses.
    • The property features a 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 housing, offices, classrooms, or program facilities.
    • Features a private 45–50 acre lake and extensive trail systems.
    • Offered at $6.2M, significantly below estimated replacement cost.
    • No traditional zoning (subject to county and state compliance) offers flexible potential for various uses.

    Overview

    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 sq ft lodge featuring 10 guest suites, a commercial kitchen, and dining and gathering spaces. Additionally, there are four residential buildings totaling approximately 8,800 sq ft, which can be adapted for housing, offices, classrooms, or program facilities. Other improvements include a manager’s residence, maintenance buildings, utilities, and backup generators. Infrastructure is already in place. The property also features a private lake spanning 45 to 50 acres and extensive trail systems throughout the wooded acreage. With no traditional zoning, 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, Michigan, with the postal code 49656, situated in Lake County. The total property size is 22,755 square feet. The intended use of the property is for educational, restaurant/food service, medical/dental, office building, service, recreational/resort, bed & breakfast, adult foster care, day care facility, or other purposes.
    Property Profile 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
    -85.64274
    Latitude
    44.041102

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    FAQs

    What type of property is this?
    School - 670-acre campus ideal for institutional or retreat uses.
    Where is this school located?
    The property is located at 3943 N Skookum Road 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 ideal for institutional, nonprofit, retreat, or behavioral health uses.; The property features a 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 housing, offices, classrooms, or program facilities.
    (231) 350-8039
    We can help!
    Listing Contact
    Jonathan Crane
    Real Estate License ID: 6501400690
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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.

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