Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Leland Vacant Lot Near Fishtown Title is generated by Realmo AI

    Lot 5 S Grand Avenue, Leland, MI 49654

    View on Map
    Claim this Listing
    For Sale
    $495,000

    Vacant Lot/Land - Leland, MI

    Lot size:
    0.24 Acres
    Added:
    May 15, 2026
    Days on Market:
    8
    Last Refresh:
    May 22 at 12:06 pm

    Property Features for Lot 5 S Grand Avenue

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Site Condominium,Bldg & Use Restrictions
    Exterior features
    None
    Standard status
    Active
    Lot size
    0.24 Acres

    Taxes and HOA fees

    Expense value
    400
    Expense
    Home Owner Assessments Fee
    Expense freq.
    Annually

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Tim Schaub
    Tim Schaub

    Listing agent Tim Schaub

    Listing office Schaub Team Premier Realty P.O. Pox 956, Suttons Bay, MI

    Listing date May 15, 2026

    MLS# 1945153 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

    • Large lot in the Village of Leland
    • Walking distance to shops, restaurants, beaches, Leland Country Club, and Fishtown
    • Desirable in‑town setting
    • Municipal sewer hookup paid for
    • Quiet street location
    • Ideal for building a dream home

    Overview

    This 0.24-acre vacant lot is located on a quiet street in the Village of Leland. The property is within walking distance of shops, restaurants, beaches, Leland Country Club, and Fishtown. The zoning is Site Condominium, with Building & Use Restrictions. The municipal sewer hookup has been paid for by the seller, facilitating the construction of a new home. This property offers an in-town setting.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Big Box & Wholesale Store Spa & Massage Center Auto Repair Shop Auto Parts Store Nail Salon Gym & Fitness Center Food Market Grocery & Convenience Store Discount Store Bed & Breakfast

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

    Location Insight

    • Map
    • Local Demand
    City
    Leland
    County
    Leelanau
    State
    Michigan
    Longitude
    -85.7567132
    Latitude
    45.0212396

    Nearby Similar for Sale

    • $745,000

      Leland Vacant Land Near Golf

      Vacant 0.6-acre parcel near Leland Country Club.
      LOT 11 N COUNTRY CLUB COMMONS, LELAND, MI 49654
      View Details
    • $575,000

      Leland Vacant Corner Lot

      Premium Leland corner lot ready for building.
      Lot 12 E Juniper Trail, Leland, MI 49654
      View Details
    • $550,000

      Leland Vacant Lot with River Views

      Charming Leland property with river views, close to beaches.
      S First Street, Leland, MI 49654
      View Details
    • $1,395,000

      Leland Bluff-Top Waterfront Property

      Exceptional Leland property with 250 feet of private Lake Michigan waterfront.
      N Manitou Trail, Leland, MI 49654
      View Details
    • $1,000,000

      Waterfront Land in Leland, Michigan

      Rare waterfront land with iconic views in Leland, Michigan.
      195 E Cedar Street, Leland, MI 49654
      View Details
    • $425,000

      Leland Vacant Lot Opportunity

      Spacious Leland lot near South Beach and town.
      603 S Main, Leland, MI 49654
      View Details
    • $249,000

      6-Acre Wooded Parcel Near Leland

      Secluded 6-acre wooded parcel near Leland, close to Lake Michigan.
      6 acres N Manitou Trail, Leland, MI 49654
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Large Leland lot near shops, restaurants, beaches, and Fishtown.
    Where is this residential land & home lot located?
    The property is located at Lot 5 S Grand Avenue Leland, MI.
    What is the asking price?
    The asking price for this property is $495,000.
    What are key features of this property?
    This property features: Large lot in the Village of Leland; Walking distance to shops, restaurants, beaches, Leland Country Club, and Fishtown; Desirable in‑town setting
    (231) 883-5555
    We can help!
    Listing Contact
    Tim Schaub
    Tim Schaub
    Real Estate License ID: 6502411112
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    Lot 5 S Grand Avenue, Leland, MI 49654
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!