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    5445 Winchester Gladwin, MI 48624

    View on Map
    For Sale
    $39,900

    Vacant Land - Gladwin, MI

    Lot size:
    0.77 Acres
    Added:
    Mar 24, 2026
    Days on Market:
    9
    Last Refresh:
    Apr 1 at 6:06 pm

    Property Features for 5445 Winchester

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential
    Security features
    Security
    Exterior features
    Club House, Exercise/Facility Room, Grounds Maintenance, Golf Course, Park, Playground, Pool/Hot Tub, Tennis Courts, Airport/Runway, Restaurant, Storage, Boat Dock, Ski Accessible, Trail(s)
    Dock
    1
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Active
    APN
    060-200-000-143 & 144-00
    Lot size
    0.77 Acres

    Taxes and HOA fees

    TaxYear
    2026
    TaxAnnualAmount
    841.87
    Expense value
    1070
    Expense
    Home Owner Assessments Fee
    Expense freq.
    Annually

    Utilities

    Water front features
    Beach Access, Lake/River Access, All Sports Lake, Interior Lake, Lake/River Access

    Building Details

    Architectural style
    Other
    Additional Structures
    Storage, Tennis Court(s)

    We can help!

    Listing Contact
    RYAN ROPP
    RYAN ROPP

    Listing agent RYAN ROPP License #6501350622

    Listing office SUGAR SPRINGS REAL ESTATE 2120 Sugar River Rd, MI

    Listing date Mar 24, 2026

    MLS# 50202392 Listing URL

    Copyright © 2026 Clare Gladwin Board 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

    Two Contiguous Lots in Sugar Springs

    This property features two contiguous lots, totaling over 3/4 acre, located in Sugar Springs. The site is suitable for building a home or for camping. The property includes a newer gravel driveway leading to a crushed limestone camper area. There are two newer sewer hookups, a 5-inch well, and a 200 amp service panel with 30 amp and 50 amp service plugs. The land is mainly level with some gentle sloping on the sides, and there is additional dirt in the back suitable for leveling or gardening. A firepit is located towards the back of the property. Sugar Springs offers access to two all-sport lakes: Lancelot, a 230-acre private lake, and Lancer, a 770-acre lake. Community amenities include an 18-hole championship golf course, an indoor pool and exercise facility, tennis and pickleball courts, a restaurant, and a 3500 ft natural grass runway. The property allows for two trailers or motorhomes, and adding a second sewer hookup would allow for as many as four.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Storage Facility Discount Store Parking Lot & Garage

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

    Location Insight

    • Map
    • Local Demand
    City
    Gladwin
    County
    Gladwin
    State
    Michigan
    Longitude
    -84.435252
    Latitude
    44.131004

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    FAQs

    What type of property is this?
    Residential land & home lot - Two side-by-side lots totaling over 3/4 acre.
    Where is this residential land & home lot located?
    The property is located at 5445 Winchester Gladwin, MI.
    What is the asking price?
    The asking price for this property is $39,900.
    What are key features of this property?
    This property features: Two contiguous lots totaling over 3/4 acre, allowing for ample space and flexibility.; **Equipped for multiple campers or motorhomes with two newer sewer hookups, a 5‑inch well, and a 200amp electrical service panel with 30amp & 50amp service plugs.**; Access to Sugar Springs amenities including two all‑sports lakes (Lancelot and Lancer).
    (989) 327-3184
    We can help!
    Listing Contact
    RYAN ROPP
    RYAN ROPP
    Real Estate License ID: 6501350622
    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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