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    589 Mangum Rd Marquette, MI 49855

    View on Map
    Sponsored
    For Sale
    Under Contract
    $795,000

    Farm House, Farm - Marquette, MI

    Type:Farm
    Property size:
    1,920 SF
    Lot size:
    370.00 Acres
    Days on Market:
    43
    Last Refresh:
    Mar 13 at 3:06 pm

    Property Features for 589 Mangum Rd

    General Information

    Property type
    Residential
    Property subtype
    Farm
    Standard status
    Active Under Contract
    Zoning
    Agricultural
    Rooms
    Basement, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Dining Room, Family Room, Kitchen, Living Room
    Bedrooms
    4
    Bathrooms
    1
    APN
    52-02-114-007-00
    Parking features
    Garage, Garage - Detached
    Interior features
    Hardwood Floors
    Exterior features
    Pond, Horse Barn, Barn, Workshop
    Basement Y/N
    1
    Appliances
    Dryer, Microwave, Range, Refrigerator
    Size
    1,920 SF
    Lot size
    370.00 Acres

    Utilities

    Heating system
    Baseboard, Forced Air, Hot Water (Heating)
    Water front features
    River Frontage, Waterfront
    Water front
    1

    Building Details

    Year built
    1928
    Floors in Building
    2
    Flooring type
    Carpet
    Architectural style
    Other
    Additional Structures
    Barn(s), Workshop

    We can help!

    Listing Contact
    BOB SULLIVAN
    BOB SULLIVAN

    Northern Michigan Land Brokers (906) 225-5263

    Listing agent BOB SULLIVAN (906) 225-5263 License #6502138854

    Listing date Jan 29, 2026

    MLS# 50181212 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

    Property Insight Report

    Overview

    Waterfront Farm on Chocolay River

    This exceptional 370-acre farm is located in Marquette County, Michigan, featuring frontage on the Chocolay River and is situated within 12 miles of Marquette. The property, accessed via a 1/2 mile improved driveway from Mangum Road in Chocolay Township, includes a two-story farmhouse with a full basement, new forced air furnace, and hardwood floors, though it requires extensive renovation. The picturesque setting also includes apple trees, a 100+ year old log barn with an attached fenced area, several outbuildings, a newer heated garage, a newer heated workshop, and an older garage suitable for storage. A newer septic system is in place. Water is currently supplied by an old point well located in the barn, but a new drilled well is recommended. The homestead is equipped with line electric and propane. The property also features a pond with an aerator and a small feeder stream that flows into the Chocolay River, with river access via an old railroad grade. The land around the homestead is rolling and tillable, with ample wetlands to the north where the river spreads into small streams and is joined by the Le Vassuer Creek. This combination of fields, woods, wetlands, streams, ponds, and rivers creates a habitat for wildlife, including deer, turkey, grouse, waterfowl, and snowshoe hare. The Chocolay River is known for trout fishing, and the area is suitable for waterfowl habitat.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Farms

    Suggested Use

    Kitchen & Bath Showroom Plumbing Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Marquette
    County
    Marquette
    State
    Michigan
    Longitude
    -87.264397
    Latitude
    46.466845

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    FAQs

    What type of property is this?
    Farm - 370-acre Marquette farm with river frontage and multiple buildings.
    Where is this farm located?
    The property is located at 589 Mangum Rd Marquette, MI.
    What is the asking price?
    The asking price for this property is $795,000.
    What are key features of this property?
    This property features: - 370 acres of contiguous land with Chocolay River frontage, 12 miles from Marquette.; - Mix of rolling fields, woods, wetlands, streams, and ponds creating a wildlife mecca (deer, turkey, grouse, waterfowl, snowshoe hare) and trout fishing river.; - Farm includes a stately 2-story farmhouse, 100+ year old log barn, newer heated garage, and newer heated workshop.
    (906) 361-4212
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    589 Mangum Rd Marquette, MI 49855
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    Marquette, MI 49855
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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
    589 Mangum Rd Marquette, MI 49855
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    We can help!
    Listing Contact
    BOB SULLIVAN
    BOB SULLIVAN
    Real Estate License ID: 6502138854
    (906) 361-4212 (906) 225-5263
    Learn more
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