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    KOTI Resort Multifamily Development Opportunity Title is generated by Realmo AI

    5961 E Oslo Street, Williamsburg, MI 49690

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    Claim this Listing
    For Sale
    $4,900,000

    Recreational/Resort,Other - Williamsburg, MI

    Property size:
    1,780 SF
    Lot size:
    9.00 Acres
    Price / SF:
    $2,752/SF
    Added:
    Dec 12, 2025
    Days on Market:
    147
    Last Refresh:
    May 8 at 6:06 pm

    Property Features for 5961 E Oslo Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Other,Commercial,Planned Unit Development
    Rooms
    Basement
    Basement Y/N
    1
    Standard status
    Active
    Size
    1,780 SF
    Lot size
    9.00 Acres

    Taxes and HOA fees

    Tax Annual Amount
    126930.94

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    2023
    Roof type
    Metal, Other
    Architectural style
    Other

    We can help!

    Listing Contact
    Robert Brick

    Listing agent Robert Brick

    Listing office REMAX Bayshore - West Shore Dr TC 12930 S West Bay Shore Dr, Traverse City, MI

    Listing date Dec 12, 2025

    MLS# 1941133 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

    • Development‑ready 9‑acre parcel within the KOTI resort community
    • Site is preliminarily planned for up to 146 units (townhomes, apartments, or condominiums)
    • Zoning and infrastructure are in place, including roadways, MDOT access, and TART Trail connectivity
    • Located a quarter mile from Grand Traverse Bay and minutes from downtown Traverse City
    • Surrounded by regional attractions: Grand Traverse Resort, Turtle Creek Casino, Flintfields Horse Park, and golf courses
    • Year Built: 2023

    Overview

    This 9-acre parcel, located in the KOTI resort community, presents an opportunity for investors interested in multifamily, mixed-use, or condo-resort development. A preliminary site plan allows for up to 146 units, accommodating townhomes, apartments, or condominiums. The property benefits from existing zoning and infrastructure, including interior roadways, MDOT-approved access points, and direct access to the TART Trail. Situated a quarter mile from the East Arm of Grand Traverse Bay and minutes from downtown Traverse City, the location is suitable for personal use or as a full-season destination. The site is surrounded by regional attractions such as the Grand Traverse Resort and Spa, Turtle Creek Hotel & Casino, Flintfields Horse Park, and five golf courses, providing year-round appeal. The property is located in Williamsburg, MI, in Grand Traverse County. The property size is 1780 square feet.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Williamsburg
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.3979
    Latitude
    44.7754

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    FAQs

    What type of property is this?
    Commercial land - 9-acre parcel with site plan for 146 units.
    Where is this commercial land located?
    The property is located at 5961 E Oslo Street Williamsburg, MI.
    What is the asking price?
    The asking price for this property is $4,900,000.
    What are key features of this property?
    This property features: Development‑ready 9‑acre parcel within the KOTI resort community; Site is preliminarily planned for up to 146 units (townhomes, apartments, or condominiums); Zoning and infrastructure are in place, including roadways, MDOT access, and TART Trail connectivity
    (231) 941-5600
    We can help!
    Listing Contact
    Robert Brick
    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.

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