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    602 Bell Munising, MI 49862

    View on Map
    For Sale
    $6,900,000

    Business - Munising, MI

    Type:Business
    Property size:
    2,714 SF
    Lot size:
    79.00 Acres
    Added:
    Jan 28, 2025
    Days on Market:
    428
    Last Refresh:
    Apr 1 at 6:06 am

    Property Features for 602 Bell

    General Information

    Property type
    Commercial Sale
    Property subtype
    Business
    Zoning
    Mixed Use
    Parking features
    Parking Lot
    Patio and Porch features
    Patio, Deck
    Interior features
    Bath, Carpet, Ceramic Floor, Display Window, Fence, Fixtures, Living Quarters, Living Quarters Attached, Occupied, Off Street Loading, Public Restrooms, Security Equipment, Security Syetem Owned, Telephone, Vinyl/Laminate Floors, Wood Floors, Fiber Optic Internet
    Exterior features
    Fence, Deck/Patio, Fenced Yard, Wheelchair Access, Fence Owned
    Fencing
    Fenced
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Active
    APN
    02-051- see associated docs
    Size
    2,714 SF
    Lot size
    79.00 Acres

    Taxes and HOA fees

    TaxAnnualAmount
    0

    Utilities

    Utilities
    Phone Available
    Heating system
    Hot Water (Heating)
    Cooling system
    Ceiling Fan(s), Wall/Window Unit(s)
    Water front features
    Great Lake, River Frontage, Waterfront
    Water front
    1

    Building Details

    Year built
    1970
    Flooring type
    Carpet, Laminate, Vinyl, Wood
    Building materials
    Frame, Stucco
    Roof type
    Asphalt, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    JOANN CARLSON

    Listing agent JOANN CARLSON

    Listing office BIG C REALTY-M 1614 Sand Point Road, MUNISING, MI

    Listing date Jan 28, 2025

    MLS# 50165504 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.

    Overview

    Unique Tourist Attraction with Waterfalls

    This unique tourist attraction is situated on 79 acres in Munising, Michigan. The property features Horseshoe Falls, a privately owned, natural spring-fed waterfall. Over 1/2 mile of woodland paths meander through a botanical garden with a gnome theme, leading to a trout pond inhabited by 200-300 rainbow trout. The entrance to the falls, botanical gardens, and pond is through a gift shop offering unique gifts, souvenirs, and ice cream. The property includes a 2-bedroom, 1.5-bath living quarters attached to the gift shop, as well as a detached 28' x 40' garage. The property size is 2714 square feet. The zoning is mixed use, allowing for unlimited possibilities with this one-of-a-kind property.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Nursery and garden centers

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Pharmacy Auto Repair Shop

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

    Similar Places Nearby

    • home-lady killers bed bug management — 332 E Onota St, Munising, MI 49862

    Location Insight

    • Map
    • Local Demand
    City
    Munising
    County
    Alger
    State
    Michigan
    Longitude
    -86.644721
    Latitude
    46.402823

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    FAQs

    What type of property is this?
    Nursery and garden center - Established tourist attraction featuring waterfalls, gardens, and gift shop.
    Where is this nursery and garden center located?
    The property is located at 602 Bell Munising, MI.
    What is the asking price?
    The asking price for this property is $6,900,000.
    What are key features of this property?
    This property features: Established tourist attraction featuring Horseshoe Falls, a privately owned waterfall.; 79 acres of land with over 1/2 mile of woodland paths and a botanical garden with a Gnome theme.; Trout pond stocked with 200‑300 large rainbow trout.
    (906) 202-0465
    We can help!
    Listing Contact
    JOANN CARLSON
    Real Estate License ID: UPAR
    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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