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    6031 M-68 Indian River, MI 49749

    View on Map
    Sponsored
    For Sale
    $1,200,000

    COMMERCIAL - Contemporary - Indian River, MI

    Property size:
    3,088 SF
    Lot size:
    0.43 Acres
    Days on Market:
    44
    Last Refresh:
    Mar 9 at 12:06 pm

    Property Features for 6031 M-68

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bathroom 3, Bathroom 2, Bathroom 1
    Bathrooms
    3
    APN
    161-025-200-026-01
    Parking
    20
    Parking features
    Off Street, Driveway, Garage
    Exterior features
    Fire Pit, Private Yard
    Appliances
    Refrigerator
    Size
    3,088 SF
    Lot size
    0.43 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air
    Water source
    Well
    Water front
    1

    Building Details

    Year built
    1980
    Floors in Building
    1
    Number of units
    3
    Flooring type
    Combination
    Building materials
    Hardboard
    Roof type
    Shingle, Aluminum
    Architectural style
    Contemporary

    We can help!

    Listing Contact
    Kenneth Burton
    Kenneth Burton

    Keller Williams Realty (517) 853-1200

    Listing agent Kenneth Burton (517) 242-2000 License #6501414220

    Listing date Jan 24, 2026

    MLS# 293601

    Copyright © 2026 Greater Lansing 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

    Indian River Redevelopment Opportunity

    This property presents a prime redevelopment opportunity in a rapidly growing corridor near Exit 310. It offers exceptional visibility and direct highway access along the M-68 and Straits Highway corridor. This well-located asset combines highway frontage, waterfront access, and tourism-driven demand in one of Northern Michigan's most desirable growth areas. The property is strategically positioned in a highly developing area with strong traffic exposure and is located in a popular tourist destination, minutes from Northern Michigan attractions. Set along the Sturgeon River, the property has a proven and strong rental history, supporting immediate income potential. The waterfront setting enhances long-term value and redevelopment appeal. The 0.43-acre property, with a building size of 3088 square feet, is ideal for redevelopment, mixed-use, hospitality, or investment opportunities. It offers direct access to major transportation routes connecting Indian River, Mackinaw City, and surrounding markets.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mixed-use properties

    Map

    City
    Indian River
    County
    Cheboygan
    State
    Michigan
    Longitude
    -84.614288
    Latitude
    45.403367

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    FAQs

    What type of property is this?
    Mixed-use property - Highway frontage, waterfront access, and tourism-driven demand in Northern Michigan.
    Where is this mixed-use property located?
    The property is located at 6031 M-68 Indian River, MI.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: - Prime redevelopment opportunity with highway frontage and waterfront access.; - Located in a high-traffic, rapidly growing tourist destination near major attractions.; - Direct access to M-68 and Straits Highway, connecting to Indian River and Mackinaw City.
    (517) 242-2000
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    Indian River, MI 49749
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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
    6031 M-68 Indian River, MI 49749
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    We can help!
    Listing Contact
    Kenneth Burton
    Kenneth Burton
    Real Estate License ID: 6501414220
    (517) 242-2000 (517) 853-1200
    Learn more
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