Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    V/L LOT 78 Montrose Drive Mancelona, MI 49659

    View on Map
    For Sale
    Contact for pricing

    LAND - Mancelona, MI

    Lot size:
    0.52 Acres
    Added:
    Oct 22, 2025
    Days on Market:
    162
    Last Refresh:
    Apr 1 at 5:06 pm

    Property Features for V/L LOT 78 Montrose Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    05-11-525-078-00
    Lot size
    0.52 Acres

    Taxes and HOA fees

    TaxDescription
    LOT 78 VALLEYRIDGE HEIGHTS WEST

    We can help!

    Listing Contact
    Katherine Kirby

    Listing agent Katherine Kirby License #6501448925

    Listing office COLDWELL BANKER SCHMIDT GAYLORD 700 W Main St., Gaylord, MI

    Listing date Oct 22, 2025

    MLS# 201837731

    Copyright © 2026 Water Wonderland 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

    Residential Lot in Lakes Community

    This corner lot is situated within the Lakes of the North subdivision. The property provides access to various community amenities, including a golf course, indoor pool, clubhouse, restaurant, lakes, beaches, and trails. It is positioned as a suitable location for building a home and taking advantage of year-round recreational opportunities in a tranquil Northern Michigan environment. The lot is conveniently located within driving distance of Gaylord, Boyne City, and Mancelona. The lot size is 0.52 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Auto Repair Shop Hotel & Motel Bed & Breakfast

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

    Location Insight

    • Map
    • Local Demand
    City
    Mancelona
    County
    Antrim
    State
    Michigan
    Longitude
    -84.893811
    Latitude
    44.918779

    Nearby Similar for Sale

    • $239,000
      2,560 SF

      Turn-Key Marijuana Growing Facility

      Licensed marijuana grow facility with irrigation, security, and freezer.
      808 Kresnak Road, Mancelona, MI 49659
      View Details
    • $328,500
      1,380 SF

      Thriving Business Opportunity in Mancelona

      Party store, gas station, and RV hookup site for sale.
      11380 NE Starvation Lake Road, Mancelona, MI 49659
      View Details
    • $3,500

      Heavily Wooded Corner Lot

      Tranquil 0.62 acre corner lot in Lakes of the North.
      Lot 388 Wyndwood Drive, Mancelona, MI 49659
      View Details
    • $32,000

      Land South of Mancelona

      Commercial land near Mancelona, suitable for small business.
      00 US-131 N, MANCELONA, MI 49659
      View Details
    • $335,000

      80 Acres in Mancelona, MI

      80-acre corner parcel near Mancelona with multiple opportunities.
      4856 Mancelona Road, Mancelona, MI 49659
      View Details
    • $5,750

      Lakes of the North Double Lot

      Residential land with community amenities and recreational opportunities.
      L 320-321 WHISPERING PINES DRIVE, MANCELONA, MI 49659
      View Details
    • $335,000

      80-Acre Corner Parcel in Mancelona

      Unzoned 80-acre parcel suitable for residential, recreational, or commercial use.
      4856 Mancelona Road, Mancelona, MI 49659
      View Details
    • $5,750

      Lakes of the North Double Lot

      Double lot with community amenities in Northern Michigan.
      L 320-321 Whispering Pines Drive lot: 320-321, Mancelona, MI 49659
      View Details
    • $10,000

      Residential Land in Rapid River Meadows

      Land for sale in Rapid River Meadows Subdivision.
      9001 Cumberland Drive unit: 16, Mancelona, MI 49659
      View Details
    • $79,000

      Mancelona Vacant Land with Splits

      10 acre vacant land parcel with development potential.
      Kresnak Road, Mancelona, MI 49659
      View Details
    • $10,000

      Residential Land in Mancelona, MI

      Land for residential development with utilities and association benefits.
      9091 Cumberland Drive unit: 17, Mancelona, MI 49659
      View Details
    • $8,000

      Residential Land in Mancelona, MI

      Land for residential development near Traverse City and ski resorts.
      9318 Chippewa Drive unit: 10, Mancelona, MI 49659
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Corner lot with access to community amenities and recreation.
    Where is this residential land & home lot located?
    The property is located at V/L LOT 78 Montrose Drive Mancelona, MI.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Access to extensive community amenities: golf course, indoor pool, clubhouse, restaurant, lakes, beaches, and trails.; Corner lot in the Lakes of the North subdivision.; All‑season recreational opportunities.
    (989) 217-1010
    We can help!
    Listing Contact
    Katherine Kirby
    Real Estate License ID: 6501448925
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!