Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    VL 8 N Rath Ludington, MI 49431

    View on Map
    Claim this Listing
    For Sale
    $125,000

    LAND - Ludington, MI

    Lot size:
    0.23 Acres
    Added:
    May 24, 2025
    Days on Market:
    349
    Last Refresh:
    May 7 at 7:06 pm

    Property Features for VL 8 N Rath

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    5305123530500
    Lot size
    0.23 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    see file

    Utilities

    Utilities
    Natural Gas Available
    Sewer type
    Public Sewer
    Water source
    Public

    We can help!

    Listing Contact
    Lois Mitzelfeld
    Lois Mitzelfeld

    Listing agent Lois Mitzelfeld

    Listing office LIGHTHOUSE REALTY-Ludington 503 S Rath Ave., Ludington, MI

    Listing date May 24, 2025

    MLS# 25024054 Listing URL

    Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime downtown Ludington location with Bryant and James St road frontage offering excellent business visibility.
    • Multi‑use zoning allows for residential or commercial development.
    • Close proximity (7 blocks) to Lake Michigan and downtown amenities.
    • Walking trails located directly across the street.
    • Multiple adjoining lots available for expanded development opportunities.
    • Outbuilding with electric and cement flooring on lots 4 and 5.

    Overview

    Downtown Ludington Multi-Use Building Lot

    This 0.23-acre lot is located in downtown Ludington and offers frontage on Bryant and James Streets, providing significant business visibility. Situated just seven blocks from Lake Michigan and within walking distance of downtown, the location also offers convenient access to walking trails directly across the street. The property is suitable for multiple uses, presenting opportunities for both residential and commercial development. It is possible to build a year-round dream home, a summer escape, or open a business. The property is contingent upon city split approval with accepted offer. The buyer is responsible for verifying all information.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Ludington
    County
    Mason
    State
    Michigan
    Longitude
    -86.449305
    Latitude
    43.970054

    Nearby Similar for Sale

    • $480,000
      3,000 SF

      Versatile Industrial Space in Ludington

      Adaptable industrial site with office, break room, and loading bays.
      4954 W Commerce Drive, Ludington, MI 49431
      View Details
    • $324,900
      3,000 SF

      Multi-Purpose Commercial Space in Ludington

      Versatile 3,000 sq ft space for storage, business, or hobbies.
      1009 Conrad Industrial Drive, Ludington, MI 49431
      View Details
    • $324,900
      3,000 SF

      Multi-Purpose Commercial Space in Ludington

      Versatile 3,000 sq ft space for storage, business, or hobbies.
      1009 Conrad Industrial Drive, Ludington, MI 49431
      View Details
    • $324,900
      3,000 SF

      Multi-Purpose Commercial Space with Mezzanine

      Versatile commercial space for storage, business, or hobbies with mezzanine.
      1009 Conrad Industrial Drive, Ludington, MI 49431
      View Details
    • $895,000
      3,480 SF

      Turnkey Motel and Ice Cream Shop

      Successful motel and ice cream shop near Ludington State Park.
      1882 N Lakeshore Dr, Ludington, MI 49431
      View Details
    • $969,000
      8,208 SF

      Turnkey Restaurant & Investment Opportunity

      High-visibility restaurant with rental units in downtown Ludington.
      121 & 125 S James Street, Ludington, MI 49431
      View Details
    • $324,900
      3,000 SF

      Multi-Purpose Storage and Business Space

      Versatile 3,000 sq ft space for storage, business, or hobbies.
      1009 Conrad Industrial Drive, Ludington, MI 49431
      View Details
    • $475,000

      Lake Michigan Frontage Land Opportunity

      Rare 2.34 acre Lake Michigan frontage near Ludington.
      4973 S Lakeshore Drive, Ludington, MI 49431
      View Details
    • $350,000
      3,980 SF

      Commercial Building on High-Traffic Road

      Three-unit commercial building in excellent condition, fully rented by a single tenant.
      215 N Jebavy Drive, Ludington, MI 49431
      View Details
    • $99,900
      1,550 SF

      Ludington Car Wash Business Opportunity

      High-visibility car wash business for sale in Ludington, Michigan.
      605 S James Street, Ludington, MI 49431
      View Details
    • $99,000

      Ludington Commercial Land For Sale

      6+/- acres of commercial land with mixed-use development potential.
      2655 W US-10, Ludington, MI 49431
      View Details
    • $399,000

      Remodeled Duplex Near Downtown Ludington

      Completely remodeled duplex with new appliances, near downtown and beach.
      508 N James Street, Ludington, MI 49431
      View Details

    FAQs

    What type of property is this?
    Commercial land - Downtown Ludington lot suitable for residential or commercial use.
    Where is this commercial land located?
    The property is located at VL 8 N Rath Ludington, MI.
    What is the asking price?
    The asking price for this property is $125,000.
    What are key features of this property?
    This property features: Prime downtown Ludington location with Bryant and James St road frontage offering excellent business visibility.; Multi‑use zoning allows for residential or commercial development.; Close proximity (7 blocks) to Lake Michigan and downtown amenities.
    (231) 510-5065
    We can help!
    Listing Contact
    Lois Mitzelfeld
    Lois Mitzelfeld
    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

    Thank You for Inquiry
    VL 8 N Rath, Ludington, MI 49431
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!