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

    Northwood Drive lot 5 Grayling, MI 49738

    View on Map
    Claim this Listing
    New
    For Sale
    Contact for pricing

    LAND - Grayling, MI

    Lot size:
    0.50 Acres
    Added:
    Apr 13, 2026
    Days on Market:
    3
    Last Refresh:
    Apr 15 at 5:06 pm

    Property Features for Northwood Drive lot 5

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    040-44-031-14-005-00
    Lot size
    0.50 Acres

    Taxes and HOA fees

    Tax Description
    Unit 5, Northwood Estates Condominium, according to the Master Deed recorded in Liber 540, page 503-569, and amended Master Deed recorded in Liber 668, Page 639, Crawford County Records.

    We can help!

    Listing Contact
    Mary E. Becker

    Listing agent Mary E. Becker License #6504357853

    Listing office Heart of Up North Realty, LLC 9947 Outing PL, Grayling, MI

    Listing date Apr 13, 2026

    MLS# 201839385 Listing URL

    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 Lots in Northwood Estates

    Located in Northwood Estates in Grayling Township, this property features 38 available lots out of a total of 41. Each lot is approximately 0.5 acres and includes some mature trees. Underground utilities are already installed, including natural gas, electric, and high-speed internet. Municipal water is slated to be available for the entire neighborhood soon. The property requires a septic system and new home construction. The location is near schools, a library, snowmobile trails, and approximately one mile from town, providing convenient access to shopping and entertainment.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Grayling
    County
    Crawford
    State
    Michigan
    Longitude
    -84.714282
    Latitude
    44.690537

    Nearby Similar for Sale

    • $660,000
      2,300 SF

      Iconic Riverfront Business Opportunity

      Thriving canoe livery with retail, equipment, and vacation rental.
      100 State Street, Grayling, MI 49738
      View Details
    • $195,000
      1,056 SF

      M-72 Frontage Investment Property

      Well-maintained commercial property on high-visibility M-72 in Grayling.
      307 Huron Street, Grayling, MI 49738
      View Details
    • $899,999
      15,026 SF

      Turnkey Income Property with On-Site Living

      Diversified income property featuring apartments, motel, and commercial building.
      615 S I 75 Business Loop, Grayling, MI 49738
      View Details
    • $1,400,000
      46,820 SF

      Industrial Building Near I-75

      High-quality industrial building on 8.5 acres near I-75.
      758 Isenhauer Road, Grayling, MI 49738
      View Details
    • $4,500

      Warbler's Hideaway Vacant Lot

      Vacant lot in Warbler's Hideaway with community amenities.
      0000 E North Down River Road, Grayling, MI 49738
      View Details
    • $101,550

      Commercial Land Ready to Build

      Commercial parcel near Grayling Hospital with high visibility.
      Parcel B N Down River Road, Grayling, MI 49738
      View Details
    • $101,550
      18,149 SF

      Commercial Parcel in Grayling, MI

      Commercial land parcel near Grayling Hospital, ready to build.
      North Down River Road, Grayling, MI 49738
      View Details
    • $18,500

      Golf Course Lot in Grayling

      1.26 acre lot on The Patriot Golf Course.
      6 Fairway Court, Grayling, MI 49738
      View Details
    • $19,800

      Residential Lots in Northwood Estates

      Residential lots with utilities near schools and shopping.
      Northwood Drive lot: 11, Grayling, MI 49738
      View Details
    • $19,800

      Residential Lots in Grayling Township

      Available lots with utilities in Northwood Estates, Grayling, MI.
      Northwood Drive lot: 4, Grayling, MI 49738
      View Details
    • $19,800

      Residential Lots in Northwood Estates

      Residential lots with utilities in Grayling, near schools and trails.
      Northwood Drive lot: 8, Grayling, MI 49738
      View Details
    • $19,800

      Residential Lots in Grayling Township

      Residential lots with utilities near schools and shopping.
      Northwood Drive lot: 10, Grayling, MI 49738
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Available lots with utilities in Grayling, Michigan.
    Where is this residential land & home lot located?
    The property is located at Northwood Drive lot 5 Grayling, 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: Underground utilities already installed (natural gas, electric, and high‑speed internet) - saving on initial build costs.; Approximately 1/2 acre lots with mature trees.; Excellent location: close to schools, library, snowmobile trails, and about a mile from town for shopping and entertainment.
    (586) 242-1179
    We can help!
    Listing Contact
    Mary E. Becker
    Real Estate License ID: 6504357853
    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!