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    Lake Leelanau Waterfront Building Site Title is generated by Realmo AI

    VL S Skyline Drive, Cedar, MI 49621

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    Claim this Listing
    For Sale
    $635,000

    Vacant Lot/Land - Cedar, MI

    Lot size:
    0.97 Acres
    Added:
    Nov 16, 2025
    Days on Market:
    193
    Last Refresh:
    May 28 at 2:06 am

    Property Features for VL S Skyline Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential,Metes and Bounds
    Exterior features
    None
    Standard status
    Active
    Lot size
    0.97 Acres

    Utilities

    Water front features
    Inland Lake, Public Lake, Waterfront
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Jonathan Crane

    Listing agent Jonathan Crane

    Listing office Berkshire Hathaway Homeservices - TC 630 E. Front Street, Suite 200, Traverse City, MI

    Listing date Nov 16, 2025

    MLS# 1940558 Listing URL

    Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 50 feet of private frontage on South Lake Leelanau
    • Nearly 1‑acre property spanning two parcels
    • Flat, elevated building site
    • Approved soil tests for alternative treatment septic system
    • Hard, sandy lake bottom with clear water ideal for swimming and boating
    • Conveniently located near Traverse City, Suttons Bay, and Leland

    Overview

    This property offers an opportunity to build a Northern Michigan home on a nearly one-acre lot with 50 feet of private frontage on South Lake Leelanau. The property consists of two parcels, combining natural beauty, privacy, and convenience. Located off S. Lake Shore Drive on Skyline Drive, the property offers a secluded setting within a short drive of Traverse City, Suttons Bay, and Leland. The lot features a flat, elevated building site. Recent soil tests have approved an alternative treatment septic system. The waterfront has a hard, sandy bottom and clear water suitable for swimming, boating, and lakefront activities. This property is located in Cedar, Leelanau County, Michigan.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Cedar
    County
    Leelanau
    State
    Michigan
    Longitude
    -85.721298
    Latitude
    44.907606

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    FAQs

    What type of property is this?
    Land - Nearly one-acre lot with 50' frontage on South Lake Leelanau.
    Where is this land located?
    The property is located at VL S Skyline Drive Cedar, MI.
    What is the asking price?
    The asking price for this property is $635,000.
    What are key features of this property?
    This property features: 50 feet of private frontage on South Lake Leelanau; Nearly 1‑acre property spanning two parcels; Flat, elevated building site
    (231) 350-8039
    We can help!
    Listing Contact
    Jonathan Crane
    Real Estate License ID: 6501400690
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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.

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