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

    TBD Capa-Bran Terrace Elk Rapids, MI 49629

    View on Map
    Claim this Listing
    For Sale
    $199,900

    Vacant Land Improved - Elk Rapids, MI

    Lot size:
    0.22 Acres
    Added:
    May 7, 2024
    Days on Market:
    722
    Last Refresh:
    Apr 28 at 11:06 pm

    Property Features for TBD Capa-Bran Terrace

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Site Condominium,Deed Restrictions
    Exterior features
    None, Development Property
    Standard status
    Active
    Lot size
    0.22 Acres

    Taxes and HOA fees

    Expense value
    50
    Expense
    Home Owner Assessments Fee
    Expense freq.
    Annually

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Scott Moore

    Listing agent Scott Moore

    Listing office EXIT Northern Shores Realty-ER 710 US Hwy. 31, MI

    Listing date May 7, 2024

    MLS# 1921964 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.

    Overview

    Vacant Land in Elk Rapids

    These desirable vacant lots are located on the west side of Elk Rapids, Michigan, and are part of a new development. The property consists of oversized lots with underground electric, municipal water, and sewer services. The location is near the Art Park, with convenient access to beaches and restaurants by foot or bicycle. The property is within the Elk Rapids school district. The lot size is approximately 0.22 acres and is zoned for Site Condominium and Deed Restrictions.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Elk Rapids
    County
    Antrim
    State
    Michigan
    Longitude
    -85.4200629
    Latitude
    44.8907285

    Nearby Similar for Sale

    • $1,500,000
      18,483 SF

      Elk Rapids Manufacturing/Warehouse Opportunity

      Well-maintained 18,483 SF manufacturing/warehouse building in Elk Rapids, MI.
      222 Industrial Park Drive, Elk Rapids, MI 49629
      View Details
    • $149,900

      Buildable Lot in Elk Rapids

      Vacant land in Elk Rapids, close to amenities.
      142 Charles Street, Elk Rapids, MI 49629
      View Details
    • $1,174,000
      5,580 SF

      Remodeled Restaurant Building in Elk Rapids

      Turn-key restaurant with outdoor dining in desirable downtown market.
      151 River Street Elk Rapids, MI 49629
      View Details
    • $46,900
      768 SF

      Storage Condo Near Elk Rapids

      Storage unit with loft, tall ceilings, and easy access.
      TBD Herrman Road, Elk Rapids, MI 49629
      View Details
    • $199,900

      Elk Rapids Vacant Land Opportunity

      Vacant lots in Elk Rapids, close to beaches and restaurants.
      TBD Capa-Bran Terrace, Elk Rapids, MI 49629
      View Details
    • $199,900

      Elk Rapids Vacant Land

      Vacant lots in Elk Rapids, close to beaches and restaurants.
      TBD Capa-Bran Terrace, Elk Rapids, MI 49629
      View Details
    • $199,900

      Elk Rapids Vacant Land

      Vacant lots in Elk Rapids, close to beaches and restaurants.
      TBD Capa-Bran Terrace, Elk Rapids, MI 49629
      View Details
    • $199,900

      Elk Rapids Vacant Land

      Vacant lots in Elk Rapids, close to beaches and restaurants.
      TBD Capa-Bran Terrace, Elk Rapids, MI 49629
      View Details
    • $199,900

      Elk Rapids Vacant Land

      Vacant lots in Elk Rapids, close to beaches and restaurants.
      TBD Capa-Bran Terrace, Elk Rapids, MI 49629
      View Details
    • $199,900

      Elk Rapids Vacant Land

      Vacant lots in Elk Rapids, close to beaches and restaurants.
      TBD Capa-Bran Terrace, Elk Rapids, MI 49629
      View Details

    FAQs

    What type of property is this?
    Land - Oversized vacant lots in Elk Rapids, close to amenities.
    Where is this land located?
    The property is located at TBD Capa-Bran Terrace Elk Rapids, MI.
    What is the asking price?
    The asking price for this property is $199,900.
    What are key features of this property?
    This property features: Oversized vacant lots in Elk Rapids' newest development.; Municipal water/sewer and underground electric.; Close proximity to beaches and restaurants (walkable/bikeable).
    (231) 883-8977
    We can help!
    Listing Contact
    Scott Moore
    Real Estate License ID: 6501398436
    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!