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    Tbd M38 Ontonagon, MI 49953

    Sponsored
    For Sale
    $82,000

    Vacant Land - Ontonagon, MI

    Lot size:
    59.30 Acres
    Days on Market:
    139
    Last Refresh:
    Jan 19 at 1:06 pm

    Property Features for Tbd M38

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Mixed Use
    APN
    04-319-002-00 Parent
    Lot size
    59.30 Acres

    Utilities

    Water front features
    River Frontage, Waterfront
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    BRUCE MAKI

    Up North Realty (906) 524-2211 [email protected]

    Listing agent BRUCE MAKI (906) 524-2211

    Listing date Sep 3, 2025

    MLS# 50143947 Listing URL

    Copyright © 2026 Upper Peninsula Association 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.

    Learn more

    Overview

    Vacant Land Near Flintsteel River

    This 59.3-acre vacant land parcel, known as East Flintsteel REIT, is located off M38 between Greenland and Ontonagon. The Flintsteel River flows through the tract, providing approximately 3,700 feet of frontage. Currently in Michigan's CFA program, a portion or all of the land would need to be removed from the program for building. Legal access is available via a logging road, which requires upgrading from the gate to the property. The property is wooded, featuring a young Aspen sapling stand on the east side and an uncut hardwood/softwood stand along the river corridor on the west side. The land is suitable for building an off-grid cabin or for use as a hunting parcel, with numerous building sites available. Located in an area abundant with wildlife, the property is adjacent to thousands of acres of corporate CFA land, providing excellent habitat for white-tailed deer, black bear, grouse, and rabbit. A groomed snowmobile/ATV trail (# 12) is located just north of the property on the north side of M38. The area offers various outdoor activities, including snowmobiling, ATV riding, hiking, snowshoeing, kayaking, mountain biking, and boating. For fishing enthusiasts, there are numerous creeks and rivers, and a marina in Ontonagon provides access to Lake Superior for lake trout and salmon fishing.
    Location Intelligence

    Current Use by Public Records

    Hunting land

    Map

    City
    Ontonagon
    County
    Ontonagon
    State
    Michigan
    Longitude
    -89.182215443421
    Latitude
    46.803202944393

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    FAQs

    What type of property is this?
    Land - 59.3 acres of wooded land with river frontage.
    Where is this land located?
    The property is located at Tbd M38 Ontonagon, MI.
    What is the asking price?
    The asking price for this property is $82,000.
    What are key features of this property?
    This property features: - 3,700 feet of Flintsteel River frontage.; - Located in an area with abundant wildlife, ideal for hunting.; - Adjacent to thousands of acres of corporate CFA land.
    (906) 524-2211
    Request Owner's contact information
    Tbd M38 Ontonagon, MI 49953
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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.

    More about this property
    Tbd M38 Ontonagon, MI 49953
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    We can help!
    Listing Contact
    BRUCE MAKI
    Real Estate License ID: UPAR
    (906) 524-2211
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