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    Land on Pigeon River Title is generated by Realmo AI

    V/L 20.7 A Spikehorn Trail, Indian River, MI 49749

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    Claim this Listing
    For Sale
    $155,000

    LAND - Indian River, MI

    Lot size:
    20.70 Acres
    Added:
    Jan 9, 2026
    Days on Market:
    133
    Last Refresh:
    May 22 at 9:06 am

    Property Features for V/L 20.7 A Spikehorn Trail

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    171-022-109-090-00-171-022-109-095-00
    Lot size
    20.70 Acres

    Taxes and HOA fees

    Tax Description
    PAR 17: COM NW COR SEC 22, T35N,R2W; TH S 01D 04M W ALG SEC LI 1067.5FT TO POB; TH CONT S 01D 04M W 160FT; TH N 87D 29M E 2573.1FT; TH N 26D W 210FT; TH S 86D 44M W 2479.6FT TO POB. 10.24 ACRES M/L Parcel 17 10.6 acres +-

    Utilities

    Water front
    1

    We can help!

    Listing Contact
    Walter T Ellis

    Listing agent Walter T Ellis License #6506000495

    Listing office Berkshire Hathaway Homeservices Indian River 3412 S Straits Hwy, Indian River, MI

    Listing date Jan 9, 2026

    MLS# 201838455

    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.

    HighLights

    • 20+ acres on the Beautiful Pigeon River
    • Joins State Land on the Southside
    • Electric Available (front and back of property)
    • Natural Trout Stream
    • Great hunting parcel with plenty of wildlife
    • Peaceful Serene Setting

    Overview

    This property consists of over twenty acres situated on the Pigeon River. Electric service is available at the front and towards the rear of the parcel. The property adjoins State Land on its south side. The setting is described as peaceful and serene, featuring a natural trout stream. An adjacent ten-plus acre parcel is also available. Eddy Road runs close to the river, while Spikehorn Road runs towards the back of the property. The land is noted for its abundance of wildlife and suitability for hunting.
    Location Intelligence

    Current Use by Public Records

    Hunting land

    Map

    City
    Indian River
    County
    Cheboygan
    State
    Michigan
    Longitude
    -84.5513
    Latitude
    45.421

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    FAQs

    What type of property is this?
    Hunting land - 20+ acres on Pigeon River, joins State Land.
    Where is this hunting land located?
    The property is located at V/L 20.7 A Spikehorn Trail Indian River, MI.
    What is the asking price?
    The asking price for this property is $155,000.
    What are key features of this property?
    This property features: 20+ acres on the Beautiful Pigeon River; Joins State Land on the Southside; Electric Available (front and back of property)
    (231) 420-1123
    We can help!
    Listing Contact
    Walter T Ellis
    Real Estate License ID: 6506000495
    Learn More
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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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