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

    V/L W MAIN STREET Lake Leelanau, MI 49653

    View on Map
    Claim this Listing
    For Sale
    $145,000

    land - LAKE LEELANAU, MI

    Lot size:
    0.20 Acres
    Added:
    Apr 18, 2026
    Days on Market:
    12
    Last Refresh:
    Apr 29 at 8:06 am

    Property Features for V/L W MAIN STREET

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Lot size
    0.20 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Carolyn Telgard
    Carolyn Telgard

    Listing agent Carolyn Telgard

    Listing office Leland 110 E. River Street, MI

    Listing date Apr 18, 2026

    MLS# 1943791 Listing URL

    Copyright © 2026 Coldwell Banker Schmidt 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

    Commercial Land in Lake Leelanau

    This vacant parcel is zoned Commercial (C-2) in Leland Township. It is located near the heart of Lake Leelanau and has approximately 95' of direct frontage along M204, offering visibility. This location is suited for those seeking to be a part of the new growth happening in Lake Leelanau. Leland municipal sewer is available, and any sewer assessment shall be assumed by the buyer. The lot size is 0.2 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Lake Leelanau
    County
    Leelanau
    State
    Michigan
    Longitude
    -85.7188364
    Latitude
    44.9813339

    Nearby Similar for Sale

    • $429,000
      5,320 SF

      Versatile Commercial Property with Storage

      Commercial property featuring storage units and a charming cottage.
      300 W Philip Street, Lake Leelanau, MI 49653
      View Details
    • $1,695,000
      2,880 SF

      Operational Vineyard with Tasting Room

      Turnkey vineyard with tasting room and expansion potential.
      56 S French Road, Lake Leelanau, MI 49653
      View Details
    • $2,640
      2,640 SF

      Lake Leelanau Retail/Office/Storage Building

      Retail/office/storage space with high ceilings and good visibility.
      7334 E Duck Lake Rd, Lake Leelanau, MI, 49653-9791
      View Details
    • $244,900

      Wooded Acreage Near Lake Leelanau

      10.7 acres of wooded land near Lake Leelanau.
      #-40 E North Wind Trail, Lake Leelanau, MI 49653
      View Details
    • $429,000
      900 SF

      Lake Leelanau Income Property

      Versatile commercial property with storage units and rental cottage.
      300 W Philip St, Lake Leelanau, MI 49653
      View Details
    • $228,000

      Land in Leelanau Heart

      9.5 acre vacant lot with building options in Leelanau.
      V/L S Schomberg Road, Lake Leelanau, MI 49653
      View Details
    • $800,000

      Lake Leelanau Waterfront Double Lot

      1.4 acre double lot with 203 feet of Lake Leelanau frontage.
      1777 S Lake Shore Drive, Lake Leelanau, MI 49653
      View Details

    FAQs

    What type of property is this?
    Commercial land - Vacant commercial land with frontage on M204.
    Where is this commercial land located?
    The property is located at V/L W MAIN STREET Lake Leelanau, MI.
    What is the asking price?
    The asking price for this property is $145,000.
    What are key features of this property?
    This property features: Zoned Commercial (C‑2) in Leland Township; Located near the heart of Lake Leelanau; Approximately 95' of direct frontage along M204
    (231) 642-7117
    We can help!
    Listing Contact
    Carolyn Telgard
    Carolyn Telgard
    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!