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    Wallace, MI Vacant Land Opportunity Title is generated by Realmo AI

    10 Lane, Wallace, MI 49893

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    Claim this Listing
    For Sale
    $245,000

    Vacant Land - Wallace, MI

    Lot size:
    118.57 Acres
    Added:
    May 18, 2026
    Days on Market:
    14
    Last Refresh:
    May 31 at 5:06 pm

    Property Features for 10 Lane

    General Information

    Property type
    Land
    Property subtype
    Other
    Parking features
    Garage
    Standard status
    Active
    Lot size
    118.57 Acres

    Taxes and HOA fees

    Tax Annual Amount
    633

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Ryan Patrick

    Listing agent Ryan Patrick

    Listing office Whitetail Properties Real Estate, LLC 121 S Madison St, Pittsfield, MI

    Listing date May 18, 2026

    MLS# 11792191 Listing URL

    Copyright © 2026 My State 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

    • Large acreage (118.57+\/- acres) in Michigan's Upper Peninsula, offering privacy.
    • Excellent accessibility with frontage on a well‑maintained blacktop road and proximity to Interstate 41, ensuring year‑round access.
    • Two stunning ponds attract wildlife and provide scenic focal points.
    • Optimal sandy ground conditions provide excellent drainage and a stable foundation for building.
    • High potential for commercial development, such as a campground or RV park.
    • Abundant wildlife and diverse hunting opportunities.

    Overview

    This 118.57-acre property in Menominee County, Michigan, offers a blend of convenience and wilderness serenity. Positioned in the southern Upper Peninsula, it is suited for outdoor enthusiasts, hunters, or developers looking to capitalize on the region's growing outdoor recreation market. The property has accessibility without sacrificing privacy, located moments off Interstate 41 with frontage on a well-maintained blacktop road, allowing year-round access. Despite its proximity to the Interstate, the acreage and thick timber buffer noise. The property is located near the Little Nugget Golf Course. Two ponds serve as a natural magnet for local wildlife and offer a scenic focal point. A professionally cleared interior road winds through the property, guiding past the water's edge and providing navigation across the acreage. The land features sandy ground conditions, providing natural drainage and a stable foundation for building. This acreage is suited for a lucrative outdoor business, such as a commercial campground or an RV park. The property provides an easy, visible destination for tourists and vacationers. The property supports whitetail deer and a black bear population, with thickets providing grounds for ruffed grouse and wild turkeys. The ponds transform the property into a flyway for duck and goose hunting. An additional 350 acres may be available for purchase, expanding the parcel to 468.57 acres. This Menominee County acreage is ready for a private family hunting camp, a dream home overlooking the water, or a premium U.P. campground destination.
    Location Intelligence

    Current Use by Public Records

    Recreation land

    Map

    City
    Wallace
    County
    Menominee
    State
    Michigan
    Longitude
    -87.62888
    Latitude
    45.258147

    Nearby Similar for Sale

    • $985,000

      Versatile Land with Multiple Ponds

      350 acre property featuring ponds, storage, and recreational opportunities.
      W5884 9.5 Ln, Wallace, MI 49858
      View Details
    • $115,000

      Wallace, MI 40-Acre Land

      40 acres in Wallace, MI with Little River access.
      V/L Rangeline M-1 Drive, Wallace, MI 49893
      View Details

    FAQs

    What type of property is this?
    Land - 118.57 acre property perfect for outdoor enthusiasts or developers.
    Where is this land located?
    The property is located at 10 Lane Wallace, MI.
    What is the asking price?
    The asking price for this property is $245,000.
    What are key features of this property?
    This property features: Large acreage (118.57+\/- acres) in Michigan's Upper Peninsula, offering privacy.; Excellent accessibility with frontage on a well‑maintained blacktop road and proximity to Interstate 41, ensuring year‑round access.; Two stunning ponds attract wildlife and provide scenic focal points.
    (715) 905-1314
    We can help!
    Listing Contact
    Ryan Patrick
    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.

    More about this property
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