Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Wooded Residential Building Lot Title is generated by Realmo AI

    10933 Michigan 123, Newberry, MI 49868

    View on Map
    Claim this Listing
    New
    For Sale
    $37,500

    LAND - Newberry, MI

    Lot size:
    10.00 Acres
    Added:
    Jun 2, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 4 at 11:06 am

    Property Features for 10933 Michigan 123

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential
    Standard status
    Active
    APN
    003-003-014-0300
    Lot size
    10.00 Acres

    We can help!

    Listing Contact
    Marissa Metcalf

    Listing agent Marissa Metcalf License #6501430978

    Listing office Cummings-McCraney 1013 S. Newberry Ave., Newberry, MI

    Listing date Jun 2, 2026

    MLS# 26-396 Listing URL

    Copyright © 2026 Eastern Upper Peninsula 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

    • 10‑acre wooded parcel just north of Newberry on M‑123
    • Cleared, leveled building site already in place
    • Year‑round access
    • Power pole installed on the property and ready to be connected
    • Mature trees line the road frontage for added privacy and a natural buffer
    • Recreational access nearby with snowmobile trails just north and south, plus an ORV trail along M‑123

    Overview

    This offering is a 10-acre wooded parcel with mature trees along the road frontage. A cleared and leveled building site is already in place, and a power pole has been installed on the property with the readiness to connect when you’re ready to build. Year-round access is noted, making it suitable for full-time homes, cabins, or recreational properties.

    The property is described as being just north of Newberry on M-123. Trees lining the frontage are intended to provide privacy and a natural buffer from road noise while still maintaining convenient access. Outdoor recreation access is also a factor, with snowmobile trails located just north and south of the property, and an ORV trail running along M-123.

    With a prepared build pad and utilities infrastructure already started, this lot is a practical fit for buyers who want to move directly into site development rather than starting from scratch. The residential zoning supports planning a home or cabin, and the surrounding trail access may appeal to buyers looking to combine buildable space with nearby year-round recreation.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newberry
    County
    Luce
    State
    Michigan
    Longitude
    -85.4887
    Latitude
    46.496

    Nearby Similar for Sale

    • $329,000
      3,600 SF

      Medical Office Building with X-Ray Rooms

      Custom-built medical office with 7 operatories, X-ray processing rooms, and ample parking on a landscaped lot in Newberry.
      7793 M-123, Newberry, MI 49868
      View Details
    • $180,000

      Freestanding Highway-Front Land Parcel

      Vacant 21-acre parcel with direct highway frontage, existing driveway, and on-site electric for flexible development.
      12184 M-28 Highway, Newberry, MI 49868
      View Details
    • $150,000

      Productive Farmland in Upper Peninsula

      78 acres of fenced farmland with income potential.
      14860 County Road 446, Newberry, MI 49868
      View Details
    • $189,900
      8,200 SF

      Well-Maintained Church with Functional Layout

      8,200 sq. ft. church ideal for worship.
      321 W John St, Newberry, MI, 49868
      View Details
    • $191,000

      Shovel-Ready Industrial Land Parcel

      Mostly open industrial tract with utilities in place and potential rail spur for flexible site development.
      Co Rd 403, Newberry, MI 49868
      View Details
    • $110,500

      Waterfront Land on Chesbrough Lake

      17-acre wooded parcel with 310' frontage on Chesbrough Lake.
      W Chesbrough Lake Road, Newberry, MI 49868
      View Details
    • $385,956

      Luce County Land with Lake

      151 acre property surrounding Wolf Lake in Newberry, Michigan.
      on Wolf Lake Road, Newberry, MI 49868
      View Details
    • $350,000

      Commercial Lakefront Mixed-Use Property

      Unimproved south-facing Muskallonge Lake frontage with existing home, cottage, and former camp store suited to multiple uses.
      30410 Co Rd 407, Newberry, MI 49868
      View Details
    • $595,000
      7,920 SF

      Newberry Industrial Park Trucking Facility

      7,920 SF commercial trucking facility on 7.9 acres.
      6937 Cty Rd 392, Newberry, MI 49868
      View Details
    • $1,600,000
      7,340 SF

      Established Resort on Halfway Lake

      Turn-key resort with cabins, guest house, and owner's residence.
      16878 County Road 505, Newberry, MI 49868,
      View Details
    • $1,750,000
      59,633 SF

      Former Northern Hardwoods Facility Available

      Industrial facility on 28.97 acres with multiple buildings.
      6946 County Road 392, Newberry, MI 49868
      View Details
    • $50,000

      Wooded Hunting Land with Year-Round Access

      Wooded 40 acres with year-round access via County Road 403 and power available at the road.
      County Road 403, Newberry, MI 49868
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - A 10-acre wooded parcel with a cleared, leveled building site and a power pole, ready for year-round access.
    Where is this residential land & home lot located?
    The property is located at 10933 Michigan 123 Newberry, MI.
    What is the asking price?
    The asking price for this property is $37,500.
    What are key features of this property?
    This property features: 10‑acre wooded parcel just north of Newberry on M‑123; Cleared, leveled building site already in place; Year‑round access
    (906) 440-4534
    We can help!
    Listing Contact
    Marissa Metcalf
    Real Estate License ID: 6501430978
    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

    Thank You for Inquiry
    10933 Michigan 123, Newberry, MI 49868
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!