Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    M-28 Newberry, MI 49868

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $79,900

    40-acre parcel with mature trees, wetlands, and hunting potential.

    Lot size:
    40.00 Acres

    Property Features for M-28

    General Information

    Lot size
    40.00 Acres

    We can help!

    Listing Contact
    Scott Brown
    Source: Elliman

    Listing Agent: Scott Brown

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    40 Acres of Hunting Land

    This 40-acre parcel features mature trees and some natural wetland areas. The property offers potential for black bear hunting or a future getaway. A well is located on the property, but its condition is unknown.
    Location Intelligence

    Current Use by Public Records

    Hunting land

    Map

    City
    Newberry
    County
    Luce
    State
    Michigan
    Longitude
    -85.4887
    Latitude
    46.496

    Nearby Similar for Sale

    • $2,000,000
      59,633 SF

      Newberry Industrial Facility on 28+ Acres

      Former Northern Hardwoods facility with multiple buildings and expansion potential.
      6946 County Road 392, Newberry, MI 49868
      View Details
    • New
      $329,000
      3,600 SF

      Newberry Office Building on Large Lot

      3,600 SF commercial office on 2.5 acre lot in Newberry.
      7793 M-123, Newberry, MI 49868
      View Details
    • $595,000
      7,920 SF

      Newberry Industrial Park Trucking Facility

      7920 sq ft commercial/industrial garage 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
    • $350,000

      Muskallonge Lake Commercial Property

      Commercially zoned property with lake frontage and rental potential.
      30410 Co Rd 407, Newberry, MI 49868
      View Details
    • $189,900

      Church with Classrooms and Garage

      Church with seating, classrooms, kitchen, dining, restrooms, and garage.
      321 W John St, Newberry, MI 49868
      View Details
    • $1,650,000

      40 Acres Near Lake Superior

      Upland property with cabins, store, and airport near river.
      32752 Co Rd 423, Newberry, MI 49868
      View Details
    • $115,000
      2,046 SF

      Newberry Bar & Restaurant Opportunity

      Established Business, Turnkey Operation, High Visibility
      121 Helen St, Newberry, MI 49868
      View Details

    FAQs

    What type of property is this?
    Land - 40-acre parcel with mature trees, wetlands, and hunting potential.
    Where is this land located?
    The property is located at M-28 Newberry, MI.
    What is the asking price?
    The asking price for this property is $79,900.
    What are key features of this property?
    This property features: - 40-acre parcel with mature trees; - Potential for black bear hunting; - Natural wetland area on the property
    (248) 783-6616
    Request Owner's contact information
    M-28 Newberry, MI 49868
    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.
    M-28
    Newberry, MI 49868
    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
    M-28 Newberry, MI 49868
    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

    We can help!
    Listing Contact
    Scott Brown
    (248) 783-6616
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.