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    Waterfront Land with Cottages Title is generated by Realmo AI

    1487 Town U, Florence, WI 54121

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    For Sale
    $1,500,000

    Vacant Land - Florence T-WI, WI

    Lot size:
    2.54 Acres
    Added:
    Oct 20, 2025
    Days on Market:
    211
    Last Refresh:
    May 18 at 12:06 pm

    Property Features for 1487 Town U

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Commercial
    Standard status
    Active
    APN
    01003208000
    Lot size
    2.54 Acres

    Taxes and HOA fees

    Tax Annual Amount
    5600.8

    Utilities

    Water front features
    Lake Frontage, Lake/River Access, Interior Lake, Lake/River Access, Waterfront, Waterfront
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    RYAN GORDON
    RYAN GORDON

    Listing agent RYAN GORDON

    Listing office STEPHENS REAL ESTATE 1320 CARPENTER AVE., Iron Mountain, WI

    Listing date Oct 20, 2025

    MLS# 50192135 Listing URL

    Copyright © 2026 Upper Peninsula Association 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

    • Rare 2.5‑acre waterfront parcel on Bass Lake with 208 ft of sandy beach frontage.
    • Enjoy southern exposure and level access to the water's edge.
    • Located on the crystal‑clear, spring‑fed Spread Eagle Chain of eight interconnected lakes.
    • Includes three fully furnished rustic cottages and three boat docks.
    • Features a large 3‑stall boathouse with a furnished rec room, equipment storage, and fish cleaning facility.
    • Essential utilities are already in place: drilled well, septic, underground electric, and propane; natural gas available.

    Overview

    This is a rare opportunity to acquire a 2.5-acre waterfront parcel with southern exposure on Bass Lake, featuring 208 feet of sandy beach frontage that is level to the water's edge. The property is ideally situated across from Eagle Island on the crystal-clear, spring-fed Spread Eagle Chain, which consists of eight interconnected lakes. Included are three fully furnished rustic cottages, three boat docks, and a large 3-stall boathouse. The boathouse features a furnished rec room, equipment storage room, and a fish cleaning facility. The property is equipped with a drilled well, septic system, underground electric services, and propane; natural gas is also available. The sandy beach is suitable for swimming and water sports, and the Spread Eagle Chain is known for excellent fishing. The elevated location provides incredible lake views, making the land itself the primary value. This stunning setting could be the backdrop for a dream home, located just 8 miles east of Iron Mountain, Michigan.
    Location Intelligence

    Current Use by Public Records

    Specialty properties

    Map

    City
    Florence
    County
    Florence
    State
    Wisconsin
    Longitude
    -88.3553
    Latitude
    45.8943

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    FAQs

    What type of property is this?
    Specialty property - Rare 2.5-acre waterfront parcel with cottages and sandy beach.
    Where is this specialty property located?
    The property is located at 1487 Town U Florence, WI.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: Rare 2.5‑acre waterfront parcel on Bass Lake with **208 ft of sandy beach frontage.**; Enjoy **southern exposure and level access** to the water's edge.; Located on the crystal‑clear, spring‑fed Spread Eagle Chain of eight interconnected lakes.
    (906) 282-1644
    We can help!
    Listing Contact
    RYAN GORDON
    RYAN GORDON
    Real Estate License ID: 6502420131
    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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