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    16878 County Road 505 Newberry, MI 49868

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    For Sale
    $1,600,000

    Turn-key resort with cabins, guest house, and owner's residence.

    Type:Business Opportunities
    Property size:
    7,340 SF
    Added:
    Sep 25, 2025
    Days on Market:
    193
    Last Refresh:
    Apr 1 at 8:15 pm

    Property Features for 16878 County Road 505

    General Information

    Standard status
    Active
    Size
    7,340 SF
    Property subtype
    Business Opportunities

    We can help!

    Listing Contact
    Dave Wood

    Listing agent Dave Wood License #6501441030

    Listing office RE/MAX

    Listing date Sep 25, 2025

    Source Remaxcommercial

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

    All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX

    Overview

    Established Resort on Halfway Lake

    This is an opportunity to own a well-established resort on the shores of Halfway Lake, located 20 minutes north of Newberry. The turn-key business includes eight rental cabins (one is a duplex), a spacious guest house, and a three-bedroom, two-bath owner’s residence. The property offers lake views from nearly every building. Halfway Lake is a private, no-motor lake suitable for paddling, fishing, and relaxing. Guests have access to canoes, kayaks, and boats, as well as two docks, a launch area, and a swim-friendly shoreline with approximately 1,700 feet of shoreline frontage. The resort attracts snowmobilers, UTV/ORV riders, fishermen, and travelers exploring the area’s attractions, including nearby Tahquamenon Falls. Each two-bedroom cabin features a kitchen, bathroom, and comfortable living area. The guest house provides additional space for rentals, visiting friends, or extended family. Also included are a detached garage and a large pole barn for storage or maintenance needs. The property size is 7,340 square feet. The current owners have welcomed returning guests for years, maintaining the property with care. This resort is ready for new ownership and offers lakefront living in Michigan’s Upper Peninsula.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Resorts

    Suggested Use

    Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Newberry
    County
    Luce
    State
    Michigan
    Longitude
    -85.5934
    Latitude
    46.4759

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    FAQs

    What type of property is this?
    Resort - Turn-key resort with cabins, guest house, and owner's residence.
    Where is this resort located?
    The property is located at 16878 County Road 505 Newberry, MI.
    What is the asking price?
    The asking price for this property is $1,600,000.
    What are key features of this property?
    This property features: Established turn‑key resort business on Halfway Lake with strong rental history and returning guests.; Includes **eight rental cabins (one duplex), a spacious guest house, and a three‑bedroom owner's residence.**; **1,700 feet of shoreline frontage** on a private, no‑motor lake ideal for paddling, fishing, and relaxation.
    (906) 202-9959
    We can help!
    Listing Contact
    Dave Wood
    Real Estate License ID: 6501441030
    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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