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    1870 M-65 Whittemore, MI 48770

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    For Sale
    $199,000

    Vacant Land Improved - Whittemore, MI

    Lot size:
    26.50 Acres
    Added:
    Aug 21, 2024
    Days on Market:
    619
    Last Refresh:
    May 1 at 6:06 am

    Property Features for 1870 M-65

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential,Commercial,Horses Allowed,Metes and Bounds,Rural
    Exterior features
    None, Countryside View, Rv Parking, Pole Building
    Standard status
    Active
    Lot size
    26.50 Acres

    Utilities

    Water front features
    Creek, Waterfront
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    MICHELLE BASSI
    MICHELLE BASSI

    Listing agent MICHELLE BASSI

    Listing office CAROLE WILSON REAL ESTATE 3280 N M-65, HALE, MI

    Listing date Aug 21, 2024

    MLS# 1926278 Listing URL

    Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Improved Vacant Land with Pavilion

    This improved vacant land is ready to be transformed into a campground, event center, or other venture. A 34x50 pavilion features electric hookups, handicap parking, and gathering tables, with a height of 27.5 feet suitable for storing a motorhome or boat. Built in 1990, the barn has a newer metal roof, a bandstand, and two bathrooms with a shower. A drive-through overhang includes a cooking and serving area with updated electrical, with each plug-in having its own breaker. Recreational amenities include regulation horseshoe pits, a go-cart track, a large fire pit, a shooting range, two RV hookups, and eight rustic RV spots. There is also a ski hill/soap box derby hill and a sand pit. An additional 30x48 pole barn offers electric and a cement floor. The property also features an established deer blind and garden area, and is 40% wooded, offering potential building sites. Situated on high-traffic M-65, the property is zoned commercial for 500 feet off the road. The zoning allows for residential, commercial, horses, and rural uses. The lot size is 26.5 acres.
    Location Intelligence

    Current Use by Public Records

    Campgrounds

    Map

    City
    Whittemore
    County
    Iosco
    State
    Michigan
    Longitude
    -83.8043006
    Latitude
    44.2236984

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    FAQs

    What type of property is this?
    Land - Versatile land with pavilion, barn, and recreational features.
    Where is this land located?
    The property is located at 1870 M-65 Whittemore, MI.
    What is the asking price?
    The asking price for this property is $199,000.
    What are key features of this property?
    This property features: Large 34x50 pavilion with electric, handicap parking, and gathering tables, plus 27.5 feet height for RV/boat storage.; Commercial zoning with high traffic M‑65 frontage, suitable for business and residential use.; Barn with newer metal roof, bandstand, 2 bathrooms with shower, and drive‑through cooking/serving area with updated electrical.
    (989) 274-5095
    We can help!
    Listing Contact
    MICHELLE BASSI
    MICHELLE BASSI
    Real Estate License ID: 6501266457
    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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