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    Leland Riverfront Buildable Land Opportunity Title is generated by Realmo AI

    204 S Chandler Street, Leland, MI 49654

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    Claim this Listing
    New
    For Sale
    $5,000,000

    Vacant Land Improved - Leland, MI

    Lot size:
    1.31 Acres
    Added:
    May 23, 2026
    Days on Market:
    1
    Last Refresh:
    May 23 at 9:06 pm

    Property Features for 204 S Chandler Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential,Commercial,Splits Available
    Exterior features
    None, Garage(s)
    Standard status
    Active
    Lot size
    1.31 Acres

    Utilities

    Water front features
    River, Waterfront
    Water front
    1

    Building Details

    Architectural style
    Other
    Additional Structures
    Garage(s)

    We can help!

    Listing Contact
    Jonathan Crane

    Listing agent Jonathan Crane

    Listing office Berkshire Hathaway Homeservices - TC 630 E. Front Street, Suite 200, Traverse City, MI

    Listing date May 23, 2026

    MLS# 1945619 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.

    HighLights

    • Rare riverfront property in downtown Leland with 343' of combined river frontage.
    • Buildable estate‑sized lot on the Leland River.
    • Direct boat access to North Lake Leelanau and downtown Leland amenities.
    • Commercial zoning allows for residential or business development.
    • Existing home can be remodeled or removed for new construction.
    • Existing well and municipal sewer connections.

    Overview

    This offering presents a rare opportunity in downtown Leland, featuring one of the last buildable riverfront properties on the Leland River. The property consists of two adjoining parcels, one approximately 0.99 acres and the other approximately 0.32 acres, totaling 1.31 acres. These parcels are offered together, providing approximately 343 feet of combined river frontage. Alternatively, buyers can elect to purchase the parcels individually. An existing home and garage are present on the property, offering the option to remodel and restore their historical charm. The existing structures can also be removed to make way for a custom estate. The location provides direct boat access to North Lake Leelanau and immediate access to the shops, dining, and summer activities of Main Street, along with a short walk to the beach. The existing home is equipped with a well and municipal sewer. The property is zoned for both residential and commercial use, allowing for continued use as residential lots or development for future business endeavors. This property represents a unique opportunity to build a dream estate or develop it in Leland, Michigan.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Restaurant Building Supply Spa & Massage Center Law Firm Big Box & Wholesale Store Auto Repair Shop Nail Salon Auto Parts Store Gym & Fitness Center Food Market

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

    Location Insight

    • Map
    • Local Demand
    City
    Leland
    County
    Leelanau
    State
    Michigan
    Longitude
    -85.758226
    Latitude
    45.020367

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    FAQs

    What type of property is this?
    Waterfront Land - Rare riverfront property in downtown Leland, suitable for residential or commercial.
    Where is this waterfront land located?
    The property is located at 204 S Chandler Street Leland, MI.
    What is the asking price?
    The asking price for this property is $5,000,000.
    What are key features of this property?
    This property features: Rare riverfront property in downtown Leland with **343' of combined river frontage**.; **Buildable estate‑sized lot** on the Leland River.; Direct boat access to North Lake Leelanau and downtown Leland amenities.
    (231) 350-8039
    We can help!
    Listing Contact
    Jonathan Crane
    Real Estate License ID: 6501400690
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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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