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    Residential Lot in New Development Title is generated by Realmo AI

    229 VINEYARD RIDGE DRIVE, Traverse City, MI 49686

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    Claim this Listing
    New
    For Sale
    $225,000

    land - TRAVERSE CITY, MI

    Lot size:
    0.11 Acres
    Added:
    Jun 5, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 6 at 8:06 am

    Property Features for 229 VINEYARD RIDGE DRIVE

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Lot size
    0.11 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Tracy Bacigalupi

    Listing agent Tracy Bacigalupi

    Listing office Schmidt Realtors 402 East Front Street, MI

    Listing date Jun 5, 2026

    MLS# 1935139 Listing URL

    Copyright © 2026 Coldwell Banker Schmidt 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

    • Premium lots for sale in the third and final phase of Vineyard Ridge
    • Custom homes designed and built by Rembrandt Construction
    • Residents have access to a resort‑style pool, outdoor spa, grill stations, and a fire pit lounge
    • Pelizzari Natural Area is across the road with wooded trails for walks or hikes
    • Located at the base of the Old Mission Peninsula with downtown Traverse City minutes away

    Overview

    This listing offers a build-ready residential lot in Vineyard Ridge’s third and final phase. The development is presented as a place for custom homes, with remarks indicating homes are designed and built by Rembrandt Construction. The property sits within Vineyard Ridge, where residents have access to community outdoor features intended for year-round entertaining, including a resort-style pool, outdoor spa, grill stations, and a fire pit lounge.

    Vineyard Ridge is described as located at the base of the Old Mission Peninsula, with downtown Traverse City positioned as minutes away. The remarks also note that the Pelizzari Natural Area is across the road, offering wooded trails for walks or weekend hikes.

    For buyers looking to design and build in a planned neighborhood, this is a single residential lot available in the final phase of Vineyard Ridge. The combination of custom-home focus, community outdoor amenities, and immediate access to nearby wooded trails may appeal to households seeking a quieter setting while still being close to the conveniences of downtown Traverse City.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.576741
    Latitude
    44.786231

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    FAQs

    What type of property is this?
    Residential land & home lot - Build-ready lot in Vineyard Ridge’s third phase, with nearby natural area access and community outdoor amenities.
    Where is this residential land & home lot located?
    The property is located at 229 VINEYARD RIDGE DRIVE Traverse City, MI.
    What is the asking price?
    The asking price for this property is $225,000.
    What are key features of this property?
    This property features: Premium lots for sale in the third and final phase of Vineyard Ridge; Custom homes designed and built by Rembrandt Construction; Residents have access to a resort‑style pool, outdoor spa, grill stations, and a fire pit lounge
    (231) 758-7077
    We can help!
    Listing Contact
    Tracy Bacigalupi
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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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    229 VINEYARD RIDGE DRIVE, TRAVERSE CITY, MI 49686
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