Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2450 N Marshall Road Honor, MI 49640

    View on Map
    Claim this Listing
    For Sale
    $110,000

    Vacant Lot/Land - Honor, MI

    Lot size:
    2.71 Acres
    Added:
    Apr 22, 2026
    Days on Market:
    8
    Last Refresh:
    Apr 29 at 2:06 pm

    Property Features for 2450 N Marshall Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Commercial,Metes and Bounds
    Exterior features
    None
    Standard status
    Active
    Lot size
    2.71 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Ron Raymond
    Ron Raymond

    Listing agent Ron Raymond

    Listing office Serbin Real Estate 6675 W. Western Avenue, Glen Arbor, MI

    Listing date Apr 22, 2026

    MLS# 1944087 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

    Honor, MI Vacant Commercial Land

    This vacant commercial land is located on US-31 in Honor, MI, offering excellent exposure and accessibility. The property is ideally positioned between Lume and Dollar General, with frontage on both US-31 and Marshall Rd. The parcel features a natural setting with a mix of mature sugar maple, black cherry, white pine, and quaking aspen trees, along with open space and wetlands. The lot size is 2.71 acres. Significant due diligence has been completed, including wetlands delineation, health department evaluations, and building envelope drawings. The zoning is Commercial and Metes and Bounds. This property is ready for development in a growing corridor.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Pharmacy Auto Parts Store Nail Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Honor
    County
    Benzie
    State
    Michigan
    Longitude
    -86.0394319
    Latitude
    44.6674328

    Nearby Similar for Sale

    • $750,000
      3,715 SF

      Charming Cabin Resort Near Platte River

      8-unit cabin resort near Sleeping Bear Dunes National Lakeshore.
      11481 Main Street, Honor, MI 49640
      View Details
    • $425,000
      3,018 SF

      Commercial Property in Honor, Michigan

      Commercial property for sale in Honor, Michigan, Benzie County.
      2191 Valley Road, Honor, MI 49640
      View Details
    • $250,000
      3,018 SF

      Established Generator Service Business

      Generator service business serving multiple counties, real estate not included.
      2191 Valley Road, Honor, MI 49640
      View Details
    • $149,900
      1,379 SF

      Versatile Retail/Residential Property in Honor

      Updated property suitable for business, residential, or mixed-use.
      11516 Main Street, Honor, MI 49640
      View Details
    • $750,000
      3,715 SF

      Retail Store,Recreational/Resort,Bed & Breakfast - Honor, MI

      Income-producing cabin resort near Sleeping Bear Dunes and Traverse City.
      11481 Main St, Honor, MI 49640
      View Details
    • $125,000

      Wooded Parcel Near Platte Lakes

      Wooded land near lakes, ideal for cabin or home.
      102-104 Poplar Avenue, Honor, MI 49640
      View Details
    • $44,900

      Vacant Land with Stunning Views

      0.87-acre lot in Honor, ready to build.
      000 Scenic Drive, Honor, MI 49640
      View Details
    • $115,000

      Land with Platte River Frontage

      3.2 acres with 150' Platte River frontage.
      000 PIONEER ROAD, HOMESTEAD TWP, MI 49640
      View Details
    • $2,299,200
      10,640 SF

      New Dollar General Investment Opportunity

      New Dollar General in Honor, MI with long-term NNN lease.
      2463 N Marshall Rd, Honor, MI 49640
      View Details
    • $115,000

      Platte River Frontage Land

      3.2 acres with 150' Platte River frontage.
      000 PIONEER ROAD, HONOR, MI 49640
      View Details
    • $274,989

      Honor, MI Vacant Land

      10-acre parcel near Sleeping Bear Dunes with improvements.
      5896 Indian Hill Road, Honor, MI 49640
      View Details
    • $750,000
      5,000 SF

      Turnkey Cabin Resort Near Sleeping Bear

      Northern Michigan cabin resort with immediate income potential near Sleeping Bear.
      11481 Main St, Honor, MI 49640
      View Details

    FAQs

    What type of property is this?
    Commercial land - Prime commercial land with high visibility and development potential.
    Where is this commercial land located?
    The property is located at 2450 N Marshall Road Honor, MI.
    What is the asking price?
    The asking price for this property is $110,000.
    What are key features of this property?
    This property features: Prime commercial location on highly visible US‑31.; High exposure and accessibility, positioned between Lume and Dollar General.; Frontage on both US‑31 and Marshall Rd.
    (231) 334-2758
    We can help!
    Listing Contact
    Ron Raymond
    Ron Raymond
    Real Estate License ID: 6501343256
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!