Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    40 Acres Ready for Building Title is generated by Realmo AI

    2493 N Letson, Gulliver, MI 49840

    View on Map
    Claim this Listing
    New
    For Sale
    $134,900

    Vacant Land - Gulliver, MI

    Lot size:
    40.00 Acres
    Added:
    May 18, 2026
    Days on Market:
    4
    Last Refresh:
    May 21 at 11:06 am

    Property Features for 2493 N Letson

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential,Recreational
    Standard status
    Active
    APN
    001-108-014-00
    Lot size
    40.00 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1101.23

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    ABBEY WOOD
    ABBEY WOOD

    Listing agent ABBEY WOOD License #6501412874

    Listing office GROVER REAL ESTATE 771 East Lakeshore Drive, Manistique, MI

    Listing date May 18, 2026

    MLS# 50207992 Listing URL

    Copyright © 2026 Upper Peninsula Association of 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

    • Move‑in ready with new well, septic (3‑bedroom), and 200 AMP electrical service installed in 2024, saving significant upfront costs and time.
    • 40 acres of land suitable for building a home, cabin, or recreational base camp.
    • Gated entrance and established gravel driveway provide immediate access and security.
    • Located on a year‑round, county‑maintained road ensuring reliable access in all seasons.
    • Features strong natural regeneration with healthy aspen growth, offering cover, privacy, and future timber value.
    • Includes a new 8' x 20' storage container for equipment and materials.

    Overview

    This 40-acre parcel is suitable for building a new home or recreational getaway. The property includes established infrastructure, making it suitable for a home, cabin, or base camp. It fronts both Letson Road and River Road and is accessible via a gated entrance with a gravel driveway. A 180' drilled well was installed in 2024, along with a new conventional septic system sized for a 3-bedroom home. A 200 AMP electrical service has been brought to the build site. The land was clear-cut approximately 16 years ago and now features natural regeneration with aspen growth, offering cover, privacy, and future timber value. Located on a year-round county-maintained road, access is reliable in all seasons. Also included is an 8' x 20' storage container for equipment or materials. The property is located in Gulliver, MI.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Auto Repair Shop Food Market Discount Store Grocery & Convenience Store Supermarket Parking Lot & Garage

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

    Location Insight

    • Map
    • Local Demand
    City
    Gulliver
    County
    Schoolcraft
    State
    Michigan
    Longitude
    -86.0091
    Latitude
    46.1167

    Nearby Similar for Sale

    • $599,000
      7,671 SF

      Highway Frontage Commercial Land Opportunity

      Over 100 acres with highway access and business-ready amenities.
      1622 W US Hwy 2, Gulliver, MI 49840
      View Details
    • $45,000

      Gulliver Land Parcel on US-2

      10.11 acre parcel with highway access and flexible zoning.
      US 2, Gulliver, MI 49840
      View Details
    • $145,000

      40 Acres Vacant Land, Gulliver

      40 acres in Michigan's Upper Peninsula, ideal for recreation.
      3754 W Quarry, Gulliver, MI 49840
      View Details
    • $825,000

      Waterfront Land with Sandy Beach

      4.47 acres with 437' frontage, privacy, and mature forest.
      Parcel C 437' on Top O' the Lake, Gulliver, MI 49840
      View Details
    • $29,900

      Gulliver, MI Vacant Land

      10 acres in Schoolcraft County, Michigan's Upper Peninsula.
      Parcel B County 433, Gulliver, MI 49840
      View Details
    • $59,900

      Gulliver Land with Lake Frontage

      20 acres with 330' frontage on Lake Ann Louise.
      20 AC CAMP 23 RD., GULLIVER, MI 49840
      View Details
    • $950,000

      Gulliver Land with Lake Michigan Frontage

      10+ acre parcel with 463' of private Lake Michigan beach.
      463 FF Top O' the Lake, Gulliver, MI 49840
      View Details
    • $725,000

      Waterfront Land with Sugar Sand

      43-acre waterfront parcel with 403' frontage and sugar sand.
      Parcel E 403' on Top O' Lake, Gulliver, MI 49840
      View Details
    • $1,900,000

      Lake Michigan Waterfront Land Parcel

      23.89 acre parcel with 963' of private beach.
      963 FF Top O' the Lake, Gulliver, MI 49840
      View Details
    • $45,000

      20 Acres Vacant Land

      20 acres in Michigan's Upper Peninsula with year-round access.
      3754 E 20 Acres Quarry, Gulliver, MI 49840
      View Details
    • $99,900

      20 Acres Vacant Land Gulliver

      20 acres of vacant land in Michigan's Upper Peninsula.
      3754 W 20 Acres Quarry, Gulliver, MI 49840
      View Details
    • $2,700,000

      Lake Michigan Waterfront Land

      47 acres with 1,396 feet of Lake Michigan frontage.
      1396 FF Top O' the Lake, Gulliver, MI 49840
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Vacant land with well, septic, and electric in place.
    Where is this residential land & home lot located?
    The property is located at 2493 N Letson Gulliver, MI.
    What is the asking price?
    The asking price for this property is $134,900.
    What are key features of this property?
    This property features: Move‑in ready with new well, septic (3‑bedroom), and 200 AMP electrical service installed in 2024, saving significant upfront costs and time.; 40 acres of land suitable for building a home, cabin, or recreational base camp.; Gated entrance and established gravel driveway provide immediate access and security.
    (906) 450-0222
    We can help!
    Listing Contact
    ABBEY WOOD
    ABBEY WOOD
    Real Estate License ID: 6501412874
    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

    Thank You for Inquiry
    2493 N Letson, Gulliver, MI 49840
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!