Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Treed Residential Building Lot Title is generated by Realmo AI

    31 Mile Rd. Parcel 3, Ray Twp, MI 48096

    View on Map
    Claim this Listing
    Pending
    $109,900

    LAND - Ray Twp, MI

    Lot size:
    2.27 Acres
    Added:
    Jul 10, 2020
    Days on Market:
    2156
    Last Refresh:
    Jun 4 at 9:06 am

    Property Features for 31 Mile Rd. Parcel 3

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Pending
    APN
    21-05-08-200-019
    Lot size
    2.27 Acres

    Taxes and HOA fees

    Tax Year
    2019
    Tax Annual Amount
    1164

    We can help!

    Listing Contact
    Marjorie Fetty

    Listing agent Marjorie Fetty License #6501245326

    Listing office Century 21 Professionals 48680 Van Dyke, MI

    Listing date Jul 10, 2020

    MLS# 50017064 Listing URL

    Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Treed, rolling lot with farm fields and wooded areas for views and wildlife sightings
    • Potential walk‑out build site with meadow area near the front of the property
    • In Romeo School District, described as award‑winning
    • Within walking distance of Pine Valley Golf Course; about 15 minutes from approximately 5 golf courses
    • Underground gas, electric, and cable available on the west side of the property
    • Easy access to M‑53 and Hall Rd., plus nearby Village of Romeo

    Overview

    This residential lot spans 2.27 acres and features a mix of wooded areas, farm fields, and a meadow zone near the front of the property. The topography is described as rolling, with a meadow area that may support a walk-out build site. Underground utilities including gas, electric, and cable are noted as located on the west side of the property.

    The site is located in the Romeo School District and is within walking distance of Pine Valley Golf Course. Public remarks also note easy access to M-53 and Hall Road, along with proximity to the Village of Romeo.

    For buyers looking to build, the combination of treed and open areas provides a range of views across the property. The front meadow area and rolling terrain may help create a home plan oriented toward a walk-out design, while the availability of underground utilities on the west side can simplify early site planning. The overall setting is positioned for those seeking a small-town feel with recreational options nearby.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Ray Twp
    County
    Macomb
    State
    Michigan
    Longitude
    -82.9254385
    Latitude
    42.7782532

    Nearby Similar for Sale

    • $990,000

      Spacious Land Parcel in Ray

      66.73-acre parcel for custom home or development in Ray.
      Kunstman Road lot: #12, Ray Twp, MI 48096
      View Details
    • $95,000

      Ray Twp Land Parcel

      Two-acre partially cleared land parcel in Ray Twp, Michigan.
      VACANT 2 - 28 Mile Road, Ray Twp, MI 48096
      View Details
    • $3,199,777

      Farmland with Road Frontage

      90.83-acre Ray Township parcel is leased through the 2026 farming season and offers 1,252 feet of road frontage.
      20144 32 Mile Rd, Ray Twp, MI 48096
      View Details
    • $239,000

      Ray Twp Land Parcel

      Build your dream home on a beautiful country lot.
      0011 Kunstman, Ray Twp, MI 48096
      View Details
    • $135,000

      Residential Development Land Parcel

      2.85-acre parcel with 162' road frontage and utilities at the road in Ray Township, MI.
      31 Mile Road, Ray Twp, MI 48096
      View Details
    • $79,900

      Residential Land in Ray Township

      Two-acre residential land with wooded and private surroundings.
      32 Mile Road, Ray Twp, MI 48096
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Rolling, treed land with meadow area and underground utilities, suited for a walk-out style home site.
    Where is this residential land & home lot located?
    The property is located at 31 Mile Rd. Parcel 3 Ray Twp, MI.
    What is the asking price?
    The asking price for this property is $109,900.
    What are key features of this property?
    This property features: Treed, rolling lot with farm fields and wooded areas for views and wildlife sightings; Potential walk‑out build site with meadow area near the front of the property; In Romeo School District, described as award‑winning
    (586) 291-9134
    We can help!
    Listing Contact
    Marjorie Fetty
    Real Estate License ID: 6501245326
    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
    31 Mile Rd. Parcel 3, Ray Twp, MI 48096
    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!