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    Prime Land on US Highway Title is generated by Realmo AI

    362 E US41/M28 Highway, Negaunee, MI 49866

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    Claim this Listing
    For Sale
    $995,000

    LAND - Negaunee, MI

    Lot size:
    2.00 Acres
    Added:
    Sep 20, 2023
    Days on Market:
    975
    Last Refresh:
    May 21 at 6:06 pm

    Property Features for 362 E US41/M28 Highway

    General Information

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

    Taxes and HOA fees

    Tax Annual Amount
    982

    Utilities

    Water source
    Public

    We can help!

    Listing Contact
    BRIAN OLSON

    Listing agent BRIAN OLSON License #UPAR

    Listing office NORTHERN MICHIGAN LAND BROKERS 325 Erickson, Marquette, MI

    Listing date Sep 20, 2023

    MLS# 50122661 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

    • High‑traffic location on US Highway 41/28, a major route for the Lake Superior Circle Tour.
    • Located in Negaunee Township, offering a considerably lower tax rate.
    • Township water and sewer services are available.
    • Flat lot with full highway exposure.
    • Sandy soil, facilitating easy development.
    • Additional highway frontage and acreage available for purchase.

    Overview

    This commercial land is located on US Highway 41/28 between Marquette and Negaunee, in Negaunee Township, Michigan, a mile past the Marquette border. The site benefits from high traffic volume, serving as a gateway to the Western Upper Peninsula, including Houghton, Hancock, the Keweenaw, and Michigan Tech University. It also serves as the southern route for the Lake Superior Circle Tour and a primary route to Munising, Escanaba, and Sault Ste. Marie. Situated in an area of business expansion and new construction, this location offers significant potential for business success. Township water and sewer services are available. The lot is flat, with full exposure to the highway and motorists. The sandy soil is conducive to development. Additional highway frontage and acreage are available for purchase in combination with this property. The property is approximately 2 acres.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Negaunee
    County
    Marquette
    State
    Michigan
    Longitude
    -87.5116881
    Latitude
    46.53516

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    FAQs

    What type of property is this?
    Commercial land - High-exposure land on a major highway near Marquette, Michigan.
    Where is this commercial land located?
    The property is located at 362 E US41/M28 Highway Negaunee, MI.
    What is the asking price?
    The asking price for this property is $995,000.
    What are key features of this property?
    This property features: High‑traffic location on US Highway 41/28, a major route for the Lake Superior Circle Tour.; Located in Negaunee Township, offering a considerably lower tax rate.; Township water and sewer services are available.
    (906) 869-6446
    We can help!
    Listing Contact
    BRIAN OLSON
    Real Estate License ID: UPAR
    Learn More
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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.

    More about this property
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