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    Multifamily Property Near Portage Lake Title is generated by Realmo AI

    42280 Willson Memorial Drive, Chassell, MI 49916

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    For Sale
    $640,000

    COMMERCIAL - Chassell, MI

    Property size:
    8,184 SF
    Lot size:
    1.03 Acres
    Price / SF:
    $78/SF
    Added:
    May 27, 2026
    Days on Market:
    1
    Last Refresh:
    May 27 at 7:06 pm

    Property Features for 42280 Willson Memorial Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Parking Lot
    Standard status
    Active
    Size
    8,184 SF
    Lot size
    1.03 Acres

    Utilities

    Heating system
    Baseboard
    Cooling system
    Wall/Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1950
    Roof type
    Asphalt

    We can help!

    Listing Contact
    TIM KEOHANE

    Listing agent TIM KEOHANE License #UPAR

    Listing office GREAT LAKES & LAND OF MARQUETTE, INC. 856 W Washington Street, Marquette, MI

    Listing date May 27, 2026

    MLS# 50209111

    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

    • Stabilized 10‑unit multifamily property with income potential.
    • Prime location on US‑41, close to Houghton and Michigan Technological University.
    • Extensive renovations (2010‑2011) including updated interiors, energy star appliances, and modernized mechanical systems.
    • Immediate access to outdoor recreational activities.
    • Scenic waterfront views of Pike Bay and Portage Lake, adjacent to Chassell Centennial Park.
    • Tenant‑controlled HVAC, coin laundry, extensive parking, sprinkler system, and smoke‑free environment.

    Overview

    Located in Chassell, Houghton County, Michigan, the Chippewa Apartments offer a business and lifestyle opportunity. Situated on Pike Bay, an inlet of Portage Lake near the Sturgeon River's mouth, this 10-unit multifamily property is positioned on US-41, approximately 7.6 miles from Houghton and Michigan Technological University. Originally built in 1950 and converted from a motel into apartments between 2010 and 2011, the property includes studio, one-bedroom, and two-bedroom units. The units feature updated interiors, energy star appliances, modernized mechanical systems, tenant-controlled HVAC, and coin laundry. The property also offers extensive parking, a sprinkler system, and a smoke-free environment. One unit is wheelchair accessible. Renovations included updated insulation, drywall, flooring, windows, roofing, and boiler systems. Outdoor recreational opportunities include hiking, biking, snowmobiling, skiing, boating, kayaking, and fishing. The property is adjacent to Chassell Centennial Park and offers views toward Pike Bay and Portage Lake. Winter recreation includes nearby ski areas, snowmobile trails, and ice fishing. Summer activities include biking, paddling, hiking, and access to Lake Superior. The property is set on approximately 1.03 acres with approximately 8,184 square feet of living space and represents a multifamily rental opportunity in a limited-inventory rental market.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Real Estate Agency Auto Repair Shop Hotel & Motel Department Store Storage Facility Grocery & Convenience Store Garden Center Furniture & Home Goods Electronics & Wireless Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Chassell
    County
    Houghton
    State
    Michigan
    Longitude
    -88.524358
    Latitude
    47.02951

    FAQs

    What type of property is this?
    Apartment building - Multifamily property with 10 units near outdoor recreation.
    Where is this apartment building located?
    The property is located at 42280 Willson Memorial Drive Chassell, MI.
    What is the asking price?
    The asking price for this property is $640,000.
    What are key features of this property?
    This property features: Stabilized 10‑unit multifamily property with income potential.; Prime location on US‑41, close to Houghton and Michigan Technological University.; Extensive renovations (2010‑2011) including updated interiors, energy star appliances, and modernized mechanical systems.
    (906) 228-9312
    We can help!
    Listing Contact
    TIM KEOHANE
    Real Estate License ID: UPAR
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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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