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    Chassell Multifamily Investment Opportunity 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:
    3
    Last Refresh:
    May 29 at 12:06 pm

    Property Features for 42280 Willson Memorial Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bedrooms
    13
    Bathrooms
    11
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Parking features
    Garage
    Standard status
    Active
    Size
    8,184 SF
    Lot size
    1.03 Acres

    Taxes and HOA fees

    Tax Annual Amount
    0

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Timothy Keohane

    Listing agent Timothy Keohane

    Listing office Great Lakes & Land Real Estate 856 West Washington, Marquette, MI

    Listing date May 27, 2026

    MLS# 11793137 Listing URL

    Copyright © 2026 My State MLS. 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.
    • Updated interiors feature energy star appliances, modernized mechanical systems, and tenant‑controlled HVAC.
    • Prime location on US‑41, just 7.6 miles from Houghton and Michigan Technological University.
    • Benefit from extensive parking, sprinkler system, smoke‑free environment, and one wheelchair‑accessible unit.
    • Direct access to outdoor recreational activities: hiking, biking, snowmobiling, skiing, boating, kayaking, and fishing.
    • Adjacent to Chassell Centennial Park with views of Pike Bay and Portage Lake.

    Overview

    The Chippewa Apartments, a 10-unit multifamily property, is located in Chassell, Michigan, situated directly on US-41, approximately 7.6 miles from Houghton and Michigan Technological University. The property, originally constructed in 1950 and converted from a motel into apartments between 2010 and 2011, features a mix of studio, one-bedroom, and two-bedroom units. The interiors are updated and include energy star appliances and tenant-controlled HVAC. Modernized mechanical systems, coin laundry, extensive parking, a sprinkler system, and a smoke-free environment are also featured. One unit is wheelchair accessible. Renovations included updated insulation, drywall, flooring, windows, roofing, and boiler systems. The property is set on approximately 1.03 acres with approximately 8,184 square feet of living space. It is adjacent to Chassell Centennial Park and offers views toward Pike Bay and Portage Lake. Outdoor recreational opportunities are plentiful, including hiking, biking, snowmobiling, skiing, boating, kayaking, and fishing. The property represents a stabilized multifamily rental opportunity in a limited-inventory rental market with long-term upside potential.
    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

    Nearby Similar for Sale

    • $725,000
      2,672 SF

      Commercial Property with Extensive Equipment

      Commercial property on 3.56 acres with buildings and equipment.
      21220 Creamery Road, Chassell, MI 49916
      View Details
    • $640,000
      8,184 SF

      Multifamily Property Near Portage Lake

      Multifamily property with 10 units near outdoor recreation.
      42280 Willson Memorial Drive, Chassell, MI 49916
      View Details

    FAQs

    What type of property is this?
    Apartment building - Ten-unit apartment building near outdoor recreation and Michigan Tech.
    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.; Updated interiors feature energy star appliances, modernized mechanical systems, and tenant‑controlled HVAC.; Prime location on US‑41, just 7.6 miles from Houghton and Michigan Technological University.
    (906) 228-9312
    We can help!
    Listing Contact
    Timothy Keohane
    Request Owner's contact information
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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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