Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Paradise Waterfront Land on Lake Title is generated by Realmo AI

    4686 N M 123, Paradise, MI 49768

    View on Map
    Claim this Listing
    New
    For Sale
    $94,500

    Vacant Waterfront - Paradise, MI

    Lot size:
    0.66 Acres
    Added:
    May 27, 2026
    Days on Market:
    1
    Last Refresh:
    May 27 at 7:06 pm

    Property Features for 4686 N M 123

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    016-160-008-00
    Lot size
    0.66 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    1007.43

    Utilities

    Water front features
    Waterfront
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Melanie Davis

    Listing agent Melanie Davis

    Listing office Superior Shores Realty 7967 N. M-123, Paradise, MI

    Listing date May 27, 2026

    MLS# 26-347 Listing URL

    Copyright © 2026 Eastern Upper Peninsula Board 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

    • 100 feet of waterfront on Lake Superior's Whitefish Bay.
    • Sandy beach with gorgeous sunrise and panoramic views.
    • Cleared lot ready for RV setup.
    • Located near Tahquamenon River mouth and town.
    • Features a small creek along the south boundary.
    • Opportunity to watch freighters on Lake Superior.

    Overview

    This vacant waterfront property in Paradise, Michigan, offers 100 feet of frontage on Lake Superior's Whitefish Bay. The cleared 0.66-acre lot features a sandy beach with views of sunrises and passing freighters. A small creek runs along the southern boundary of the property. The location is near the Tahquamenon River mouth and the town of Paradise. A deed restriction allows for one RV at a time on the lot.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Map

    City
    Paradise
    County
    Chippewa
    State
    Michigan
    Longitude
    -85.035024
    Latitude
    46.574589

    Nearby Similar for Sale

    • $375,000

      Paradise, MI Waterfront Land

      2.58 acres with 200 feet of golden sand beach.
      N Whitefish Point RD, Paradise, MI 49768
      View Details
    • $125,000
      2,000 SF

      Recreational Land with Pole Barn

      One-acre parcel with pole barn and recreational access.
      35875 W M123, Paradise, MI 49768
      View Details
    • $149,900

      Waterfront Land on Lake Superior

      Two lots with beach access and utilities available.
      Lot 9/9a Third Creek Subdivision, Paradise, MI 49768
      View Details
    • $129,900

      Waterfront Land on Whitefish Bay

      Two parcels with 108 feet of Lake Superior frontage.
      Lot 14/14a Third Creek Subdivision, Paradise, MI 49768
      View Details
    • $349,900

      Waterfront Land Near Tahquamenon Falls

      4.96-acre commercial waterfront property near Tahquamenon Falls State Park.
      4.9 Acres Tahqua TRL, Paradise, MI 49768
      View Details
    • $89,000

      Whitefish Bay Waterfront Land

      Two wooded acres with 150' Whitefish Bay frontage.
      10170 N Whitefish Point RD, Paradise, MI 49768
      View Details
    • $139,900

      Waterfront Land on Lake Superior

      4.5 acres of waterfront land with 220 feet frontage.
      33010 W Wildcat RD, Paradise, MI 49768
      View Details
    • $124,900

      Waterfront Land on Whitefish Bay

      Two parcels with 103 feet of Lake Superior frontage.
      Lot 11/11a W Lake Side ROW, Paradise, MI 49768
      View Details
    • $52,900

      Land Parcel Near State Land

      3.47 acre lot near trails and Whitefish Point.
      14859 N Whitefish Point RD, Paradise, MI 49768
      View Details
    • $74,900

      Land Adjacent to State Land

      7.88 acres near Whitefish Point Lighthouse and Shipwreck Museum.
      14599 N Whitefish Point RD, Paradise, MI 49768
      View Details
    • $45,900

      Land Near State Land

      3.49 acre lot near Whitefish Point Lighthouse.
      14659 N Whitefish Point RD, Paradise, MI 49768
      View Details
    • $54,900

      Water View Lot on Creek

      Water view lot near Lake Superior's Whitefish Bay.
      Lot 7 THIRD CREEK SUBDIVISION, Paradise, MI 49768
      View Details

    FAQs

    What type of property is this?
    Waterfront Land - Vacant waterfront land with 100 feet on Lake Superior.
    Where is this waterfront land located?
    The property is located at 4686 N M 123 Paradise, MI.
    What is the asking price?
    The asking price for this property is $94,500.
    What are key features of this property?
    This property features: 100 feet of waterfront on Lake Superior's Whitefish Bay.; Sandy beach with gorgeous sunrise and panoramic views.; Cleared lot ready for RV setup.
    (906) 492-3750
    We can help!
    Listing Contact
    Melanie Davis
    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
    4686 N M 123, Paradise, MI 49768
    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!