Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Waterfront Land Parcel with 750' Frontage Title is generated by Realmo AI

    4953 S M 37, Baldwin, MI 49304

    View on Map
    Claim this Listing
    For Sale
    $148,000

    Large Government Lake frontage on M-37 offers a canvas for a waterfront retreat or mixed-use concept, subject to approvals.

    Type:Land
    Added:
    Oct 30, 2025
    Days on Market:
    220
    Last Refresh:
    Jun 5 at 1:50 am

    Property Features for 4953 S M 37

    General Information

    Standard status
    Active
    Property subtype
    Land

    We can help!

    Listing Contact
    Lori Brock

    Listing agent Lori Brock License #6502354410

    Listing office RiverTown Real Estate

    Listing date Oct 30, 2025

    Source Exprealty

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of RiverTown Real Estate

    HighLights

    • 750 ft of Government Lake frontage on M‑37
    • Former site of the Government Lake Lodge
    • Potential for waterfront restaurant, boutique retail, or Airbnb destination (subject to approvals)
    • Alternative plan: rezoning for residential use to build a dream home overlooking the water (subject to approvals)
    • Location: 1 mile from US‑10, 17 miles from US‑131, and 30 miles to Ludington

    Overview

    This waterfront land parcel features approximately 750 feet of Government Lake frontage. The property has historical ties to the Government Lake Lodge, and it is offered for buyers looking to develop a lakeside use or preserve the setting as part of a new concept.

    The site is located on M-37 in Baldwin, Michigan. The remarks note it is about one mile from US-10, 17 miles from US-131, and roughly 30 miles to Ludington, positioning the parcel for convenient access while remaining oriented around a quieter lake environment.

    For tenants, buyers, or operators, the primary appeal is the long run of lake frontage on a state highway corridor, which can support waterfront-oriented businesses or residential plans if permitted by governing authorities. The property’s prior lodge history may also be of interest to operators evaluating a hospitality-style redevelopment. Interested parties should confirm current zoning, allowable uses, and any permitting or re-zoning requirements with the local jurisdiction before planning final site design and operations.
    Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Restaurant Building Supply Dental Office Auto Repair Shop Hotel & Motel Gym & Fitness Center Pharmacy Food Market Storage Facility Grocery & Convenience Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Baldwin
    County
    Lake
    State
    Michigan
    Longitude
    -85.851773
    Latitude
    43.922588

    Nearby Similar for Sale

    • $350,000
      3,800 SF

      Baldwin Commercial Property on US10

      High-visibility commercial property on 4 acres in Baldwin, Michigan.
      2748 W US Highway 10, Baldwin, MI 49304
      View Details
    • $180,000
      1,800 SF

      Baldwin Commercial Property on US10

      Commercial property on US10 with high visibility and accessibility.
      1234 Washington Street, Baldwin, MI 49304
      View Details
    • $175,000

      Vacant Corner Commercial Land

      1.65-acre corner site with M-37 frontage and high visibility, suitable for commercial or residential development.
      9457 S M 37, Baldwin, MI 49304
      View Details
    • $10,000

      Land Near Mench Lake Access

      Building site with access to Mench Lake and recreational activities.
      VL S Arrowhead Trail, Baldwin, MI 49304
      View Details
    • $44,900

      Recreational Land with Existing Utilities

      Turnkey recreational property with well, septic, and electric.
      6767 S Grove Street, Baldwin, MI 49304
      View Details
    • $14,000

      Land Near ORV Trails

      Level, partially wooded land near trails and lakes.
      VL S James Road, Baldwin, MI 49304
      View Details
    • $14,000

      Land Near Downtown Baldwin

      Secluded building or camping site near downtown Baldwin.
      VL S Pershing Road, Baldwin, MI 49304
      View Details
    • $29,900

      Waterfront Land in Baldwin, MI

      Channel parcel on a peaceful no-wake lake.
      W Wilmas Way, Baldwin, MI 49304
      View Details
    • $575,000

      Waterfront Land on Big Star Lake

      Dream site with 290' frontage on all-sports Big Star Lake.
      10962 S Minising Court, Baldwin, MI 49304
      View Details
    • $10,000

      Land in Lake County, MI

      Secluded land near lakes, rivers, and trails.
      VL Lots 7-11 Pershing Road, Baldwin, MI 49304
      View Details
    • $9,900

      Wooded Lot Near Recreation

      Half-acre wooded lot near trails and Pere Marquette River.
      V/L S Harvard Ave., Baldwin, MI 49304
      View Details
    • $22,000

      Land Near Baldwin River

      Land with approved permits near Baldwin River and downtown.
      5748 S Merrillville Road, Baldwin, MI 49304
      View Details

    FAQs

    What type of property is this?
    Waterfront Land - Large Government Lake frontage on M-37 offers a canvas for a waterfront retreat or mixed-use concept, subject to approvals.
    Where is this waterfront land located?
    The property is located at 4953 S M 37 Baldwin, MI.
    What is the asking price?
    The asking price for this property is $148,000.
    What are key features of this property?
    This property features: 750 ft of Government Lake frontage on M‑37; Former site of the Government Lake Lodge; Potential for waterfront restaurant, boutique retail, or Airbnb destination (subject to approvals)
    (231) 250-8882
    We can help!
    Listing Contact
    Lori Brock
    Real Estate License ID: 6502354410
    Learn More
    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
    4953 S M 37, Baldwin, MI
    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!