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    Waterfront Lot on Long Lake Title is generated by Realmo AI

    5130 Hiawatha Drive, Cheboygan, MI 49721

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    Claim this Listing
    For Sale
    $211,000

    LAND - Cheboygan, MI

    Lot size:
    0.47 Acres
    Added:
    May 18, 2026
    Days on Market:
    16
    Last Refresh:
    Jun 2 at 2:06 am

    Property Features for 5130 Hiawatha Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    140-002-300-021-00
    Lot size
    0.47 Acres

    Taxes and HOA fees

    Tax Description
    NWLY 100FT OF SELY 200FT OF: COM AT S1/4 COR SEC 2, T36N,R1W; TH S 88D 48M 30S E ALG S SIDE 428FT TO SHORE OF LONG LAKE; TH N 23D 53M 30S W ALG SHORE 388.69FT; TH N 39D 27M W 436.52FT; TH N 28D 15M W 563.48FT; TH N 52D 15M W 200FT TO POB; TH N 52D 15 M W 250FT; TH S 40D 56M 50S W 205.73FT; TH S 53D 35M E 250FT; TH NELY TO POB, PT OF GOVT LOT 6. 255/291;1187/228; 1309/50;1457/310;1524/550

    Utilities

    Water front
    1

    We can help!

    Listing Contact
    Nate Grangood
    Nate Grangood

    Listing agent Nate Grangood License #6501387838

    Listing office Berkshire Hathaway HomeServices-Cheboygan 11506 N Straits Hwy, Gaylord, MI

    Listing date May 18, 2026

    MLS# 201840123 Listing URL

    Copyright © 2026 Water Wonderland 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 pristine waterfront on Long Lake with crystal‑clear water
    • Cleared and prepped for building, including installed drain field, driveway, and electricity on site
    • Approved and ready to build with vacant land evaluation completed and BOCA homes allowed
    • Stunning stone retaining wall protects shoreline and enhances curb appeal
    • Long Lake offers low boat traffic, incredible fishing, and a peaceful atmosphere
    • Conveniently located near Cheboygan and Indian River for easy access to amenities

    Overview

    This waterfront lot on Long Lake features 100 feet of frontage with clear water. The 0.47-acre property has been cleared and prepped for construction. Improvements include an installed drain field, driveway, electricity on site, and a stone retaining wall. A vacant land evaluation has been completed with county approval for building, with BOCA homes allowed. Long Lake is known for its low boat traffic and fishing, offering a peaceful atmosphere for boating, kayaking, and swimming. Located near Cheboygan and Indian River, the property provides access to shopping, dining, and trails while maintaining privacy and tranquility.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Real Estate Agency Department Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Cheboygan
    County
    Cheboygan
    State
    Michigan
    Longitude
    -84.40321
    Latitude
    45.534256

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    FAQs

    What type of property is this?
    Waterfront Land - Pristine waterfront lot ready for building on Long Lake.
    Where is this waterfront land located?
    The property is located at 5130 Hiawatha Drive Cheboygan, MI.
    What is the asking price?
    The asking price for this property is $211,000.
    What are key features of this property?
    This property features: 100 feet of pristine waterfront on Long Lake with crystal‑clear water; Cleared and prepped for building, including installed drain field, driveway, and electricity on site; Approved and ready to build with vacant land evaluation completed and BOCA homes allowed
    (231) 709-7153
    We can help!
    Listing Contact
    Nate Grangood
    Nate Grangood
    Real Estate License ID: 6501387838
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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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    5130 Hiawatha Drive, Cheboygan, MI 49721
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