Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    602 Bell Munising, MI 49862

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $6,900,000

    Established tourist attraction featuring waterfalls, gardens, and gift shop.

    Type:Business Opportunities
    Property size:
    2,714 SF
    Lot size:
    79.00 Acres
    Added:
    Jan 27, 2025
    Days on Market:
    434
    Last Refresh:
    Apr 1 at 9:15 pm

    Property Features for 602 Bell

    General Information

    Standard status
    Active
    Size
    2,714 SF
    Lot size
    79.00 Acres
    Property subtype
    Business Opportunities

    Building Details

    Year Built
    1970

    We can help!

    Listing Contact
    JOANN CARLSON

    Listing agent JOANN CARLSON

    Listing office BIG C REALTY-M

    Listing date Jan 27, 2025

    Source Xome

    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 BIG C REALTY-M

    Overview

    Unique Tourist Attraction with Waterfalls

    This established tourist attraction is situated in Munising, Michigan, featuring a privately owned waterfalls known as Horseshoe Falls. The property includes 79 acres of mostly undeveloped land. Over 1/2 mile of woodland paths meander through a botanical garden with a gnome theme, leading to a trout pond that is home to 200-300 large rainbow trout. The entrance to the paths leading to the falls, botanical gardens and pond is through a gift shop offering unique gifts, souvenirs, and ice cream. The property also includes a 2-bedroom, 1.5-bath living quarters and a detached 28' x 40' garage. The building size is 2714 square feet.
    Location Intelligence

    Current Use by Public Records

    Wedding venues

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Pharmacy Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Munising
    County
    Alger
    State
    Michigan
    Longitude
    -86.644721
    Latitude
    46.402823

    Nearby Similar for Sale

    • $325,000
      4,763 SF

      Remodeled Commercial Property in Munising

      Recently remodeled commercial property with ample parking and great visibility.
      408 Mill, Munising, MI 49862
      View Details
    • $399,000
      4,800 SF

      Versatile Mixed-Use Building, Munising

      Adaptable commercial building with income potential in Munising, Michigan.
      Munising, MI 49862
      View Details
    • $6,900,000
      2,714 SF

      Unique Tourist Attraction with Waterfalls

      Established tourist attraction featuring waterfalls, gardens, and gift shop.
      602 Bell, Munising, MI 49862
      View Details
    • $69,900

      Residential Land with Apple Trees

      1.73 acres with well, septic, and apple trees.
      E 9858 Negilski, Munising, MI 49862
      View Details
    • $382,102
      2,411 SF

      Highway M-28 Commercial Property

      Versatile commercial building on Highway M-28 in Munising, Michigan.
      601 West Munising Avenue, Munising, MI 49862,
      View Details
    • $49,000

      3.5 Acres Wooded Land

      3.5 acres of wooded land near Pictured Rocks.
      TBD H58, Munising, MI 49862
      View Details
    • $338,100

      138 Acres Near Pictured Rocks

      138-acre property near Pictured Rocks National Lakeshore.
      0000 H-58, Munising, MI 49862
      View Details
    • $146,475

      93 Acres on Anna River

      93 acres with 4,500 FF on the Anna River.
      0000 County Road 577, Munising, MI 49862
      View Details
    • $200,000

      Munising Vacant Land Near Lakeshore

      17-acre parcel near Pictured Rocks National Lakeshore Headquarters.
      on Sand Point, Munising, MI 49862
      View Details
    • $374,900
      2,411 SF

      Highway M-28 Commercial Building

      2,400+ sq ft building near Lake Superior.
      601 W Munising, Munising, MI 49862
      View Details
    • $270,000
      1,890 SF

      Munising Flower Shop with Offices

      Established flower shop with leased office space for sale.
      109 Cherry, Munising, MI 49862
      View Details
    • $650,000

      Sixteenmile Lake Vacant Land

      165 acres with over two miles of lake frontage.
      Off Sixteen Mile Lake, Munising, MI 49862
      View Details

    FAQs

    What type of property is this?
    Wedding venue - Established tourist attraction featuring waterfalls, gardens, and gift shop.
    Where is this wedding venue located?
    The property is located at 602 Bell Munising, MI.
    What is the asking price?
    The asking price for this property is $6,900,000.
    What are key features of this property?
    This property features: Established tourist attraction: Horseshoe Falls, a privately owned waterfalls.; 79 acres of land including natural spring‑fed waterfalls.; Over 1/2 mile of woodland paths and botanical garden with a Gnome theme.
    (906) 387-3074
    We can help!
    Listing Contact
    JOANN CARLSON
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!