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    St. Ignace, MI 49781

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    Prime Commercial Land, US-2 Frontage, MI

    Property Features for 0

    General Information

    Property type
    Land

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    Listing Contact
    Cheryl Schlehuber
    Cheryl Schlehuber

    Listing Agent: Cheryl Schlehuber

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

    Learn more

    Property Insight Report

    Overview

    This exceptional commercial land offering presents a unique investment opportunity in St. Ignace, Michigan. Located on busy US-2, just west of the I-75 and Mackinac Bridge business loop, this property boasts large tracts of development-ready frontage. Conveniently situated in Moran Township, the land offers the advantage of a lower tax base compared to the city, while still providing access to city water and electric services. Several parcels are available, with some offering desirable views overlooking a golf course or proximity to the established business strip. This prime location benefits from high visibility and accessibility, making it ideal for a variety of commercial ventures. The property's strategic position within Mackinac County, the gateway to Michigan's Upper Peninsula, ensures exposure to a significant tourist and local market. Currently priced at $192,900, this represents a substantial discount compared to prices from a decade ago, presenting a compelling value proposition for discerning investors. The flexible parcel sizes allow for tailored development plans to suit diverse business needs. Don't miss this chance to secure a piece of this thriving commercial corridor in a stunning four-season destination. The property is zoned for commercial use and is ready for immediate development.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    St. Ignace
    County
    Mackinac
    State
    Michigan
    Longitude
    -84.8906455
    Latitude
    45.9277829

    Nearby Similar for Sale

    • $399,500
      5,812 SF

      St. Ignace Commercial Building

      Prime Location, 5812 sq ft
      3020 Mackinac Trl, St. Ignace, MI 49781
      View Details

    FAQs

    What type of property is this?
    Land - Prime Commercial Land, US-2 Frontage, MI
    Where is this land located?
    The property is located at St. Ignace, MI.
    What is the asking price?
    The asking price for this property is $192,900.
    What are key features of this property?
    This property features: $192,900 asking price for commercial land.; Located in St. Ignace, MI, on busy US-2 near I-75 and Mackinac Bridge.; Large tracts available, with potential for splitting; city water and electric available.
    (906) 643-9242 Call to check price and availability
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    St. Ignace, MI 49781
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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
    St. Ignace, MI 49781
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Cheryl Schlehuber
    Cheryl Schlehuber
    Real Estate License ID: 6502103583
    (906) 643-9242 (906) 680-0051
    Learn more
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