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    Residential Duplex-Ready Home Lots Title is generated by Realmo AI

    B Hemingway Lake Road, Otter Lake, MI 48464

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    LAND - Otter Lake Vlg, MI

    Lot size:
    0.68 Acres
    Added:
    Jun 3, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 3 at 4:06 pm

    Property Features for B Hemingway Lake Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential
    Standard status
    Active
    APN
    04763600800
    Lot size
    0.68 Acres

    Taxes and HOA fees

    Tax Description
    New Parcels A,B and C. Part of the following description: 13 79 400 000 00 VILLAGE OF OTTER LK BEG S 89 DEG 20' 47" W 375.0 FT ALG EW 1/4 LN FROM THE E 1/4 COR OF SAID SEC, TH S 89 DEG 20' 47" W 828.72' ALONG SAIDEW 1/4 LINE, TH N 00 DEG 10' E 147.71' ALONG SAID E LINE OF 11TH ST TO A P 974'S OF CENTERLINE OF PMRR RIGHT OF WAY, TH S 89 DEG 50' E 200', TH N 00 DEG 10' E 149.09' TO S LINE, TH N 89 DEG 10' E 628.72' ALONG SAID S LINE, TH S 00 DEG 10' W 295.9' TO POB.
    Tax Annual Amount
    200

    Utilities

    Water source
    Well

    We can help!

    Listing Contact
    Bruce Huber

    Listing agent Bruce Huber License #6501100822

    Listing office J L Gardner & Associates Co 219 W Fair St, Lapeer, MI

    Listing date Jun 3, 2026

    MLS# 20261040885 Listing URL

    Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Newly divided parcels A, B and C: $19,900 each or $59,500 for all three as a group
    • R‑4 zoning allows very small home sizes with a 600 sq. ft. minimum and flexibility for duplex‑type structures
    • Public sewer available at the roadway (tap fees to be paid to Village of Otter Lake)
    • Utilities: DTE service available on the property and natural gas at the roadway
    • Well water source on the property
    • Residents of Otter Lake can use public access to a Lapeer County lake for swimming, boating, fishing and camping

    Overview

    Parcels A, B, and C are newly divided into available single residential lots, or can be purchased together as a group of three. The R-4 zoning in this district supports very small home sizes, with a 600 square-foot minimum, and allows flexibility for duplex-type structures, making the configuration well-suited for compact starter homes or barndominium-style builds.

    Public sewer is available at the roadway, with tap fees to be paid to the Village of Otter Lake. DTE service is available on the property, and natural gas is located at the roadway. Residents also have access to the public area for one of Lapeer County’s premier lakes, offering opportunities for swimming, boating, fishing, and camping.

    These lots offer practical utility and design flexibility for buyers looking to build modestly sized residences, or to consider duplex-oriented development under the existing zoning. For investors and owner-builders, the ability to purchase parcels individually or together can support different build plans while keeping site access to essential services aligned at the roadway.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Otter Lake
    County
    Lapeer
    State
    Michigan
    Longitude
    -83.452549
    Latitude
    43.209225

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    FAQs

    What type of property is this?
    Residential land & home lot - Newly divided residential lots with public sewer at the roadway, plus gas and power access for flexible small home builds.
    Where is this residential land & home lot located?
    The property is located at B Hemingway Lake Road Otter Lake, MI.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Newly divided parcels A, B and C: $19,900 each or $59,500 for all three as a group; R‑4 zoning allows very small home sizes with a 600 sq. ft. minimum and flexibility for duplex‑type structures; Public sewer available at the roadway (tap fees to be paid to Village of Otter Lake)
    (810) 667-2284
    We can help!
    Listing Contact
    Bruce Huber
    Real Estate License ID: 6501100822
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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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