Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Elmira Vacant Land Near Lakes Title is generated by Realmo AI

    V/L Forestgrove Drive, Elmira, MI 49730

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Vacant Lot/Land - Elmira, MI

    Lot size:
    1.94 Acres
    Added:
    Dec 2, 2025
    Days on Market:
    166
    Last Refresh:
    May 17 at 6:06 am

    Property Features for V/L Forestgrove Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential,Platted Subdivision,Deed Restrictions,Bldg & Use Restrictions
    Pool private
    1
    Exterior features
    Club House, Golf Course, Tennis Courts, Pool, Exercise Facility, Lake Privileges, Common Area, Countryside View
    Standard status
    Active
    Lot size
    1.94 Acres

    Utilities

    Water front features
    Inland Lake, Waterfront
    Water front
    1

    Building Details

    Architectural style
    Other
    Additional Structures
    Tennis Court(s)

    We can help!

    Listing Contact
    Frank Franco
    Frank Franco

    Listing agent Frank Franco

    Listing office REMAX Bayshore - Kalkaska 303 N Cedar Street, Traverse City, MI

    Listing date Dec 2, 2025

    MLS# 1940920 Listing URL

    Copyright © 2026 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Shared private access to Harold & Pencil Lake.
    • Three lots combined, totaling just under 2 acres, offering ample space and privacy.
    • Access to a Club House with indoor pool, whirlpool, and water slide.
    • Heavily wooded with large hardwoods.
    • Full‑service restaurant/tavern within the development.
    • Privately maintained asphalt road access.

    Overview

    These three lots, totaling just under 2 acres, are located in the Lakes of the North development. The property is heavily wooded with large hardwoods and features direct access on a privately maintained asphalted road. The zoning is Residential, Platted Subdivision, Deed Restrictions, and Building & Use Restrictions. Residents have shared private access to Harold and Pencil Lakes. Community amenities include a full-service restaurant and tavern, a clubhouse with an indoor pool, whirlpool, and water slide, two outdoor tennis/pickleball courts, shuffleboard, horseshoes, and a playground.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Elmira
    County
    Otsego
    State
    Michigan
    Longitude
    -84.8765
    Latitude
    45.0515

    Nearby Similar for Sale

    • $15,000

      Elmira, MI Building Site

      Building site on the north end of Lakes of North.
      5116 Wildwood, Elmira, MI 49730
      View Details
    • $50,000

      Elmira Land: Build Your Dream

      10+ acre wooded parcel near Boyne City and Gaylord.
      4292 Valleyview Trail, Elmira, MI 49730
      View Details
    • $24,900

      Corner Lot in Elmira, MI

      Desirable corner lot ready for a new home in Elmira.
      LOTS 3-4 HARVEST STREET, ELMIRA, MI 49730
      View Details
    • $3,200

      Residential Land in Elmira, MI

      Land with deeded lake access, golf, pool, near trails.
      LOT 46 LOUISE DRIVE, ELMIRA, MI 49730
      View Details
    • $2,500

      Land with Lake Access

      Affordable land with deeded private lake access in Northern Michigan.
      Sunridge Drive lot: #257, Elmira, MI 49730
      View Details
    • $21,000

      Wooded Land in Elmira, MI

      2.42 acre wooded site suitable for various uses.
      4658 TUCKER ROAD, ELMIRA, MI 49730
      View Details
    • $3,500

      Vacant Land in Lakes of North

      Vacant land for vacation home with association amenities.
      ForestGrove Road lot: 185 Forestgrove Court, Mancelona Twp, MI 49730
      View Details
    • $2,200

      Vacant Lot in Lakes Community

      0.41-acre vacant lot with community amenities in Elmira, MI.
      00 Northwood Drive, Elmira, MI 49730
      View Details
    • $24,900

      Elmira, MI Corner Lot

      Desirable corner lot near park, restaurants, and downtown Elmira.
      Harvest Street lot: 3-4, Elmira, MI 49730
      View Details
    • $12,000

      Elmira Vacant Land Opportunity

      1.58 acre wooded lot near golf and recreation.
      VL Snowridge Trail, Elmira, MI 49730
      View Details
    • $50,000

      Elmira, MI Land Getaway

      2.55 acres perfect for camping and enjoying the outdoors.
      6523 Alba Road, Elmira, MI 49730
      View Details
    • $72,000

      Elmira, MI Commercial Land

      24-acre commercial land available in Elmira, Michigan.
      US-131, Elmira, MI 49730
      View Details

    FAQs

    What type of property is this?
    Land - 1.94 acre wooded lots with access to amenities.
    Where is this land located?
    The property is located at V/L Forestgrove Drive Elmira, 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: Shared private access to Harold & Pencil Lake.; Three lots combined, totaling just under 2 acres, offering ample space and privacy.; Access to a Club House with indoor pool, whirlpool, and water slide.
    (231) 645-3767
    We can help!
    Listing Contact
    Frank Franco
    Frank Franco
    Real Estate License ID: 6 5 0 1 4 2 4 5 2 6
    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
    V/L Forestgrove Drive, Elmira, MI 49730
    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!