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    Recreational Land Near Gold Mine Lake Title is generated by Realmo AI

    Gold Mine Lake Road, Ishpeming, MI 49849

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    Claim this Listing
    For Sale
    $394,500

    LAND - Ishpeming, MI

    Lot size:
    129.00 Acres
    Added:
    Sep 12, 2024
    Days on Market:
    617
    Last Refresh:
    May 21 at 6:06 pm

    Property Features for Gold Mine Lake Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Lot size
    129.00 Acres

    Taxes and HOA fees

    Tax Annual Amount
    174

    We can help!

    Listing Contact
    DANIEL SCHUMMER

    Listing agent DANIEL SCHUMMER License #6506047690

    Listing office LANDVEST 102 W Washington Street Suite 218, Marquette, MI

    Listing date Sep 12, 2024

    MLS# 50155071 Listing URL

    Copyright © 2026 Upper Peninsula Association 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

    • Large 130‑acre parcel suitable for recreation and residential investment.
    • Adjacent to Gold Mine Lake and Gold Mine Lake Park, offering access to water activities and fishing.
    • Close proximity to Marquette (21 miles), balancing remoteness with city access.
    • Diverse forest composition appealing to nature enthusiasts, featuring northern hardwoods, aspen, and lowland hardwoods.
    • Enrolled in the Commercial Forest Act.
    • Potential development sites with mature trees and unique bedrock formations; possibility of further division (subject to approval).

    Overview

    This 130-acre parcel presents a recreational and residential investment opportunity adjacent to Gold Mine Lake in Marquette County. Accessible from both Greenwood Road and Gold Mine Lake Road, the property is located approximately 21 miles from downtown Marquette. The acreage supports recreational activities such as hunting and hiking, and is near Gold Mine Lake Park, providing access to paddle sports and fishing. The land features northern hardwoods, upland aspen, and lowland hardwoods. The property is currently enrolled within the Commercial Forest Act. The forests include a section of Gold Mine Creek, and a collection of white pine and red oak. Several potential development sites are present, featuring mature trees, elevated positions, and bedrock formations. The possibility exists for further division, subject to local approval. The property is located in Ishpeming, MI.
    Location Intelligence

    Current Use by Public Records

    Recreation land

    Map

    City
    Ishpeming
    County
    Marquette
    State
    Michigan
    Longitude
    -87.6827
    Latitude
    46.4126

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    FAQs

    What type of property is this?
    Recreation land - 130-acre recreational and residential investment opportunity near Marquette.
    Where is this recreation land located?
    The property is located at Gold Mine Lake Road Ishpeming, MI.
    What is the asking price?
    The asking price for this property is $394,500.
    What are key features of this property?
    This property features: Large 130‑acre parcel suitable for recreation and residential investment.; Adjacent to Gold Mine Lake and Gold Mine Lake Park, offering access to water activities and fishing.; Close proximity to Marquette (21 miles), balancing remoteness with city access.
    (906) 202-9469
    We can help!
    Listing Contact
    DANIEL SCHUMMER
    Real Estate License ID: 6506047690
    Learn More
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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
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