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    Waterfront Resort Cottages and Land Title is generated by Realmo AI

    Lemon Park, Vicksburg, MI 49097

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    For Sale
    $3,100,000

    COMMERCIAL - Vicksburg, MI

    Lot size:
    5.28 Acres
    Added:
    Jun 3, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 5 at 10:06 am

    Property Features for Lemon Park

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bathrooms
    15
    Rooms
    Bathroom 8, Basement, Bathroom 1, Bathroom 15, Bathroom 13, Bathroom 9, Bathroom 6, Bathroom 10, Bathroom 3, Bathroom 2, Bathroom 11, Bathroom 14, Bathroom 4, Bathroom 5, Bathroom 7, Bathroom 12
    Standard status
    Active
    APN
    39-15-05-200-032
    Lot size
    5.28 Acres

    Taxes and HOA fees

    Tax Year
    2026
    Tax Description
    See Attached
    Tax Annual Amount
    7669

    Utilities

    Utilities
    Cable Available
    Sewer type
    Septic Tank
    Heating system
    Forced Air, Heat Pump (Heating)
    Cooling system
    Central Air
    Water source
    Well
    Water front features
    Lake
    Water front
    1

    Building Details

    Number of units
    15
    Building materials
    Vinyl Siding, Metal Siding
    Roof type
    Composition

    We can help!

    Listing Contact
    Lucas Howard

    Listing agent Lucas Howard License #6502359815

    Listing office Keller Williams GR East 1555 Arboretum Dr. SE Ste 101, Grand Rapids, MI

    Listing date Jun 3, 2026

    MLS# 26026759

    Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 5.277‑acre resort property with approximately 774 ft of private, all‑sports Indian Lake frontage
    • 15 lakefront cottages total, with 7 currently occupied
    • Current gross rental income of $4,920 per month from occupied cottages
    • 1,000‑SF storage barn on site
    • Utilities include cable available; tenants pay their own gas and electric utilities
    • Homes feature forced‑air and heat pump heating with central air cooling; water source is a well and sewer is a septic tank

    Overview

    This lakeside resort property is set on approximately 5.277 acres with about 774 feet of private, all-sports Indian Lake frontage. The site includes 15 lakefront cottages and a 1,000-square-foot storage barn. At present, 7 cottages are occupied, producing $4,920 per month in gross rental income, and tenants are responsible for their own gas and electric utilities.

    The property is located in the Vicksburg, Michigan area in Kalamazoo County along Indian Lake. Public remarks describe the resort as having multi-generational family ownership with historic roots to a former Lemon family homestead. Earlier uses included a hotel, dance hall, baseball fields, and picnic grounds, and the current configuration centers on the lakefront cottage community.

    For buyers and operators, the combination of private lake access, existing cottage units, and on-site storage supports a variety of hospitality and lodging strategies. The current operating setup can be complemented by pursuing additional rentals, renovation of existing cottages, or other site improvements consistent with the property’s waterfront cottage use. For those seeking a family-oriented compound or long-term preservation, the asset offers a sizable, lakefront land base alongside established accommodations and utility responsibility in place for existing tenants.
    Location Intelligence

    Current Use by Public Records

    Resorts

    Map

    City
    Vicksburg
    County
    Kalamazoo
    State
    Michigan
    Longitude
    -85.497278
    Latitude
    42.152568

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    FAQs

    What type of property is this?
    Resort - Private all-sports lakefront with 15 cottages and a storage barn, currently with 7 occupied units generating monthly gross rent.
    Where is this resort located?
    The property is located at Lemon Park Vicksburg, MI.
    What is the asking price?
    The asking price for this property is $3,100,000.
    What are key features of this property?
    This property features: 5.277‑acre resort property with approximately 774 ft of private, all‑sports Indian Lake frontage; 15 lakefront cottages total, with 7 currently occupied; Current gross rental income of $4,920 per month from occupied cottages
    (616) 893-6478
    We can help!
    Listing Contact
    Lucas Howard
    Real Estate License ID: 6502359815
    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.

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