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    Wooded Lots with Lake Access Title is generated by Realmo AI

    V/L W Pinecrest Circle lot 6 & 7, Hillman, MI 49746

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    Claim this Listing
    For Sale
    $40,000

    LAND - Hillman, MI

    Lot size:
    1.19 Acres
    Added:
    Aug 25, 2025
    Days on Market:
    270
    Last Refresh:
    May 21 at 1:06 pm

    Property Features for V/L W Pinecrest Circle lot 6 & 7

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    006-410-000-006-00 and 006-410-000-007-00
    Lot size
    1.19 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    Lots 6 and 7, Ess Lake Estates #1
    Tax Annual Amount
    259

    Utilities

    Water front
    1

    We can help!

    Listing Contact
    Aimee Smith
    Aimee Smith

    Listing agent Aimee Smith

    Listing office Hillman Real Estate 331 N State Street, Hillman, MI

    Listing date Aug 25, 2025

    MLS# 201836700 Listing URL

    Copyright © 2026 Water Wonderland Board 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

    • Two wooded, water‑view lots being sold together, ideal for building a home or getaway.
    • Direct access to Long Lake via a shared access lot with swimming area, dock, pavilion, and tennis/pickleball court.
    • Close proximity to 3 additional shared access points on Ess Lake.
    • Paved, maintained roads suitable for walking and biking, with abundant wildlife.
    • Natural gas, electric, and good internet options available at the road.
    • Low annual dues of $50 per lot.

    Overview

    Two wooded, water-view lots are being sold together in a northern Michigan setting. The combined lot size is 1.19 acres. Located across the street is shared Long Lake access with a swimming area, dock, pavilion, and tennis/pickleball court. Paved, maintained roads provide opportunities for walking and biking. The area is home to wildlife such as deer, turkey, bear, and fox. Nearby ATV trails and state land offer opportunities for hunting, hiking, and exploring. Three additional shared access points on Ess Lake are within walking distance. Natural gas and electric are available at the road, and there are internet options. The property is located in Hillman, Michigan. The intended use of the property is for building a home or cabin.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Hotel & Motel Bed & Breakfast

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hillman
    County
    Montmorency
    State
    Michigan
    Longitude
    -83.978054
    Latitude
    45.118906

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    FAQs

    What type of property is this?
    Residential land & home lot - Two wooded lots near shared lake access in Hillman, Michigan.
    Where is this residential land & home lot located?
    The property is located at V/L W Pinecrest Circle lot 6 & 7 Hillman, MI.
    What is the asking price?
    The asking price for this property is $40,000.
    What are key features of this property?
    This property features: Two wooded, water‑view lots being sold together, ideal for building a home or getaway.; Direct access to Long Lake via a shared access lot with swimming area, dock, pavilion, and tennis/pickleball court.; Close proximity to 3 additional shared access points on Ess Lake.
    (989) 274-0260
    We can help!
    Listing Contact
    Aimee Smith
    Aimee Smith
    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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