Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Vermilac Lake Waterfront Land Opportunity Title is generated by Realmo AI

    Murphy Road, Covington, MI 49919

    View on Map
    Claim this Listing
    For Sale
    $135,000

    LAND - Covington, MI

    Lot size:
    57.07 Acres
    Added:
    May 26, 2026
    Days on Market:
    9
    Last Refresh:
    Jun 3 at 2:06 am

    Property Features for Murphy Road

    General Information

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

    Utilities

    Water front
    1

    We can help!

    Listing Contact
    BRUCE MAKI

    Listing agent BRUCE MAKI License #UPAR

    Listing office UP NORTH REALTY 2 E Broad Street Suite B, L'Anse, MI

    Listing date May 26, 2026

    MLS# 50208967 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

    • 57.07 acre property with 1,400+ feet of frontage on Vermilac Lake.
    • Vermilac Lake (Worm Lake) is a 622‑acre, mostly undeveloped lake.
    • 1,320 feet of road frontage on Murphy Road with available power and phone.
    • Diverse northern hardwood forest (maple, birch, oak, aspen, hemlock) on the south side.
    • Recreational opportunities: fishing (walleye, black crappie, yellow perch, sunfish) and other activities.
    • Multiple potential building locations for a home or cabin.

    Overview

    This property offers the opportunity to own 57.07 acres with over 1,400 feet of mixed vegetation frontage on Vermilac Lake. Vermilac Lake, also known as Worm Lake, spans 622 acres and has a depth of approximately 7 feet. It is a mostly undeveloped lake fed by the Murphy and Vermilac Rivers, with an outflow to the Rock River. The lake is surrounded by dense forest, and its shoreline features a mixture of tag alder and wetland grasses. The parcel includes 1,320 feet of road frontage on Murphy Road, with multiple potential building sites for a home or cabin. Power and phone services are available along Murphy Road. The south side of the property consists mainly of a northern hardwood stand, featuring maple, birch, oak, aspen, and hemlock trees. The north side is lowland, characterized by swamp hardwoods, tag alder, and grasses along the shore. Recreational opportunities are abundant on and near the property. Vermilac Lake contains a variety of native fish, including walleye, black crappie, yellow perch, and sunfish. The property is located in Covington, MI.
    Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Map

    City
    Covington
    County
    Baraga
    State
    Michigan
    Longitude
    -88.5194869
    Latitude
    46.5362212

    Nearby Similar for Sale

    • $59,900

      40 Acres on US Hwy

      40-acre parcel in Michigan's Upper Peninsula, ideal for recreation.
      27184 US HWY 141, Covington, MI 49919
      View Details
    • $69,900

      74 Acres on US Hwy 41

      74-acre parcel with road frontage on US Hwy 41.
      74 Acres US41 Highway, Covington, MI 49919
      View Details

    FAQs

    What type of property is this?
    Waterfront Land - 57+ acres with 1400+ feet of lake frontage.
    Where is this waterfront land located?
    The property is located at Murphy Road Covington, MI.
    What is the asking price?
    The asking price for this property is $135,000.
    What are key features of this property?
    This property features: 57.07 acre property with **1,400+ feet of frontage on Vermilac Lake.**; Vermilac Lake (Worm Lake) is a 622‑acre, mostly undeveloped lake.; 1,320 feet of road frontage on Murphy Road with available power and phone.
    (906) 201-1628
    We can help!
    Listing Contact
    BRUCE MAKI
    Real Estate License ID: UPAR
    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
    Murphy Road, Covington, MI 49919
    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!