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    Schnipke Dr Ottawa Lake, MI 49267
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    Schnipke Dr Ottawa Lake, MI 49267

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    • Land
    • 24.54 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 0 Schnipke Dr

    Lot size
    24.54 lot acres
    Property type
    Land

    Description

    This exceptional 24.54-acre commercial land parcel in Ottawa Lake, Michigan (APN 15-034-002-40) presents a significant development opportunity. Strategically located with 1,000 feet of frontage on Sterns Road and convenient interstate access, this flat lot is zoned B-2 General Business, allowing for a wide range of uses including truck stops, travel centers, hotels, and restaurants. Utilities are readily available, excluding water (which is proposed). The property's prime location ensures high visibility and accessibility, maximizing potential for any commercial venture. Development incentives are available to further streamline the process. The potential for expansion is enhanced by the proximity of approximately 30 acres of adjacent land. This property offers a unique blend of location, zoning, and potential, making it an ideal investment for developers seeking a high-impact commercial project. The property is situated in Monroe County, Michigan, with a zip code of 49267.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Ottawa Lake
    County
    Monroe
    State
    Michigan
    Longitude
    -83.6892
    Latitude
    41.7471

    Comparable in this City

    • Value Estimation by Request
      26.66 Acres

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      Farms • 26.66 Acres
      0 Sterns Rd & Us-23, Whiteford Center, MI 49267
      View Details
    • Value Estimation by Request
      14.87 Acres

      6801 Memorial Hwy

      COMMERCIAL (GENERAL) • 14.87 Acres
      6801 Memorial Hwy, Ottawa Lake, MI 49267-5908
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    • Value Estimation by Request

      9642 Sylvania Petersburg Rd

      COMMERCIAL (GENERAL)
      9642 Sylvania Petersburg Rd, Ottawa Lake, MI 49267-8747
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      Yankee Rd

      COMMERCIAL (GENERAL)
      Yankee Rd, Ottawa Lake, MI 49267
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    • Value Estimation by Request
      2,352 SF

      School Rd

      COMMERCIAL (GENERAL) • 2,352 SF
      School Rd, Ottawa Lake, MI 49267
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    • Value Estimation by Request
      1,578 SF

      14029 Yankee Rd

      COMMERCIAL (GENERAL) • 1,578 SF
      14029 Yankee Rd, Ottawa Lake, MI 49267-9318
      View Details

    Similar Nearby for Sale

    • $450,000

      Land For Sale Ottawa Lake

      Land available for sale in Ottawa Lake, Michigan.
      4570 W Sterns Rd, Ottawa Lake, MI 49267
      View Details
    • Contact for pricing

      Commercially Zoned Land For Sale

      26.66 acres of commercially zoned land with US-23 access.
      Sterns Rd & Us-23, Ottawa Lake, MI 49267
      View Details
    • Contact for pricing

      Vacant Land Near Highway

      Vacant land with highway access, formerly approved for truck stop.
      Schnipke Dr, Ottawa Lake, MI 49267
      View Details
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    Ottawa Lake, MI 49267
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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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