Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    4281 Pickeral Lk Petoskey, MI 49770

    • Investment properties
    • 55.42 lot acres
    For Sale
    View listing
    $568,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Investment properties

    Property Details for 4281 Pickeral Lk

    Lot size
    55.42 lot acres
    Property type
    Investment properties

    Description

    This exceptional 55.42-acre property presents a unique investment opportunity in the desirable Petoskey, Michigan area. Situated on the northeast side of town, just outside the city limits, this expansive parcel offers significant potential for various development projects or single-use occupancy. The land comprises three combined parcels, all zoned for Residential, Farm, and Forest uses, providing considerable flexibility for future plans. A key feature is the impressive over 1500 feet of frontage along Pickeral Lake Road, ensuring excellent visibility and accessibility. The property's size and zoning regulations allow for a wide range of possibilities, from residential subdivisions to agricultural ventures, or even a single large-scale development. The location offers a blend of tranquility and proximity to the amenities of Petoskey, making it an attractive proposition for both developers and individuals seeking a substantial landholding in a picturesque setting. Serious inquiries are encouraged to explore the full potential of this remarkable property. The asking price is $568,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Petoskey
    County
    Emmet
    State
    Michigan
    Longitude
    -84.8817
    Latitude
    45.3919

    Comparable in this City

    • Value Estimation by Request
      2,000 SF

      2264 Hbr

      Investment properties • 2,000 SF
      2264 Hbr, Petoskey, MI 49770
      View Details
    • Value Estimation by Request
      140.00 Acres

      991 Cross Creek Ln

      Farms • 140.00 Acres
      991 Cross Creek Ln, Petoskey, MI 49770
      View Details
    • Value Estimation by Request

      597 Eugene Dr, Unit 2

      COMMERCIAL CONDOMINUIM
      597 Eugene Dr, Petoskey, MI 49770
      View Details
    • Value Estimation by Request

      581 Eugene Dr, Unit 2

      COMMERCIAL CONDOMINUIM
      581 Eugene Dr, Petoskey, MI 49770
      View Details
    • Value Estimation by Request

      592 Eugene Dr, Unit 2

      COMMERCIAL CONDOMINUIM
      592 Eugene Dr, Petoskey, MI 49770
      View Details
    • Value Estimation by Request

      576 Eugene Dr, Unit 2

      COMMERCIAL CONDOMINUIM
      576 Eugene Dr, Petoskey, MI 49770
      View Details

    Similar Nearby for Sale

    • $568,000
      55.42 Acres

      55 Acres Petoskey Lakefront Land

      Prime development land near Petoskey, MI. 55 acres with lake frontage.
      4281 Pickeral Lk, Petoskey, MI 49770
      View Details
    • $50,000
      2,000 SF

      Petoskey Restaurant - Turnkey Opportunity

      Established Restaurant, Prime Location, $50,000
      2264 Hbr, Petoskey, MI 49770
      View Details
    • $35,000
      1.23 Acres

      Exclusive Wooded Building Site

      1.23 acre parcel for custom home in Petoskey, MI
      2301 Chapel Hill Dr, Petoskey, MI 49770
      View Details
    • Contact for pricing
      1,136 SF

      Petoskey Office Space - 1136 sq ft

      Prime Petoskey office, 1136 square feet. Excellent location.
      560 Mitchell St, Petoskey, MI 49770
      View Details
    • $949,000
      1,700 SF

      Petoskey Industrial Space: Prime Location

      1700 sq ft, high-traffic, turn-key industrial space.
      1111 Charlevoix Ave, Petoskey, MI 49770
      View Details
    • $42,500
      0.81 Acres

      Residential Land in Petoskey, MI

      Residential land for sale in a serene Northern Michigan location.
      3428 Siebenhar Way, Petoskey, MI 49770
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,819 SF

      Established Shopping Center for Lease

      174,870 SF shopping center with redevelopment opportunities.
      1305-1309 Spring St, Petoskey, MI 49770
      View Details
    • Contact for pricing
      174,870 SF

      Petoskey Retail Center Investment

      Prime Retail Space, Multiple Units Available
      1305 Spring St, Petoskey, MI 49770
      View Details
    • $3,295 /Mo
      1,979 SF

      Prime Retail Space in Petoskey

      Exceptional retail space in Petoskey's Gaslight District for lease.
      321 E Lake St, Petoskey, MI 49770
      View Details
    • $450 /Mo
      2,013 SF

      Petoskey Office Space For Rent

      Light and bright Petoskey office building, perfect for various professionals.
      2206 Mitchell Park Dr, Petoskey, MI 49770
      View Details
    • $16 SF/Yr
      2,590 SF

      Petoskey Retail or Office Space

      2,590 sq ft retail/office space in Petoskey, Michigan.
      2160 Anderson Rd, Petoskey, MI 49770
      View Details
    • $3,295 /Mo
      1,979 SF

      Prime Retail Space in Petoskey

      Exceptional retail space in Petoskey's historic Gaslight District.
      321 E Lake St, Petoskey, MI 49770
      View Details
    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.
    4281 Pickeral Lk
    Petoskey, MI 49770
    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

    Google sign-in failed. Please try again or use another login method.