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    111 S Steel St Ontonagon, MI 49953

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    111 S Steel St Ontonagon, MI 49953

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    • Recreation land
    • 4,000 SF
    For Sale
    $299,000
    View Listing →
    Ontonagon Recreational Vehicle Enthusiast's Dream For Sale
    $299,000
    4,000 SF

    Ontonagon Recreational Vehicle Enthusiast's Dream

    Ideal recreational property near trails, amenities, and services.

    111 S Steel, Ontonagon, MI 49953
    View Listing
    Property ID
    US43-3260482
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Recreation land

    Property Details for 111 S Steel St

    Year built
    1950
    Property size
    4,000 SF
    Property type
    Recreation land
    Property subtype
    Warehouses

    Description

    Attention Snowmobile/ATV/UTV enthusiasts - This is THE PERFECT PACKAGE!! Located in the heart of Ontonagon, and only 1 block from thousands of miles of adventurous extremely well-maintained trail systems is the exceptional opportunity you'll not want to pass up. Just minutes away are the convenience ... s of shopping, gas stations, restaurants, bars, and the best coffee shops in the Western UP. With over 4,000 square feet of outstanding living area that will easily sleep up to 10, kitchen/dining/bar area, gaming area and wide-open concept area for working on and cleaning your recreational vehicles or just sitting around and talking about the great days ride. Also included is a separate heated, repair, cleaning, storage area so you'll not need to trailer your recreational vehicles. There is plenty of parking for vehicles and trailers on site. You'll also enjoy the large covered porch - ideal for relaxing and grilling after a full days ride. This set-up ensures that you have plenty of room for everything you need for your outdoor adventures. Looking for the perfect U.P. Northwoods retreat, rental opportunity or a combination, either way this is PERFECT property, PERFECT location, PERFECT choice!!

    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
    Ontonagon
    County
    Ontonagon
    State
    Michigan
    Longitude
    -89.313796
    Latitude
    46.869975

    Comparable in this City

    • $48,000
      0.45 Acres

      Land with Big Iron River Frontage

      0.45 acre parcel with river frontage near Lake Superior.
      213 Beaser St, Ontonagon, MI 49953
      View Details
    • $48,000
      0.45 Acres

      Land Near Lake Superior

      Land with river frontage near Lake Superior and wilderness park.
      213 Beaser St, Ontonagon, MI 49953
      View Details
    • New
      $159,900
      126.00 Acres

      126 Acres with River Frontage

      126 acres of wooded land with 3,450+ feet river frontage.
      32954 Kingbird Ln, Ontonagon, MI 49953
      View Details
    • $144,000
      240.00 Acres

      240 Acres of Wilderness Land

      Remote Upper Peninsula land for recreation and hunting.
      TBD240 Firesteel Rd, Ontonagon, MI 49953
      View Details
    • $75,000
      39.40 Acres

      Vacant Land in Ontonagon, MI

      39.4 acres of wooded land suitable for recreation.
      Tbd Woodspur, Ontonagon, MI 49953
      View Details
    • $299,000
      4,000 SF

      Ontonagon Commercial/Industrial Property Near Trails

      Commercial/Industrial property near trails, ideal for snowmobile/ATV/UTV enthusiasts.
      111 S Steel St, Ontonagon, MI 49953
      View Details

    Similar Nearby for Sale

    • $48,000
      0.45 Acres

      Land with Big Iron River Frontage

      0.45 acre parcel with river frontage near Lake Superior.
      213 Beaser St, Ontonagon, MI 49953
      View Details
    • $48,000
      0.45 Acres

      Land Near Lake Superior

      Land with river frontage near Lake Superior and wilderness park.
      213 Beaser St, Ontonagon, MI 49953
      View Details
    • New
      $159,900
      126.00 Acres

      126 Acres with River Frontage

      126 acres of wooded land with 3,450+ feet river frontage.
      32954 Kingbird Ln, Ontonagon, MI 49953
      View Details
    • $144,000
      240.00 Acres

      240 Acres of Wilderness Land

      Remote Upper Peninsula land for recreation and hunting.
      TBD240 Firesteel Rd, Ontonagon, MI 49953
      View Details
    • $75,000
      39.40 Acres

      Vacant Land in Ontonagon, MI

      39.4 acres of wooded land suitable for recreation.
      Tbd Woodspur, Ontonagon, MI 49953
      View Details
    • $299,000
      4,000 SF

      Ontonagon Commercial/Industrial Property Near Trails

      Commercial/Industrial property near trails, ideal for snowmobile/ATV/UTV enthusiasts.
      111 S Steel St, Ontonagon, MI 49953
      View Details
    View Listing
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    Ontonagon, MI 49953
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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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