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

    602 Bell Ave Munising, MI 49862

    • Commercial real estate
    For Sale
    View listing
    $6,900,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-3465527
    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.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 602 Bell Ave

    Property type
    Commercial real estate
    APN
    051-075-001-00
    APU
    5107500100

    Description

    This exceptional business opportunity presents a well-established, one-of-a-kind tourist attraction nestled in the charming town of Munising, Michigan. The property encompasses 79 acres of land, primarily undeveloped, but featuring the stunning natural spring-fed Horseshoe Falls. Visitors are guided along over half a mile of woodland paths winding through a whimsical gnome-themed botanical garden, culminating at a trout pond housing 200-300 large rainbow trout. The property includes a charming gift shop, serving as the entrance to the paths and offering a diverse selection of unique gifts, souvenirs, and ice cream. On-site living is facilitated by a comfortable 2-bedroom, 1.5-bathroom residence attached to the gift shop. A separate 28' x 40' detached garage provides ample storage space. The property's 2,714 square feet of existing buildings are complemented by the expansive acreage, offering significant potential for expansion and development. This rare and captivating property presents an unparalleled opportunity for a discerning buyer seeking a unique and established business venture with significant growth potential in a picturesque Michigan setting. The asking price is $7,500,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Munising
    County
    Alger
    State
    Michigan
    Longitude
    -86.6439
    Latitude
    46.4025

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2020
    $3,273
    $0.00
    $0.00
    $109,600
    -
    $0.00
    $0.00
    $219,200

    Comparable in this City

    • Value Estimation by Request

      9635 State Hwy M-28

      COMMERCIAL (GENERAL)
      9635 State Hwy M-28, Munising, MI 49862
      View Details
    • Value Estimation by Request

      St Martins Hl Rd

      COMMERCIAL (GENERAL)
      St Martins Hl Rd, Munising, MI 49862
      View Details
    • Value Estimation by Request
      3.34 Acres

      Munising, MI 49862

      COMMERCIAL (GENERAL) • 3.34 Acres
      Munising, MI 49862
      View Details
    • Value Estimation by Request

      10790th County Rd H58

      COMMERCIAL (GENERAL)
      10790th County Rd H58, Munising, MI 49862-9146
      View Details
    • Value Estimation by Request

      9340th Industrial Park Dr

      COMMERCIAL (GENERAL)
      9340th Industrial Park Dr, Munising, MI 49862-9274
      View Details
    • Value Estimation by Request
      0.91 Acres

      424 Ml St

      COMMERCIAL (GENERAL) • 0.91 Acres
      424 Ml St, Munising, MI 49862-1432
      View Details

    Similar Nearby for Sale

    • $7,500,000
      2,714 SF

      Munising Falls Attraction - 79 Acres

      Unique Tourist Attraction, 79 Acres, High Revenue Potential
      602 Bell Ave, Munising, MI 49862
      View Details
    • $55,000
      1.70 Acres

      Munising Lakefront Land - 1.7 Acres

      Affordable UP Michigan lake view lot. Build your dream home or cabin.
      0 Ackerman Lake Rd, Munising, MI 49862
      View Details
    • $285,000
      1,890 SF

      Munising Flower Shop & Office

      Established Florist, Office Space Included
      109 Cherry St, Munising, MI 49862
      View Details
    • $799,000
      5,635 SF

      Munising Motel: Turnkey Opportunity

      Established Upper Peninsula Motel, 12 Units
      415 Cedar St, Munising, MI 49862
      View Details
    • $146,475
      93.00 Acres

      93 Acres on Anna River

      93 acres with 4,500 FF on the Anna River.
      0000 County Rd 577, Munising, MI 49862
      View Details
    • New
      $79,000
      8.06 Acres

      Christmas, MI Vacant Land Parcel

      8-acre wooded parcel near Lake Superior and ORV trails.
      8 Acres Perch Lk, Christmas, MI 49862
      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.
    602 Bell Ave
    Munising, MI 49862
    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.