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    9428 Oak Dr Lake City, MI 49651
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    Property profile & analytics

    9428 Oak Dr Lake City, MI 49651

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    • Commercial real estate
    • 1.32 lot acres
    Off-Market
    Property ID
    US43-0959881
    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

    • Commercial real estate

    Property Details for 9428 Oak Dr

    Lot size
    1.32 lot acres
    Property type
    Commercial real estate
    APN
    00403300201 & 00403300202 BTVAI

    Description

    This exceptional 1.32-acre commercial land parcel presents a unique investment opportunity in Lake City, Michigan. Located on scenic West Oak Drive, the property boasts breathtaking views of Crooked Lake and is zoned for residential use, offering considerable development potential. The parcel includes two contiguous lots, identified by APN numbers 00403300201 & 00403300202 BTVAI. Enjoy the peace of mind that comes with a location free from homeowner's association restrictions, coupled with the convenience of a county-maintained road and readily available electric service at the roadside. Its prime location offers easy access to two public boat launches, perfect for those who appreciate the lake lifestyle. A survey is available for review, providing detailed property boundaries. While a survey is available, prospective buyers should note that soil testing is recommended prior to any development plans. This is a rare chance to acquire a picturesque and versatile property in a desirable area, allowing you to build your vision in a serene and tranquil setting. The asking price for this remarkable property is $124,900. Don't miss this opportunity to own a piece of Lake City's beauty.

    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
    Lake City
    County
    Missaukee
    State
    Michigan
    Longitude
    -85.295567
    Latitude
    44.344281

    Comparable in this City

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      Lake City 15-Acre Parcel

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    • $450,000

      High-Traffic Corner Commercial Parcel

      Prime development opportunity at a bustling intersection in Lake City.
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    • $159,900
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      Lake City Acreage with Pole Barn

      1.17 acre lot with 3,600 sqft pole barn near Lake Missaukee.
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      0.55 Acres

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      20 Acres of Vacant Land

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    • $47,000
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      Prime Lake City Development Opportunity

      Versatile land near Lake City, ideal for various uses.
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    Similar Nearby for Sale

    • $64,900
      15.00 Acres

      Lake City 15-Acre Parcel

      15 acres of mixed hardwoods and open areas near Loon Lake.
      N Van Dermullen Rd, Lake City, MI 49651
      View Details
    • $450,000

      High-Traffic Corner Commercial Parcel

      Prime development opportunity at a bustling intersection in Lake City.
      415 N Main St, Royal Oak, MI 49651
      View Details
    • $159,900
      1.17 Acres

      Lake City Acreage with Pole Barn

      1.17 acre lot with 3,600 sqft pole barn near Lake Missaukee.
      W Roberts Rd, Lake City, MI 49651
      View Details
    • Contact for pricing
      0.55 Acres

      Wooded Aviation Lot Near Lake

      0.55 acre wooded lot with taxiway access.
      Taxiway Foxtrot, Lake City, MI 49651
      View Details
    • $139,900
      20.00 Acres

      20 Acres of Vacant Land

      20 acre parcel with pines and hardwoods, abundant wildlife.
      Forward Vl, Lake City, MI 49651
      View Details
    • $47,000
      6.30 Acres

      Prime Lake City Development Opportunity

      Versatile land near Lake City, ideal for various uses.
      W Houghton Lake Rd, Lake City, MI 49651
      View Details
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    9428 Oak Dr
    Lake City, MI 49651
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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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