Waterfront Hospitality Inn and
For Sale
$750,000
13747 Main Street, Nahma, MI 49864
COMMERCIAL - Nahma, MI
Property Size6,397 SF
Lot Size3.31 Acres
Price / SF$117.24
Days on Market94
Property Features for 13747 Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Patio and Porch features
Patio
Exterior features
Deck/Patio, Fenced Yard, Wheelchair Access
Fencing
Fenced
Accessibility
Accessible Approach with Ramp
Subdivision
Nahma Twp (21019)
Standard status
Active
Size
6,397 SF
Lot size
3.31 Acres
Utilities
Heating system
Radiant
Water source
Private
Water front features
Lake
Water front
1
Amenities
waterfront access
dock
Building Details
Year built
1909
Listing Agency:
NORTHERN MICHIGAN LAND BROKERS - ESCANABA
(906) 225-5263
Listed By:
TJ THOMAS
(906) 420-1280
Added: May 31
Changed: Aug 4
Last Checked: Aug 31 at 11:06PM
MLS# 50209574
Copyright © 2026 Upper Peninsula Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering combines the operating Nahma Inn hospitality property with a neighboring Nahma General Store building and adjoining land with private waterfront access. The Nahma Inn includes a fully operating bar and restaurant and an 18-room hotel, along with existing business infrastructure included in the sale. Also included are the liquor license, furniture, fixtures, equipment, and the business operations for a turnkey transition.
The neighboring general store is currently utilized as an event and entertainment venue, and the adjoining land to the south features private waterfront access to a protected channel that leads directly into Big Bay de Noc on Lake Michigan. Existing dock infrastructure serves recreational boat traffic and visiting guests.
The property is presented as a historic Upper Peninsula hospitality opportunity in the waterfront community of Nahma, with the event venue and waterfront access providing flexibility for hospitality and gatherings. Buyer and buyer’s agent to verify all information and suitability for intended use.
The neighboring general store is currently utilized as an event and entertainment venue, and the adjoining land to the south features private waterfront access to a protected channel that leads directly into Big Bay de Noc on Lake Michigan. Existing dock infrastructure serves recreational boat traffic and visiting guests.
The property is presented as a historic Upper Peninsula hospitality opportunity in the waterfront community of Nahma, with the event venue and waterfront access providing flexibility for hospitality and gatherings. Buyer and buyer’s agent to verify all information and suitability for intended use.
Key Highlights
- 18‑room hotel with an operating bar and restaurant, included in the sale along with the business infrastructure
- Liquor license, furniture, fixtures, equipment, and existing business infrastructure included with the hospitality offering
- Adjacent Nahma General Store building used as an event and entertainment venue, with potential for events and retail concepts
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$24,612
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.28%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$492,240
$492.2K
Cap Rate 7%
$351,600
$351.6K
Cap Rate 9%
$273,467
$273.5K
Market Conditions
NOI Build-Up for 6,397 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$115.1K $18.00/SF
− Vacancy
−$63.3K −$9.90/SF
EGI
$51.8K $8.10/SF
− OpEx
−$27.2K −$4.25/SF
NOI
$24.6K $3.85/SF
Area
Delta County, MI
Vacancy
55.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$492,240
Cap Rate 7%
$351,600
Cap Rate 9%
$273,467
Alternative Uses
Best Use
Specialty Retail
$1.20M
$1.05M – $1.40M
NOI $84,114 @ 7.0% cap · market cap 11.22%
Second Best
Hotel Hospitality
$351.6K
$307.7K – $410.2K
NOI $24,612 @ 7.0% cap · market cap 3.28%
Theoretical Best
Office A
$1.25M
$1.10M – $1.46M
NOI $87,658 @ 7.0% cap · market cap 11.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
16
Businesses Nearby
Explore this area
Business Placement
Demographics for 49864, MI
32
Population
45
Households
0.7
Avg Household Size
64
Median Age
50%
College-Educated
100%
High-School Grad
1.0 sq mi
ZIP Area
32
Density / Sq Mi
$175,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Hotel - Includes an 18-room operating hotel with bar and restaurant, plus a neighboring general store event venue and private dock access.
Where is this hotel located?
The property is located at 13747 Main Street Nahma, MI.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 18‑room hotel with an operating bar and restaurant, included in the sale along with the business infrastructure; Liquor license, furniture, fixtures, equipment, and existing business infrastructure included with the hospitality offering; Adjacent Nahma General Store building used as an event and entertainment venue, with potential for events and retail concepts
