Updated Hotel with Outdoor
For Sale
$750,000
190 E M - 35 Highway, Gwinn, MI 49841
Gwinn, MI
Property Size7,263 SF
Lot Size2.87 Acres
Price / SF$103.26
Days on Market37
Property Features for 190 E M - 35 Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
Size
7,263 SF
Lot size
2.87 Acres
Amenities
sauna
outdoor patio with fire pit and gas grill
outdoor kids' play area
fenced area for pets
flower bed
updated rooms with smart TV, mini refrigerator, microwave, bedding, mattresses, carpeting, local artwork
Building Details
Year built
1990
Listing Agency:
NextHome Superior Living
(906) 250-2874
Listed By:
Candi Kjellin · License #6501352707,PersonLicenseNumber
(906) 361-1414
Added: Jul 16
Changed: Aug 19
Last Checked: Aug 21 at 8:06AM
MLS# 50195018
Copyright © 2026 NextHome, Inc. 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 7,263-square-foot hotel was built in 1990 and occupies 2.87 acres. Guest rooms have been updated with 40-inch smart TVs, furniture, mini refrigerators, microwaves, bedding, mattresses, carpeting, and locally themed artwork. One room includes a kitchenette suite designed for extended stays.
Outdoor features include a sauna, an 820-square-foot patio with a fire pit and gas grill, a children’s play area, and a fenced pet area. The property also provides direct access to ATV, ORV, and snowmobile trails for year-round recreation.
Located in Gwinn, the hotel is approximately 10 minutes from the airport and 20 minutes from Marquette. The building’s hallways display photographs connected to the former K.I. Sawyer Air Force Base in the local area.
Outdoor features include a sauna, an 820-square-foot patio with a fire pit and gas grill, a children’s play area, and a fenced pet area. The property also provides direct access to ATV, ORV, and snowmobile trails for year-round recreation.
Located in Gwinn, the hotel is approximately 10 minutes from the airport and 20 minutes from Marquette. The building’s hallways display photographs connected to the former K.I. Sawyer Air Force Base in the local area.
Key Highlights
- 7,263‑square‑foot hotel on 2.87 acres
- Guest rooms updated with 40" smart TVs, furnishings, mini refrigerators, microwaves, bedding, mattresses, carpeting, and artwork
- One room includes a kitchenette suite for extended stays
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
$38,812
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
5.17%
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%
$776,240
$776.2K
Cap Rate 7%
$554,457
$554.5K
Cap Rate 9%
$431,244
$431.2K
Market Conditions
NOI Build-Up for 7,263 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
$108.9K $15.00/SF
− Vacancy
−$27.2K −$3.75/SF
EGI
$81.7K $11.25/SF
− OpEx
−$42.9K −$5.91/SF
NOI
$38.8K $5.34/SF
Area
Marquette County, MI
Vacancy
25.00%
Lease Rate
$15.00 /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%
$776,240
Cap Rate 7%
$554,457
Cap Rate 9%
$431,244
Alternative Uses
Best Use
Hotel Hospitality
$554.5K
$485.2K – $646.9K
NOI $38,812 @ 7.0% cap · market cap 5.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.14M
$1.87M – $2.50M
NOI $149,734 @ 7.0% cap · market cap 19.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
90
Businesses Nearby
Explore this area
Business Placement
Demographics for 49841, MI
7,193
Population
3,847
Households
1.9
Avg Household Size
41
Median Age
24%
College-Educated
96%
High-School Grad
227.6 sq mi
ZIP Area
32
Density / Sq Mi
$61,337
Median Household Income
$34,437
Median Earnings
$731
Median Rent
$150,000
Median Home Value
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 - Guest accommodations include refreshed furnishings and one kitchenette suite for extended stays.
Where is this hotel located?
The property is located at 190 E M - 35 Highway Gwinn, 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: 7,263‑square‑foot hotel on 2.87 acres; Guest rooms updated with 40" smart TVs, furnishings, mini refrigerators, microwaves, bedding, mattresses, carpeting, and artwork; One room includes a kitchenette suite for extended stays
