Wilderness Resort with Lodge &
255 Gratiot Street Copper Harbor, MI 49918
For Sale
$1,750,000
COMMERCIAL - Copper Harbor, MI
Property Size20,224 SF
Lot Size1.65 Acres
Price / SF$86.53
Days on Market18
Property Features for 255 Gratiot Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Standard status
- Active
- Size
- 20,224 SF
- Lot size
- 1.65 Acres
Taxes and HOA fees
- Tax Year
- 2017
Utilities
- Heating system
- Hot Water(Heating)
- Water source
- Well
Building Details
- Year built
- 1994
Listing Agency:
FIRST WEBER, INC
(906) 667-6366
Listed By:
PETER SEIFERT · License #9677094
(906) 285-9955
Added: Jul 7
Changed: Jul 9
Last Checked: Jul 24 at 11:06AM
MLS# 50214298
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 resort property features a modern timber and wood lodge as the hospitality center, with the main lodge built in 1994. The lodge includes a restaurant and bar with seating for 150 guests, plus a loft dining area off the main dining room. There is also an additional dining room with its own loft that can accommodate approximately another 100 guests, supported by a full kitchen. Lodging totals 18 units built in 1997 and 2001 with 46 beds, including five two-story 2-bedroom cabins with spacious living, a four-unit log motel, and a nine-unit motel. The property size is 20,224 square feet on 1.65 acres.
Located in Copper Harbor in Keweenaw County, the property is described as offering Lake Superior views. The business is currently set up and operating, with the current owners since 1977.
Located in Copper Harbor in Keweenaw County, the property is described as offering Lake Superior views. The business is currently set up and operating, with the current owners since 1977.
Key Highlights
- Main lodge built in 1994 with a restaurant and bar seating for 150 guests
- Additional dining room with its own loft can accommodate approximately another 100 guests
- Full kitchen included
Financial Insights For Hotel Hospitality
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $303.4k | $15.00 |
| − Vacancy | −$112.2k | −$5.55 |
| EGI | $191.1k | $9.45 |
| − OpEx | −$100.3k | −$4.96 |
| NOI | $90.8k | $4.49 |
20,224 SF · lease $15.00/SF/yr · vacancy 37.00% · expense 52.50%
Alternative Uses
Best Use
Hotel Hospitality
$1.30M
$1.13M – $1.51M
NOI $90,780 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$15.20M
$13.30M – $17.74M
NOI $1,064,261 @ 7.0% cap · market cap 60.81%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Resorts
FAQs
What type of property is this?
Resort - Timber lodge with restaurant/bar and lodging units, including cabins and motel rooms, on 1.65 acres.
Where is this resort located?
The property is located at 255 Gratiot Street Copper Harbor, MI.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Main lodge built in 1994 with a restaurant and bar seating for 150 guests; Additional dining room with its own loft can accommodate approximately another 100 guests; Full kitchen included
