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    27672-27819 Us 41 Hwy Michigamme, MI 49861

    Sponsored
    For Sale
    $525,000

    Commercial - Michigamme, MI

    Property size:
    4,658 SF
    Lot size:
    1.38 Acres
    Days on Market:
    33
    Last Refresh:
    Feb 8 at 12:06 am

    Property Features for 27672-27819 Us 41 Hwy

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5
    Bedrooms
    10
    Bathrooms
    10
    Parking features
    Garage
    Size
    4,658 SF
    Lot size
    1.38 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Timothy Keohane

    Great Lakes and Land Real Estate Co Inc. (906) 228-9312

    Listing agent Timothy Keohane (906) 228-9312

    Listing date Jan 7, 2026

    MLS# 11628058 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Lakeside Hospitality Destination in Michigamme

    Located in Michigan's Upper Peninsula, this property offers a hospitality destination overlooking 350 feet of frontage between Ruth Lake and George Lake. The property includes The Bear's Paw, a 10-bedroom, 10-bath resort and motel. The lodge provides over 3,100 square feet of space with pine finishes and updated guest suites. Modern amenities include remodeled baths, LED televisions, multiple refrigerators, air-conditioning units, and bedding. A private dock and four outbuildings offer storage and recreation space. Watercraft and outdoor gear, including a fishing boat, kayaks, canoes, and life jackets, are available. Also on site is a two-bedroom, two-bath manager's residence with a full kitchen, dining room, and office space. The sale includes The Bear's Den bar, which is open to the public and provides a space for food, drinks, and conversation. The Bear Paw Inn and The Bear's Den form a licensed and operational hospitality destination. The property is situated on 1.38 acres and has a total size of 4,658 square feet. The property is surrounded by recreational opportunities, including fishing, boating, ATV trails, and hunting lands.
    Location Intelligence

    Current Use by Public Records

    Hotels

    Map

    City
    Michigamme
    County
    Marquette
    State
    Michigan
    Longitude
    -88.211089
    Latitude
    46.552889

    Nearby Similar for Sale

    • $525,000
      4,658 SF

      Lakeside Hospitality Destination For Sale

      Thriving lakeside resort with bar/restaurant in Michigan's Upper Peninsula.
      27672 Us 41, Michigamme, MI 49861
      View Details

    FAQs

    What type of property is this?
    Hotel - Thriving lakeside business and lifestyle retreat in Michigan's Upper Peninsula.
    Where is this hotel located?
    The property is located at 27672-27819 Us 41 Hwy Michigamme, MI.
    What is the asking price?
    The asking price for this property is $525,000.
    What are key features of this property?
    This property features: - Established 10-bedroom, 10-bath resort/motel (The Bear's Paw) with a history of welcoming vacationers, hunters, and travelers.; - Enjoy **350 feet of scenic lake frontage** on Ruth Lake and George Lake in Michigan's Upper Peninsula.; - Includes a spacious two-bedroom, two-bath manager's residence with full kitchen and office.
    (906) 228-9312
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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
    27672-27819 Us 41 Hwy Michigamme, MI 49861
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    We can help!
    Listing Contact
    Timothy Keohane
    (906) 228-9312
    Learn more
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