Lakeside Resort and
27672 US 41 Highway Michigamme, MI 49861
27672 US 41 Highway, Michigamme, MI, 49861
$425,000
For Sale
$425,000
COMMERCIAL - Michigamme, MI
Property Size4,658 SF
Lot Size1.38 Acres
Price / SF$91.24
Days on Market247
Property Features for 27672 US 41 Highway
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- Commercial
- Parking features
- Parking Lot
- Security features
- Security Lighting
- Exterior features
- Security Lighting
- Standard status
- Active
- Size
- 4,658 SF
- Lot size
- 1.38 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 5271
Utilities
- Heating system
- Space Heater
- Water source
- Private
- Water front features
- Waterfront
- Water front
- 1
Building Details
- Year built
- 1950
- Roof type
- Shingle
Listing Agency
GREAT LAKES & LAND OF MARQUETTE, INC.
(906) 228-9312
856 W Washington Street, Marquette, MI
Listed by
TIM KEOHANE · License #UPAR
(906) 228-9312
Added: Nov 14, 2025 Checked: Jul 19 at 12:06 am
MLS# 50194326
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 commercial lakeside resort and motel property includes a 10-bedroom, 10-bath lodge with more than 3,100 square feet and pine-finished interior spaces. The on-site accommodations are supported by recent updates, including remodeled baths, LED televisions, multiple refrigerators, and air-conditioning units.
The property overlooks approximately 350 feet of scenic frontage between Ruth Lake and George Lake, with a private dock for guest use. Four outbuildings are included for storage and additional recreation.
An on-site two-bedroom, two-bath manager’s residence provides a full kitchen, dining room, and office space. The property is located in Spurr Township’s Three Lakes region and is zoned Commercial.
The property overlooks approximately 350 feet of scenic frontage between Ruth Lake and George Lake, with a private dock for guest use. Four outbuildings are included for storage and additional recreation.
An on-site two-bedroom, two-bath manager’s residence provides a full kitchen, dining room, and office space. The property is located in Spurr Township’s Three Lakes region and is zoned Commercial.
Key Highlights
- Overlooks 350 ft of waterfront frontage between Ruth Lake and George Lake in Michigan’s Upper Peninsula
- The Bear’s Paw resort/motel offers 10 bedrooms and 10 bathrooms
- More than 3,100 SF lodge with pine finishes and remodeled baths
Local 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 | $69.9k | $15.00 |
| − Vacancy | −$17.5k | −$3.75 |
| EGI | $52.4k | $11.25 |
| − OpEx | −$27.5k | −$5.91 |
| NOI | $24.9k | $5.34 |
4,658 SF · lease $15.00/SF/yr · vacancy 25.00% · expense 52.50%
Alternative Uses
Best Use
Hotel Hospitality
$355.6K
$311.1K – $414.9K
NOI $24,891 @ 7.0% cap · market cap 5.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $96,029 @ 7.0% cap · market cap 22.60%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Resorts
FAQs
What type of property is this?
Resort - Resort and motel with 10 suites and private dock overlooking scenic lake frontage between Ruth Lake and George Lake.
Where is this resort located?
The property is located at 27672 US 41 Highway Michigamme, MI.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Overlooks 350 ft of waterfront frontage between Ruth Lake and George Lake in Michigan’s Upper Peninsula; The Bear’s Paw resort/motel offers 10 bedrooms and 10 bathrooms; More than 3,100 SF lodge with pine finishes and remodeled baths
