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    27672 Us Highway 41 Michigamme, MI 49861

    View on Map
    Sponsored
    For Sale
    $425,000

    5 or More Units - Michigamme, MI

    Property size:
    4,658 SF
    Lot size:
    1.38 Acres
    Days on Market:
    1
    Last Refresh:
    Mar 13 at 7:06 pm

    Property Features for 27672 Us Highway 41

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Security features
    Fire Alarm, Security Lighting
    Zoning
    Commercial
    APN
    Parcel 07-005-067-060-00
    Parking features
    Parking Lot
    Interior features
    110 Volt Power, 220 Volt Power, Additional Bldg(s), Cable Internet Installed, Cable TV Available, Carpet, Ceramic Floor, Concrete Floor, Internet Available, Flr Thickness: 8+ -10 In., Living Quarters, Living Quarters Attached, No Elevator, No Loading Facility, Pole Sign, Private Restrooms, Trash Removal, Under 400 Amps, Smoke/Fire Alarm
    Exterior features
    Additional Bldg(s)
    Dock
    1
    Accessibility
    Accessible Elevator Installed
    Size
    4,658 SF
    Lot size
    1.38 Acres

    Utilities

    Utilities
    Cable Available
    Heating system
    Space Heater
    Water front features
    Canal Frontage, Waterfront
    Water front
    1

    Building Details

    Year built
    1950
    Flooring type
    Carpet, Concrete
    Building materials
    Frame
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    TIM KEOHANE

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

    Listing agent TIM KEOHANE (906) 228-9312

    Listing date Mar 13, 2026

    MLS# 50194326 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Lakeside Resort and Motel Opportunity

    Located in Michigan’s Upper Peninsula, this property features a 10-bedroom, 10-bath resort and motel known as The Bear’s Paw. Overlooking 350 feet of frontage between Ruth Lake and George Lake in Spurr Township's Three Lakes Region, the property has been a destination for vacationers, hunters, and travelers. The lodge provides over 3,100 square feet of space with pine finishes, guest suites, and updates throughout. 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, including watercraft and outdoor gear such as a fishing boat, kayaks, canoes, and life jackets. The site also includes a two-bedroom, two-bath manager’s residence with a full kitchen, dining room, and office space. The property, situated on 1.38 acres, is positioned to attract tourists and snowmobile enthusiasts, offering recreational activities such as fishing, boating, ATV trails, and hunting lands. The property size is 4,658 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Motels

    Suggested Use

    Pharmacy Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Bear Paw Inn, Three Lakes Motel, Ruth Lake Resort Upper Michigan, Lake Ruth Resort Motel & Cabins

    Location Insight

    • Map
    • Local Demand
    City
    Michigamme
    County
    Marquette
    State
    Michigan
    Longitude
    -88.211089
    Latitude
    46.552889

    Nearby Similar for Sale

    • $525,000
      4,658 SF

      Lakeside Hospitality Destination in Michigamme

      Thriving lakeside business and lifestyle retreat in Michigan's Upper Peninsula.
      27672-27819 Us 41 Hwy, Michigamme, MI 49861
      View Details

    FAQs

    What type of property is this?
    Motel - Established 10-bedroom resort and motel on 1.38 acres.
    Where is this motel located?
    The property is located at 27672 Us Highway 41 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: - 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, dining room, and office.
    (906) 228-9312
    Request Owner's contact information
    27672 Us Highway 41 Michigamme, MI 49861
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    Michigamme, MI 49861
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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 Us Highway 41 Michigamme, MI 49861
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    We can help!
    Listing Contact
    TIM KEOHANE
    Real Estate License ID: UPAR
    (906) 228-9312 (906) 250-2663
    Learn more
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