Turnkey Motel with Updated
For Sale
$750,000
190 E M - 35 Highway, Gwinn, MI 49841
COMMERCIAL - Gwinn, MI
Property Size7,263 SF
Lot Size2.87 Acres
Price / SF$103.26
Days on Market270
Property Features for 190 E M - 35 Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Patio and Porch features
Patio
Exterior features
Deck/Patio, Garden Area
Lot features
Main Street
Subdivision
Forsyth Twp (52009)
Standard status
Active
Size
7,263 SF
Lot size
2.87 Acres
Utilities
Heating system
Oil
Water source
Public
Amenities
sauna
outdoor patio
fire pit
gas grill
kids' play area
fenced pet area
kitchenette suite
Building Details
Year built
1990
Roof type
Shingle
Listing Agency:
NEXTHOME SUPERIOR LIVING
(906) 214-4267
Listed By:
CANDI KJELLIN · License #6501352707,PersonLicenseNumber
(906) 361-1414
Added: Nov 24, 2025
Changed: Aug 4
Last Checked: Aug 21 at 1:06AM
MLS# 50195018
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 turnkey motel features updated guest rooms with 40-inch smart TVs, furniture, mini refrigerator, microwave, bedding, mattresses, and carpeting. The property also includes a kitchenette suite designed for extended stays. Outdoor amenities include a sauna, an approximately 820-square-foot patio with a fire pit and gas grill, a fenced area for pets, and a kids’ play area.
The property is zoned Commercial and sits on approximately 2.87 acres. It has direct access to ATV/ORV and snowmobile trails for year-round outdoor use, and it is described as being about 10 minutes from the airport and about 20 minutes from Marquette.
The listing notes that financial information is available upon request with a signed confidentiality agreement and a pre-approval letter indicating financing qualification.
The property is zoned Commercial and sits on approximately 2.87 acres. It has direct access to ATV/ORV and snowmobile trails for year-round outdoor use, and it is described as being about 10 minutes from the airport and about 20 minutes from Marquette.
The listing notes that financial information is available upon request with a signed confidentiality agreement and a pre-approval letter indicating financing qualification.
Key Highlights
- Turnkey hospitality opportunity ready for new owner.
- Direct access to ATV/ORV snowmobile trails for year‑round outdoor activities.
- Convenient location: 10 minutes from the airport and 20 minutes from Marquette.
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
Location Intelligence
Trade Area within ½ mile
90
Businesses Nearby
Well-served
Demand for This Use
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
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Similar Off Market Nearby
- Model Towne Inn — 190E M-35, Gwinn, MI 49841
Frequently Asked Questions
What type of property is this?
Motel - Turnkey motel with updated guest rooms, including 40-inch smart TVs, plus outdoor patio, sauna, and fenced pet area.
Where is this motel 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: Turnkey hospitality opportunity ready for new owner.; Direct access to ATV/ORV snowmobile trails for year‑round outdoor activities.; Convenient location: 10 minutes from the airport and 20 minutes from Marquette.
