Updated Hotel with Outdoor
New
For Sale
$750,000
190 East M - 35 Highway, Gwinn, MI 49841
Gwinn, MI
Property Size7,263 SF
Lot Size2.87 Acres
Price / SF$103.26
Days on Market3
Property Features for 190 East M - 35 Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Active
Size
7,263 SF
Lot size
2.87 Acres
Amenities
sauna
outdoor patio
fire pit
gas grill
outdoor kids' play area
fenced area for pets
Building Details
Year built
1990
Listing Agency:
NextHome Superior Living
(906) 250-2874
Listed By:
Candi Kjellin · License #6501352707,PersonLicenseNumber
(906) 361-1414
Added: Aug 27
Last Checked: Aug 29 at 3:06AM
MLS# 50195018
Copyright © 2026 NextHome, Inc. 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 7,263-square-foot hotel was built in 1990 and includes guest rooms furnished with updated beds, mattresses, carpeting, artwork, mini refrigerators, microwaves, and 40-inch smart TVs. One room is configured as a kitchenette suite for extended-stay use. Interior corridors feature aviation-related local photography and a patriotic color scheme.
The 2.87-acre property provides direct access to ATV, ORV, and snowmobile trails. Outdoor amenities include an 820-square-foot patio with a fire pit and gas grill, a sauna, a children’s play area, and a fenced pet area. The property is approximately 10 minutes from the airport and 20 minutes from Marquette.
The 2.87-acre property provides direct access to ATV, ORV, and snowmobile trails. Outdoor amenities include an 820-square-foot patio with a fire pit and gas grill, a sauna, a children’s play area, and a fenced pet area. The property is approximately 10 minutes from the airport and 20 minutes from Marquette.
Key Highlights
- 7,263‑square‑foot hotel on 2.87 acres
- Guest rooms include new 40" smart TVs, furniture, mini refrigerators, microwaves, bedding, mattresses, carpeting, and artwork
- One room includes a kitchenette suite for extended stays
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
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
90
Businesses Nearby
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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Frequently Asked Questions
What type of property is this?
Hotel - Guest rooms include refreshed furnishings, in-room conveniences, and one kitchenette suite for extended stays.
Where is this hotel located?
The property is located at 190 East 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: 7,263‑square‑foot hotel on 2.87 acres; Guest rooms include new 40" smart TVs, furniture, mini refrigerators, microwaves, bedding, mattresses, carpeting, and artwork; One room includes a kitchenette suite for extended stays
