Building Details

Year built 1857

Listing Agency: ERA Starr Realty · ERA Real Estate k***@erastarr.com Show Phone

Listed By: Heidi Neubauer Show Phone

Added: Sep 3 Changed: Oct 2 Last Checked: Oct 19 at 8:06PM

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MLS# 147814

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

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Investment Insights

Based on property information with market context.

Built in 1857, this 12,844-square-foot hospitality property combines hotel accommodations with an on-site restaurant and bar. The updated building includes rooms and suites accommodating up to 6 guests, along with modern amenities. A third-floor suite provides 4 bedrooms, 2 baths, and water views.

The property occupies 0.21 acres in Algoma, two blocks from Lake Michigan and Crescent Beach. Guests can reach the waterfront boardwalk and beach on foot, with wineries, a brewery, art studios, boutique shops, and nearby Door County also identified in the surrounding area.

Commercial Central (CC) zoning supports the property’s commercial setting. The combination of lodging, food service, bar space, and its established historic building creates a multi-component hospitality asset.

Key Highlights

• 12,844‑square‑foot hotel, restaurant, and bar property
• Built in 1857 and updated with modern amenities
• Guest rooms and suites accommodate up to 6 people

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$32,213

Cap Rate

3.68%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$644,260 $644.3K

Cap Rate 7%

$460,186 $460.2K

Cap Rate 9%

$357,922 $357.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 12,844 SF

Gross rent

$123.3K $9.60/SF

− Vacancy

−$55.5K −$4.32/SF

EGI

$67.8K $5.28/SF

− OpEx

−$35.6K −$2.77/SF

NOI

$32.2K $2.51/SF

Area

Kewaunee County, WI

Vacancy

45.00%

Lease Rate

$9.60 /SF/Yr

Expense Ratio

52.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$644,260

Cap Rate 7%

$460,186

Cap Rate 9%

$357,922

Alternative Uses

Best Use

Specialty Retail

$2.51M

$2.20M – $2.93M (±1% cap)

NOI $175,706 @ 7.0% cap · market cap 20.08%

Second Best

Hotel Hospitality

$460.2K

$402.7K – $536.9K (±1% cap)

NOI $32,213 @ 7.0% cap · market cap 3.68%

Theoretical Best

Office A

$2.99M

$2.62M – $3.49M (±1% cap)

NOI $209,614 @ 7.0% cap · market cap 23.96%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Hotels

Suggested Use

Top Pick Law Firm HVAC Service Electrical Service Dental Office Hair Salon Plumbing Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

311

Businesses Nearby

5k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 68% Home Improvements & Furnishings 32%

Mobil Shops & Services

3,719 visits/mo 0.4 miles

DOOR COUNTY COOP Home Improvements & Furnishings

1,769 visits/mo 0.1 miles

Demographics for 54201, WI

5,281

Population

2,603

Households

2

Avg Household Size

48

Median Age

19%

College-Educated

92%

High-School Grad

75.5 sq mi

ZIP Area

70

Density / Sq Mi

$65,772

Median Household Income

$39,787

Median Earnings

$823

Median Rent

$174,800

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Hotel - Updated lodging property with guest rooms, suites, dining, and bar operations under Commercial Central zoning.

Where is this hotel located?

The property is located at 201 Steele St Algoma, WI.

What is the asking price?

The asking price for this property is $875,000.

What are key features of this property?

This property features: 12,844‑square‑foot hotel, restaurant, and bar property; Built in 1857 and updated with modern amenities; Guest rooms and suites accommodate up to 6 people