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Wilderness Resort with Lodge & Cabins

255 Gratiot Street Copper Harbor, MI 49918

255 Gratiot Street, Copper Harbor, MI, 49918

$1,750,000

For Sale

$1,750,000

COMMERCIAL - Copper Harbor, MI

Property Size20,224 SF

Lot Size1.65 Acres

Price / SF$86.53

AddedJul 7

Days on Market8

Last RefreshJul 14 at 11:06 pm

Property Features for 255 Gratiot Street

General Information

Property type: Commercial Sale
Property subtype: Other
Standard status: Active
Size: 20,224 SF
Lot size: 1.65 Acres

Taxes and HOA fees

Tax Year: 2017

Utilities

Heating system: Hot Water(Heating)
Water source: Well

Building Details

Year built: 1994

Listing agent PETER SEIFERT License #9677094

Listing office FIRST WEBER, INC 101 E Mary Street, Bessemer, MI

Listing date Jul 7, 2026

MLS# 50214298

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 resort property features a modern timber and wood lodge as the hospitality center, with the main lodge built in 1994. The lodge includes a restaurant and bar with seating for 150 guests, plus a loft dining area off the main dining room. There is also an additional dining room with its own loft that can accommodate approximately another 100 guests, supported by a full kitchen. Lodging totals 18 units built in 1997 and 2001 with 46 beds, including five two-story 2-bedroom cabins with spacious living, a four-unit log motel, and a nine-unit motel. The property size is 20,224 square feet on 1.65 acres.

Located in Copper Harbor in Keweenaw County, the property is described as offering Lake Superior views. The business is currently set up and operating, with the current owners since 1977.

Key Highlights

Main lodge built in 1994 with a restaurant and bar seating for 150 guests
Additional dining room with its own loft can accommodate approximately another 100 guests
Full kitchen included

Local Financial Insights For Hotel Hospitality

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$303.4k	$15.00
− Vacancy	−$112.2k	−$5.55
EGI	$191.1k	$9.45
− OpEx	−$100.3k	−$4.96
NOI	$90.8k	$4.49

20,224 SF · lease $15.00/SF/yr · vacancy 37.00% · expense 52.50%

Alternative Uses

Best Use

Hotel Hospitality

$1.30M

$1.13M – $1.51M (±1% cap)

NOI $90,780 @ 7.0% cap · market cap 5.19%

Second Best

—

no second resolved use

Theoretical Best

Multifamily LT 5

$15.20M

$13.30M – $17.74M (±1% cap)

NOI $1,064,261 @ 7.0% cap · market cap 60.81%

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

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Resorts

Suggested Use

For sale
Resorts
MI
Copper Harbor
49918
255 Gratiot Street

What type of property is this?

Resort - Timber lodge with restaurant/bar and lodging units, including cabins and motel rooms, on 1.65 acres.

Where is this resort located?

The property is located at 255 Gratiot Street Copper Harbor, MI.

What is the asking price?

The asking price for this property is $1,750,000.

What are key features of this property?

This property features: Main lodge built in 1994 with a restaurant and bar seating for 150 guests; Additional dining room with its own loft can accommodate approximately another 100 guests; Full kitchen included