Listing Agency: Great Lakes & Land Real Estate

Listed By: Timothy Keohane Show Phone

Added: Nov 14, 2025 Changed: Oct 6 Last Checked: Oct 6 at 1:06PM

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MLS# 11628058

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Investment Insights

Based on property information with market context.

This resort property occupies 1.38 acres and includes 4,658 square feet of improvements. The lodging component offers 10 bedrooms and 10 bathrooms, with a lodge area of more than 3,100 square feet featuring pine finishes, remodeled baths, LED televisions, refrigerators, air-conditioning units, and updated guest furnishings. A separate two-bedroom, two-bath manager’s residence includes a full kitchen, dining room, and office.

The property has 350 feet of lake frontage between Ruth Lake and George Lake, along with a private dock and four outbuildings. On-site recreational equipment includes a fishing boat, kayaks, canoes, and life jackets. The address is on US 41 Highway in Michigamme, within Michigan’s Upper Peninsula.

Key Highlights

• 350 feet of frontage between Ruth Lake and George Lake
• 4,658‑square‑foot resort property on 1.38 acres
• 10‑bedroom, 10‑bath lodging operation

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$24,891

Cap Rate

5.86%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$497,820 $497.8K

Cap Rate 7%

$355,586 $355.6K

Cap Rate 9%

$276,567 $276.6K

Market Conditions

NOI Build-Up for 4,658 SF

Gross rent

$69.9K $15.00/SF

− Vacancy

−$17.5K −$3.75/SF

EGI

$52.4K $11.25/SF

− OpEx

−$27.5K −$5.91/SF

NOI

$24.9K $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 Rate 5%

$497,820

Cap Rate 7%

$355,586

Cap Rate 9%

$276,567

Alternative Uses

Best Use

Hotel Hospitality

$355.6K

$311.1K – $414.9K (±1% cap)

NOI $24,891 @ 7.0% cap · market cap 5.86%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.37M

$1.20M – $1.60M (±1% cap)

NOI $96,029 @ 7.0% cap · market cap 22.60%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Resorts

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

16

Businesses Nearby

Explore this area Business Placement

Demographics for 49861, MI

565

Population

634

Households

0.9

Avg Household Size

60

Median Age

30%

College-Educated

96%

High-School Grad

183.9 sq mi

ZIP Area

3

Density / Sq Mi

$66,806

Median Household Income

$38,542

Median Earnings

$229,200

Median Home Value

Questions? Ask Rey

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What type of property is this? Where is this resorts located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Lakeside Resort with Manager Residence

27672 US 41 Highway, Michigamme, MI 49861

$425,000

4,658 SF

View details

10-Room Motel With Residence

27837 US 41 Highway, Michigamme, MI 49861

$548,000

3,908 SF

View details

Frequently Asked Questions

What type of property is this?

Resort - Established hospitality property with guest accommodations, a private dock, and a separate residence for on-site management.

Where is this resort located?

The property is located at 27672 US 41 Highway 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: 350 feet of frontage between Ruth Lake and George Lake; 4,658‑square‑foot resort property on 1.38 acres; 10‑bedroom, 10‑bath lodging operation