Building Details

Year built 1962

Listing Agency: GREAT LAKES & LAND OF MARQUETTE, INC. t***@greatlakesandland.com Show Phone

Listed By: DONALD WEAVER · License #6501451415 Show Phone

Added: Aug 20 Changed: Sep 7 Last Checked: Oct 6 at 8:06AM

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MLS# 50219203

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 3,908-square-foot motel occupies 3.43 acres along US 41 and contains 10 guest rooms plus a caretaker’s residence with an adjoining office. The two-bedroom, one-bath residence includes a 1/2 basement. An on-site office incorporates a continental breakfast area with seating and a small gift shop. Guest rooms feature updated insulation, drywall, flooring, furniture, shower surrounds, 42-inch TVs, microwaves, and mini refrigerators.

Property improvements include energy-efficient double-pane vinyl windows, two hot water heaters, rear-wall insulation, and new siding. A detached garage, pole building, workshop, and shed provide storage for vehicles and maintenance equipment. The circular front drive accommodates cars, large vehicles, campers, trailers, and boats, while the backyard includes a fire pit.

The motel is in the Three Lakes area near George, Beaufort, Michigamme, and Ruth lakes, each within 5 miles. State parks, trail systems, waterfall viewing areas, and direct access to Trail #8 are also part of the surrounding recreational setting.

Key Highlights

• 10 guest rooms plus a two‑bedroom, one‑bath caretaker’s residence with adjoining office
• 3.43‑acre motel property with 3,908 square feet of building area
• Located on US 41 in the Three Lakes area of Michigan’s Upper Peninsula

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$20,883

Cap Rate

3.81%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$417,660 $417.7K

Cap Rate 7%

$298,329 $298.3K

Cap Rate 9%

$232,033 $232.0K

Market Conditions

NOI Build-Up for 3,908 SF

Gross rent

$58.6K $15.00/SF

− Vacancy

−$14.7K −$3.75/SF

EGI

$44.0K $11.25/SF

− OpEx

−$23.1K −$5.91/SF

NOI

$20.9K $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%

$417,660

Cap Rate 7%

$298,329

Cap Rate 9%

$232,033

Alternative Uses

Best Use

Hotel Hospitality

$298.3K

$261.0K – $348.1K (±1% cap)

NOI $20,883 @ 7.0% cap · market cap 3.81%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.15M

$1.01M – $1.34M (±1% cap)

NOI $80,567 @ 7.0% cap · market cap 14.70%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Motels

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

13

Businesses Nearby

Well-served

Demand for This Use

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

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this motels 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

Lakefront Resort With Manager Residence

27672 US 41 Highway, Michigamme, MI 49861

$425,000

4,658 SF

View details

Similar Off Market Nearby

• Bear Paw Inn — 27672 US-41, Michigamme, MI 49861
• Ruth Lake Resort Upper Michigan — 27757 US-41, Michigamme, MI 49861
• Lake Ruth Resort Motel & Cabins — 27757 US-41, Michigamme, MI 49861
• Three Lakes Motel — 27837 US-41, Michigamme, MI 49861

Frequently Asked Questions

What type of property is this?

Motel - Commercially zoned lodging property with updated guest rooms, an attached caretaker residence, and multiple accessory storage buildings.

Where is this motel located?

The property is located at 27837 US 41 Highway Michigamme, MI.

What is the asking price?

The asking price for this property is $548,000.

What are key features of this property?

This property features: 10 guest rooms plus a two‑bedroom, one‑bath caretaker’s residence with adjoining office; 3.43‑acre motel property with 3,908 square feet of building area; Located on US 41 in the Three Lakes area of Michigan’s Upper Peninsula