Lakefront Mixed-Use
For Sale
$2,000,000
E 40+/- Acres US 41 Highway, Michigamme, MI 49861
COM/IND/BUS OPP, Michigamme, MI
Property Size21,043 SF
Lot Size40.00 Acres
Price / SF$95.04
Days on Market46
Property Features for E 40+/- Acres US 41 Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial,Residential
Zoning description
Commercial, Residential
Patio and Porch features
Patio
Exterior features
Deck/Patio, Wheelchair Access
Accessibility
Accessible Approach with Ramp
Lot features
Rural, Utilities Above Ground
Subdivision
Michigamme Twp (52018)
Standard status
Active
Size
21,043 SF
Lot size
40.00 Acres
Utilities
Heating system
Forced Air, Other (Heating)
Cooling system
Ceiling Fan(s)
Water source
Private
Water front features
Waterfront, Lake Front, Lake
Water front
1
Amenities
large gathering and dining hall
two-story art building
log chapel
commercial kitchen
fire suppression system
loading dock
large deck
RV hookups
hiking paths
lake frontage
parking areas
Building Details
Year built
1922
Additional Structures
Boat House
Buildings
24
Listing Agency:
RE/MAX 1ST REALTY · RE/MAX International
(906) 225-1136
Listed By:
TERRY HUFFMAN
(906) 360-2505
Added: Sep 14
Changed: Oct 27
Last Checked: Oct 29 at 12:06AM
MLS# 50221844
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.
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Investment Insights
Based on property information with market context.
Set across 40 acres, this mixed-use property contains approximately 24 buildings totaling 21,043 square feet. Improvements include a large dining and assembly hall, a two-story art building, a log chapel, cabins, two restroom buildings, a garage, a shed, and a canteen. The main hall has a state-approved commercial kitchen, offices, restrooms, a fireplace, a loading dock, and a deck overlooking the lake. Cabin layouts vary, with some offering porches or decks, ramp access, and private bathrooms or showers.
Lake frontage, wooded grounds, internal roads, and several parking areas are part of the property. Hiking paths connect the grounds with Lake Michigamme, and camper and RV hookups are available in one area. Year-round access is provided directly from US-41. The property is zoned commercial and residential, with forced-air and other heating systems and private water service.
Lake frontage, wooded grounds, internal roads, and several parking areas are part of the property. Hiking paths connect the grounds with Lake Michigamme, and camper and RV hookups are available in one area. Year-round access is provided directly from US-41. The property is zoned commercial and residential, with forced-air and other heating systems and private water service.
Key Highlights
- 40 acres with approximately 24 buildings
- 21,043 square feet of building area
- Lake frontage and paths connecting the grounds with Lake Michigamme
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$138,884
Cap Rate
6.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,777,680
$2.8M
Cap Rate 7%
$1,984,057
$2.0M
Cap Rate 9%
$1,543,156
$1.5M
Market Conditions
NOI Build-Up for 21,043 SF
Gross rent
$252.5K $12.00/SF
− Vacancy
−$30.3K −$1.44/SF
EGI
$222.2K $10.56/SF
− OpEx
−$83.3K −$3.96/SF
NOI
$138.9K $6.60/SF
Area
Marquette County, MI
Vacancy
12.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,777,680
Cap Rate 7%
$1,984,057
Cap Rate 9%
$1,543,156
Alternative Uses
Best Use
Mixed Use
$1.98M
$1.74M – $2.31M
NOI $138,884 @ 7.0% cap · market cap 6.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.20M
$5.42M – $7.23M
NOI $433,822 @ 7.0% cap · market cap 21.69%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Yes
Sprinkler system
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5
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
Frequently Asked Questions
What type of property is this?
Mixed-use property - A multi-building property with cabins, a commercial kitchen, established internal roads, and camper hookups.
Where is this mixed-use property located?
The property is located at E 40+/- Acres US 41 Highway Michigamme, MI.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 40 acres with approximately 24 buildings; 21,043 square feet of building area; Lake frontage and paths connecting the grounds with Lake Michigamme
