Gogebic Lodge & Marine N9600 M64 9 Room Hotel Marenisco, MI 49947 $2,143,000 ($238,111/Room) 11% Cap Rate
INVESTMENT HIGHLIGHTS
- 11% cap rate: Profitable year-round resort and marine business on 8.36 acres of land
- Well-known restaurant and lounge onsite with banquet/meeting facilities accommodating up to 250 people
- The sale also includes a marine and storage business. Additionally available, but not included in the sale price, are 35 acres of development land
- Variety of lodging accommodations and amenities nestled in the heart of the natural beauty of the Upper Peninsula of Michigan
- Two protected harbors and a full-service marina with gas and boat rentals, featuring 1,180 feet of shoreline along Lake Gogebic
- Located on Lake Gogebic, recognized as a major fishery with over 38 miles of beautiful shoreline
EXECUTIVE SUMMARY
SVN | Northco is pleased to present the listing of Gogebic Lodge & Marine ("Property") a full-service resort that offers multiple revenue streams located in Marenisco, MI on Lake Gogebic. The Property has two protected harbors and a full-service marina with gas. Boat rentals are available at Gogebic Lodge for all guests. From one-bedroom cottages to three-bedroom chalets as well as a campground area with hookups for motor homes, campers, and tents, Gogebic Lodge can accommodate groups or families of any size. A full-service restaurant and lounge are also onsite with a banquet/meeting facility equipped to accommodate up to 250 people. The Property is open year-round and offers several amenities including a new screened-in outdoor pavilion with a grill, central AC in the main lodge and cabins, a sauna, access to snowmobile trails, and much more. There is also a profitable marine and storage business included in the sale. Additionally available, but not included in the sale price, are 35 acres of development land.
PROPERTY FACTS
| Price | $2,143,000 |
| Price Per Room | $238,111 |
| Sale Type | Investment |
| Cap Rate | 11% |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 8.36 AC |
| Building Size | 8,364 SF |
| No. Rooms | 9 |
| No. Stories | 2 |
| Year Built | 1983 |
| Parking Ratio | 4.3/1,000 SF |
| Corridor | Exterior |
AMENITIES
- Restaurant
- High Speed Internet Access
- Patio
- On-Site Bar
- Marina
- Meeting Event Space
- Public Access Wifi
- Smoke-Free
- Fully-Equipped Kitchen
- Multi-Room Suites
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Suite | 9 | $200.00 | - |
1 of 1
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $29,208 | |
| Land Assessment | $693,795 | Total Assessment | $723,003 |
