201 Steele StAlgoma, WI 54201

Property Details for 201 Steele St

Year built

1905

Construction

FRAME

Property size (Sq ft)

8,316 SF

Property type

Hotels

APN

201-00330-0820

APU

201003300820

Description

This exceptional commercial property at 201 Steele Street in Algoma, Wisconsin presents a unique investment opportunity. The property, a thoughtfully renovated historic hotel, restaurant, and bar, boasts a total of 12,844 square feet situated on a 0.21-acre lot. Originally constructed in 1857 with the majority of the current structure dating back to 1905, this building offers a blend of historical charm and modern conveniences. The hotel features beautifully appointed rooms and suites, with a notable four-bedroom, two-bathroom suite on the third floor providing stunning waterfront views. Its prime location, just two blocks from Lake Michigan and Crescent Beach, provides unparalleled access to the waterfront boardwalk, beach, and the vibrant local scene, including a winery, brewery, art studios, and boutique shops. The nearby Door County region, known as the "Cape Cod of the Midwest," further enhances the property's appeal and potential for tourism. The property's bar and restaurant inventory is not included in the asking price of $875,000 but can be purchased separately via a Bill of Sale. All furnishings within the hotel rooms and suites are included in the sale. The seller is offering a 30-day transition assistance period to ensure a smooth transfer of ownership. Detailed financial information is available upon request and with a formal offer. This property is ideal for both short-term and long-term rental operations.

• CAP approach

  CAP return

  Valuation

  6%

  $1,725,170

  6.5%

  $1,592,465

  7%

  $1,478,717

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,984,027

  Geo Method

  $2,545,424

• Alternative Use

  Use

  Valuation

  Residential

  $1,738,509

  Hospitality

  $1,592,465

  Educational

  $1,324,912

  Medical

  $1,370,478

  Retail

  $2,060,974

Location Insight

City

Algoma

County

Kewaunee

State

Wisconsin

Latitude

44.6091

Longitude

-87.4366

CBSA code

24580

CBSA name

GREEN BAY, WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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