Here's the interesting thing about translators like this one: unlike any other class of FM signal, they don't have to be derated when they exceed a certain height.
And here's the interesting thing about FM in general: height matters almost as much as power does.
So, yes, the CP is for 200 watts - but 200 watts at 1000 feet high above Shorewood. Which, if you do the math, is what a 3 kW-equivalent class A signal would be able to run from that same height. It will be a metro signal, and then some. (Bonus: where's the nearest 101.7 signal to cause any interference? You have to go across the lake to Muskegon or way down to Dixon, Illinois to find any other 101.7 that could cause interference, which means the fringes of this translator will be much cleaner than your typical translator signal. It's a really good channel.)
Disclaimer: yes, I'm the broker handling this sale for Mike. But I wouldn't have listed it at this price if I couldn't support the valuation based on population count, comparable sales elsewhere and the underlying asset value of the AM site and equipment.