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    Elk Rapids, MI
    Conventional Restaurant

    Elk Rapids, MI Conventional Restaurants for Sale

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    Remodeled Restaurant Building in Elk Rapids
    Updated: Mar 5
    Remodeled Restaurant Building in Elk Rapids

    151 River Street, Elk Rapids, MI 49629

    $1,174,000
    5,580 sqft 0.18 AC lot
    Prime 5,580 SF single‑tenant restaurant building in Downtown Elk Rapids.
    Recently remodeled with high‑end commercial kitchen and quality interior finishes.
    Welcoming outdoor patio area with seating for about 40.
    Located on River Street, offering excellent visibility and foot traffic.
    Turn‑key restaurant property with efficient back‑of‑house design.
    View details

    This listing looks promising.

    Here's a quick look at some key insights for

    151 River Street Elk Rapids, MI 49629

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    • Est. Cap Rate

      5.3%
      NOI ÷ price

    • Est. NOI

      $62K
      Annual

    • Price @ 7% Cap

      $887K
      Suggested

    • Last Sold

      Dec 2021
      $700K
    View Property Analytics
    Turn-Key Restaurant with Patio
    Updated: Oct 22, 2025
    Turn-Key Restaurant with Patio

    151 River Street Unit SourceFi, Elk Rapids, MI 49629

    Contact for pricing
    5,580 sqft
    5,580 SF single‑tenant restaurant space in Downtown Elk Rapids
    Recently remodeled interior with central air and an on‑site commercial kitchen
    Indoor layout accommodates ~100+ guests with dining room and bar seating
    Outdoor patio seating for about 40, located out front along River Street
    FF&E and liquor license available and may be negotiated separately
    View details
    Based on your search, we've compiled 6 Potential Opportunities for your consideration. Besides 2 Active listings in Elk Rapids, MI, we suggest exploring several alternatives: 4 properties in Nearby Cities

    Opportunities in Nearby Cities

    Here are 4 Similar properties we found in Nearby Locations for your consideration.

    Historic Hotel and Restaurant Inn
    Historic Hotel and Restaurant Inn

    18599 Mission Road, Traverse City, MI 49686

    $4,260,000
    5,644 sqft 10.86 AC lot

    Historic Victorian inn with 13 guest rooms, a commercial kitchen, dining areas, and a public-facing cafe.

    View details
    Remodeled Retail Storefront with Parking
    Remodeled Retail Storefront with Parking

    Bellaire, MI 49615

    $245,000
    1,400 sqft 0.23 AC lot

    Remodeled, handicap-accessible retail storefront with natural light, tile flooring, two bathrooms, and on-site storage shed.

    View details
    Victorian Hotel with Lake Michigan Views
    Victorian Hotel with Lake Michigan Views

    18599 Mission Road, Traverse City, MI 49686

    $4,260,000
    10.00 AC lot

    Historic Victorian hotel on about 10 acres with 13 guest rooms, commercial kitchen, and a cafe open to the public.

    View details
    Restaurant and Vacation Rental Building
    Restaurant and Vacation Rental Building

    213 N Bridge Street, Bellaire, MI 49615

    Contact for pricing

    Four vacation rentals operate under 30-day leases alongside a 5,000 sf restaurant space with fixtures and a long-term tenant.

    View details

    Elk Rapids, MI Conventional Restaurants Market Trends and Statistics

    Explore 2 conventional restaurants for sale in Elk Rapids, MI on our real estate platform. These investment opportunities span a total of 11,160 square feet of properties for sale, with an estimated market value of $1,174,000.

    Sale prices for conventional restaurants in Elk Rapids, MI average $1,174,000 — offering options for a variety of budgets and business needs. Daily updated analytics ensure you stay ahead with the latest data and market trends.

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    Top Commercial Asset Segments

    Commercial property segments ranked by active listings on the market

    Conventional restaurants 3

    Demographics Overview

    Population 2,037
    Population Growth (5Y) +0.1%
    Median Household Income $74,318
    College Educated 62.2%

    High-Yield Neighborhoods for Investment

    Identify Elk Rapids submarkets with the highest inventory density on the market and evaluate the average listing prices of real estate assets

    Neighborhood Average Price
    49629 $1.2M

    Taxes & Financing

    Tax Rate (average for all types) 1.89%
    Property Tax per SF $21.92 per SF
    Tax Rate vs County Average 0.43 pp below county avg
    Average Loan-to-Value 65.0%

    Listings Trend

    New vs delisted commercial listings in Antrim County

    New Delisted

    Total CRE Inventory on Market (SF)

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