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For sale
Conventional restaurants
MI
Rapid River
49878
10468 S Main Street

Historic Restaurant with Full Bar

10468 S Main Street Rapid River, MI 49878

10468 S Main Street, Rapid River, MI, 49878

$299,900

For Sale

$299,900

COMMERCIAL - Rapid River, MI

Property Size3,938 SF

Lot Size0.26 Acres

Price / SF$76.16

AddedApr 22

Days on Market86

Last RefreshJul 16 at 6:06 am

Property Features for 10468 S Main Street

General Information

Property type: Commercial Sale
Property subtype: Other
Zoning: Mixed Use,Commercial
Standard status: Active
Size: 3,938 SF
Lot size: 0.26 Acres

Taxes and HOA fees

Tax Year: 2024
Tax Annual Amount: 2483

Utilities

Heating system: Oil
Water source: Private

Building Details

Year built: 1890
Roof type: Asphalt

Listing agent SARA ANDERSON License #6501221905

Listing office GROVER REAL ESTATE 771 E Lakeshore Drive, Manistique, MI

Listing date Apr 22, 2026

MLS# 50205060

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.

Investment Insights

Based on property information with market context.

This historic restaurant property at 10468 S Main Street in Rapid River offers a full bar, dining area, kitchen, and public bathrooms. The building operates as a long-running hospitality business and is presented with included fixtures and equipment such as tables, stools, and chairs (liquor excluded), along with owner assistance for transition.

The current setup includes a Class C Liquor license and a Michigan Lottery Retailer license. There are apartments upstairs that could be remodeled for on-site living or additional income.

Zoned Mixed Use, Commercial, the offering is available for sale with a land contract option for qualified buyers.

Key Highlights

Established Business with Over 100 Years of Operation: An iconic business in the heart of Rapid River.
Turn‑Key Operation: Includes a full bar, dining area, kitchen, public bathrooms, stock, tables, and chairs (excluding liquor).
Favorable Reputation: Known for "Best Fish Fry in the U.P." and a one‑of‑a‑kind salad bar.

Local Financial Insights For Hotel Hospitality

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$70.9k	$18.00
− Vacancy	−$39.0k	−$9.90
EGI	$31.9k	$8.10
− OpEx	−$16.7k	−$4.25
NOI	$15.2k	$3.85

3,938 SF · lease $18.00/SF/yr · vacancy 55.00% · expense 52.50%

Alternative Uses

Best Use

Specialty Retail

$739.7K

$647.3K – $863.0K (±1% cap)

NOI $51,781 @ 7.0% cap · market cap 17.27%

Second Best

Hotel Hospitality

$216.4K

$189.4K – $252.5K (±1% cap)

NOI $15,151 @ 7.0% cap · market cap 5.05%

Theoretical Best

Office A

$770.9K

$674.5K – $899.4K (±1% cap)

NOI $53,963 @ 7.0% cap · market cap 17.99%

Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

Swallow Inn Bar & Pub

For sale
Conventional restaurants
MI
Rapid River
49878
10468 S Main Street

What type of property is this?

Conventional restaurant - Restaurant building includes dining area, kitchen, public bathrooms, and a full bar, plus Class C liquor licensing.

Where is this conventional restaurant located?

The property is located at 10468 S Main Street Rapid River, MI.

What is the asking price?

The asking price for this property is $299,900.

What are key features of this property?

This property features: Established Business with Over 100 Years of Operation: An iconic business in the heart of Rapid River.; Turn‑Key Operation: Includes a full bar, dining area, kitchen, public bathrooms, stock, tables, and chairs (excluding liquor).; Favorable Reputation: Known for "Best Fish Fry in the U.P." and a one‑of‑a‑kind salad bar.