Building Details

Building materials Frame

Roof type Tar/Gravel

Listing Agency: Pat O'Brien & Associates Show Phone

Listed By: Mark Snyder Show Phone

Added: Nov 21, 2025 Changed: Sep 5 Last Checked: Sep 13 at 5:06PM

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MLS# 1940731

Copyright © 2026 Northern Great Lakes Realtors MLS. 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 1,629-square-foot restaurant property at 110 S Lake Street includes the real estate, an operating bakery and creperie business, the associated business domain, and a fully equipped commercial kitchen. The operation features artisan coffees, baked goods, French pastries, and made-to-order buckwheat crepes. The building includes a bathroom and combines wood and brick exterior materials over frame construction, with a tar-and-gravel roof.

The property occupies 0.25 acres in Boyne City, Michigan, within Charlevoix County and postal code 49712. The offering combines an existing food-service operation with its physical premises and kitchen infrastructure.

Key Highlights

• 1,629‑square‑foot restaurant property
• 0.25‑acre site at 110 S Lake Street, Boyne City, MI 49712
• Sale includes the real estate, operating bakery and creperie business, and business domain

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$19,528

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

2.81%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$390,560 $390.6K

Cap Rate 7%

$278,971 $279.0K

Cap Rate 9%

$216,978 $217.0K

Market Conditions

NOI Build-Up for 1,629 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$27.8K $17.04/SF

− Vacancy

−$1.7K −$1.06/SF

EGI

$26.0K $15.98/SF

− OpEx

−$6.5K −$4.00/SF

NOI

$19.5K $11.99/SF

Area

Charlevoix County, MI

Vacancy

6.20%

Lease Rate

$17.04 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$390,560

Cap Rate 7%

$278,971

Cap Rate 9%

$216,978

Alternative Uses

Best Use

Specialty Retail

$279.0K

$244.1K – $325.5K (±1% cap)

NOI $19,528 @ 7.0% cap · market cap 2.81%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$329.7K

$288.5K – $384.7K (±1% cap)

NOI $23,082 @ 7.0% cap · market cap 3.32%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Gildas' Lake Street ... Bakery

Suggested Use

Top Pick HVAC Service Pharmacy Big Box & Wholesale Store Bakery Law Firm Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

431

Businesses Nearby

36k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Groceries 58% Shops & Services 30% Dining 6% Home Improvements & Furnishings 5%

Family Fare Groceries

21,229 visits/mo 0.4 miles

Dollar General Shops & Services

6,444 visits/mo 0.4 miles

Marathon Shops & Services

3,107 visits/mo 0.1 miles

Boyne Co-Op True Value Home Improvements & Furnishings

1,955 visits/mo 0.1 miles

SUBWAY Dining

1,620 visits/mo 0.1 miles

Demographics for 49712, MI

8,113

Population

5,075

Households

1.6

Avg Household Size

48

Median Age

36%

College-Educated

96%

High-School Grad

72.9 sq mi

ZIP Area

111

Density / Sq Mi

$74,202

Median Household Income

$40,208

Median Earnings

$955

Median Rent

$252,400

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this conventional restaurants located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Mixed-Use Building with Office Suites

5 W Main Street, Boyne City, MI 49712

$1,499,000

10,560 SF

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Gildas' Lake Street Bakery ForSale

110 S Lake St, Boyne City, MI 49712

$695,000

1,629 SF

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - Established food-service property with an equipped commercial kitchen and an operating bakery and creperie business.

Where is this conventional restaurant located?

The property is located at 110 S Lake Street Boyne City, MI.

What is the asking price?

The asking price for this property is $695,000.

What are key features of this property?

This property features: 1,629‑square‑foot restaurant property; 0.25‑acre site at 110 S Lake Street, Boyne City, MI 49712; Sale includes the real estate, operating bakery and creperie business, and business domain