Restaurant with Commercial
For Sale
$135,000
113 E Michigan Avenue, Marshall, MI 49068
Commercial Sale, Marshall, MI
Property Size1,680 SF
Lot Size0.04 Acres
Price / SF$80.36
Days on Market72
Property Features for 113 E Michigan Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
B-3 CEN
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Basement
Interior features
Broadband
Elementary school district
Marshall
Middle school district
Marshall
High school district
Marshall
Standard status
Active
APN
51-000-408-00
Size
1,680 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MARSHALL CITY, UPPER VILLAGE W 22 FT OF S 88 FT OF LOT 12; 1STY & B SPLIT/COMBINED ON 05/09/2012 FROM 53-001-012-00
Tax Annual Amount
3380
Legal Description
MARSHALL CITY, UPPER VILLAGE W 22 FT OF S 88 FT OF LOT 12; 1STY & B SPLIT/COMBINED ON 05/09/2012 FROM 53-001-012-00
Utilities
Utilities
Phone Available
Heating system
Forced Air
Cooling system
Wall Unit(s)
Amenities
massive storage
private office
Building Details
Year built
1930
Floors in Building
1
Number of units
1
Building materials
Brick, Stone
Listing Agency:
Real Estate One Rosemary Davis
(269) 781-9847
Listed By:
Max Brundage · License #6501389748
(269) 967-9816
Added: Jul 15
Changed: Sep 16
Last Checked: Sep 24 at 1:06AM
MLS# 26036063
Copyright © 2026 Michigan Regional Information Center, LLC. 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 restaurant property comprises the first floor and basement of a three-story brick and stone building, with the upper levels separately owned. The 1,680-square-foot premises include two bathrooms, a commercial kitchen setup, and basement space extending across the building footprint. Included equipment consists of commercial ovens, refrigerators, freezers, a cooler, Hobart dough equipment, a meat slicer, ice makers, stainless steel preparation counters, and storage racks.
The basement provides substantial storage along with a private office. Building systems include forced-air heating, wall-unit cooling, and existing plumbing and electrical mechanicals described as being in great condition. The parcel measures 0.04 acres and was built in 1930.
The basement provides substantial storage along with a private office. Building systems include forced-air heating, wall-unit cooling, and existing plumbing and electrical mechanicals described as being in great condition. The parcel measures 0.04 acres and was built in 1930.
Key Highlights
- 1,680 SF restaurant premises spanning the first floor and basement
- 0.04‑acre parcel in a 1930‑built brick and stone building
- Commercial ovens, refrigerators, freezers, cooler, ice makers, and prep equipment included
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
$10,390
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
7.70%
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%
$207,800
$207.8K
Cap Rate 7%
$148,429
$148.4K
Cap Rate 9%
$115,444
$115.4K
Market Conditions
NOI Build-Up for 1,680 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
$15.9K $9.48/SF
− Vacancy
−$1.1K −$0.64/SF
EGI
$14.8K $8.84/SF
− OpEx
−$4.5K −$2.65/SF
NOI
$10.4K $6.18/SF
Area
Calhoun County, MI
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
30.00%
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%
$207,800
Cap Rate 7%
$148,429
Cap Rate 9%
$115,444
Alternative Uses
Best Use
Specialty Retail
$266.9K
$233.6K – $311.4K
NOI $18,686 @ 7.0% cap · market cap 13.84%
Second Best
Retail
$249.1K
$218.0K – $290.7K
NOI $17,440 @ 7.0% cap · market cap 12.92%
Theoretical Best
Healthcare Medical
$19.93M
$17.44M – $23.25M
NOI $1,395,013 @ 7.0% cap · market cap 1,033.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
752
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49068, MI
14,325
Population
6,901
Households
2.1
Avg Household Size
45
Median Age
36%
College-Educated
96%
High-School Grad
129.9 sq mi
ZIP Area
110
Density / Sq Mi
$78,476
Median Household Income
$47,198
Median Earnings
$904
Median Rent
$196,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant premises with professional food-service equipment, basement storage, and a private office.
Where is this conventional restaurant located?
The property is located at 113 E Michigan Avenue Marshall, MI.
What is the asking price?
The asking price for this property is $135,000.
What are key features of this property?
This property features: 1,680 SF restaurant premises spanning the first floor and basement; 0.04‑acre parcel in a 1930‑built brick and stone building; Commercial ovens, refrigerators, freezers, cooler, ice makers, and prep equipment included
