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    207 E Pearl St Ishpeming, MI 49849

    Sponsored
    For Sale
    $614,900

    Investment - Ishpeming, MI

    Property size:
    2,790 SF
    Lot size:
    0.12 Acres
    Days on Market:
    3
    Last Refresh:
    Jan 18 at 3:06 pm

    Property Features for 207 E Pearl St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Security features
    Fire Alarm
    Zoning
    Commercial
    APN
    52-51-050-097-00
    Parking features
    Offsite
    Interior features
    2 Phase Power, 220 Volt Power, ADA Accessible, Alley, Cafe/Kitchen, Carpet, Ceramic Floor, Delivery Area, Display Window, Fixtures, Floor Drain, Flr Thickness: 4+ - 6 In., Furniture, No Elevator, No Tank, Off Street Loading, Public Restrooms, Reception Area, Restroom(s), Security Equipment, Sprinkler System, Telephone, Tile Floors, Smoke/Fire Alarm
    Exterior features
    Ada Accessible, Alley
    Accessibility
    Accessible Approach with Ramp, Accessible Elevator Installed
    Size
    2,790 SF
    Lot size
    0.12 Acres

    Utilities

    Utilities
    Phone Available
    Heating system
    Forced Air, Zoned (Heating)
    Cooling system
    Ceiling Fan(s), Central Air, Exhaust Fan (Cooling), Humidity Control

    Building Details

    Year built
    1903
    Flooring type
    Carpet, Tile
    Building materials
    Brick, Stucco
    Roof type
    Rubber, Tile
    Architectural style
    Other

    We can help!

    Listing Contact
    SCOTT SYRJALA
    SCOTT SYRJALA

    COLDWELL BANKER SCHMIDT REALTORS (906) 225-5992

    Listing agent SCOTT SYRJALA (906) 225-5992 License #6501436518

    Listing date Jan 16, 2026

    MLS# 50150945 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Established Restaurant in Downtown Ishpeming

    Mama Mias, a long-established Italian dining restaurant, is located in downtown Ishpeming. The restaurant is known for its authentic Italian recipes and attracts families during the summer tourist season and snowmobilers in the winter. This is a turn-key operation for sale, including the real property (building and lot), the business itself with inventory and supplies, a POS system, and a Class C Liquor License. The property size is 2790 square feet and the lot size is 0.12 acres. The intended use of the property is for restaurant and retail purposes. The zoning is commercial. Mama Mias is an operating business.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mama Mia's Italian ... Italian Restaurant

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Ishpeming
    County
    Marquette
    State
    Michigan
    Longitude
    -87.667344743551
    Latitude
    46.489393653187

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    FAQs

    What type of property is this?
    Turn key restaurant - Turn-key Italian restaurant with real property, business, and liquor license.
    Where is this turn key restaurant located?
    The property is located at 207 E Pearl St Ishpeming, MI.
    What is the asking price?
    The asking price for this property is $614,900.
    What are key features of this property?
    This property features: - Turn-key, established Italian restaurant business for sale including real property, business assets, inventory, POS system, and Class C Liquor License.; - Long-standing reputation for authentic Italian recipes, attracting a wide customer base year-round.; - Prime downtown Ishpeming location.
    (906) 361-1858
    Request Owner's contact information
    207 E Pearl St Ishpeming, MI 49849
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    Ishpeming, MI 49849
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    207 E Pearl St Ishpeming, MI 49849
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    Listing Contact
    SCOTT SYRJALA
    SCOTT SYRJALA
    Real Estate License ID: 6501436518
    (906) 361-1858
    Learn more
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