Restaurant Diner
For Sale
$125,000
4514 Lake Street, Bridgman, MI 49106
COMMERCIAL - Bridgman, MI
Property Size763 SF
Price / SF$163.83
Days on Market63
Property Features for 4514 Lake Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Elementary school district
Bridgman
Middle school district
Bridgman
High school district
Bridgman
Standard status
Active
APN
11565000000100
Size
763 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Unit 1 Monogram Condominium
Legal Description
Unit 1 Monogram Condominium
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Wall Unit(s), Central Air
Building Details
Year built
1988
Floors in Building
1
Number of units
1
Building materials
Block, Brick
Listing Agency:
Wright Properties
(269) 369-4640
Listed By:
Kerry M Wright · License #6506043362
(269) 369-4640
Added: Jun 10
Changed: Aug 4
Last Checked: Aug 11 at 11:06PM
MLS# 26028357
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 for-sale restaurant/diner space totals 763 square feet and is currently operated as a breakfast and diner-style food service concept. The unit is one of three separate units in the building.
The property is located at 4514 Lake Street in Bridgman, Michigan (Berrien County). The available space is part of a multi-unit structure, with an option to purchase the entire building separately.
For prospective owners or operators, this unit offers a defined, self-contained opportunity to own an operating restaurant/diner space. Because it sits within a three-unit building, it may also appeal to buyers looking to own a smaller footprint while retaining the ability to expand through the separate purchase of the full building, as offered in the related MLS listing.
The property is located at 4514 Lake Street in Bridgman, Michigan (Berrien County). The available space is part of a multi-unit structure, with an option to purchase the entire building separately.
For prospective owners or operators, this unit offers a defined, self-contained opportunity to own an operating restaurant/diner space. Because it sits within a three-unit building, it may also appeal to buyers looking to own a smaller footprint while retaining the ability to expand through the separate purchase of the full building, as offered in the related MLS listing.
Key Highlights
- 763 SF commercial unit currently used as a restaurant/diner
- Unit is one of three in the building
- Construction materials include block and brick
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
$8,486
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
6.79%
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%
$169,720
$169.7K
Cap Rate 7%
$121,229
$121.2K
Cap Rate 9%
$94,289
$94.3K
Market Conditions
NOI Build-Up for 763 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
$11.8K $15.48/SF
− Vacancy
−$496 −$0.65/SF
EGI
$11.3K $14.83/SF
− OpEx
−$2.8K −$3.71/SF
NOI
$8.5K $11.12/SF
Area
Berrien County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$169,720
Cap Rate 7%
$121,229
Cap Rate 9%
$94,289
Alternative Uses
Best Use
Specialty Retail
$121.2K
$106.1K – $141.4K
NOI $8,486 @ 7.0% cap · market cap 6.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$160.6K
$140.5K – $187.3K
NOI $11,239 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
100
Businesses Nearby
5k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
SUBWAY
Dining
3,841 visits/mo
0.5 miles
Pizza Hut
Dining
1,064 visits/mo
0.5 miles
Demographics for 49106, MI
4,822
Population
2,472
Households
2
Avg Household Size
48
Median Age
30%
College-Educated
96%
High-School Grad
14.7 sq mi
ZIP Area
328
Density / Sq Mi
$75,064
Median Household Income
$40,108
Median Earnings
$1,139
Median Rent
$243,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Lydia's Down Home Cooking — 9804 Red Arrow Hwy, Bridgman, MI 49106
Frequently Asked Questions
What type of property is this?
Breakfast & diner - Own a 763-square-foot restaurant/diner unit within a three-unit building in Bridgman, Michigan.
Where is this breakfast & diner located?
The property is located at 4514 Lake Street Bridgman, MI.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: 763 SF commercial unit currently used as a restaurant/diner; Unit is one of three in the building; Construction materials include block and brick
