Remodeled Highway
For Sale
$1,250,000
47409 US41 Highway, Houghton, MI 49931
COM/IND/BUS OPP, Houghton, MI
Property Size6,927 SF
Lot Size1.04 Acres
Price / SF$180.45
Days on Market168
Property Features for 47409 US41 Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Parking features
Parking Lot
Patio and Porch features
Patio
Exterior features
Deck/Patio, Wheelchair Access
Accessibility
Accessible Approach with Ramp
Lot features
Cleared
Subdivision
Portage Twp (31024)
Standard status
Active
Size
6,927 SF
Lot size
1.04 Acres
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Private
Building Details
Year built
1950
Roof type
Shingle, Rubber
Listing Agency:
EXP REALTY OF MARQUETTE
(888) 501-7085
Listed By:
LINDA JOHNSON
(906) 250-6846
Added: Apr 22
Changed: Sep 13
Last Checked: Oct 6 at 12:06PM
MLS# 50205112
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 6,927-square-foot conventional restaurant occupies 1.04 acres along US41 Highway. The property was built in 1950 and has been remodeled, with a patio, deck, wheelchair access, and an accessible approach with ramp. Interior climate control includes forced-air heating and central air conditioning, while the roof combines rubber and shingle materials. A parking lot and private water source are also in place.
The restaurant sits across from a recreational trail and near Portage Lake Golf Course. Michigan Tech is approximately one mile away, providing a nearby university presence. Commercial zoning supports the property’s established restaurant designation.
The restaurant sits across from a recreational trail and near Portage Lake Golf Course. Michigan Tech is approximately one mile away, providing a nearby university presence. Commercial zoning supports the property’s established restaurant designation.
Key Highlights
- 6,927‑square‑foot remodeled restaurant on 1.04 acres
- Located along US41 Highway across from a recreational trail
- Commercial zoning with an established conventional restaurant use
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$66,539
Cap Rate
5.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,330,780
$1.3M
Cap Rate 7%
$950,557
$950.6K
Cap Rate 9%
$739,322
$739.3K
Market Conditions
NOI Build-Up for 6,927 SF
Gross rent
$108.1K $15.60/SF
− Vacancy
−$19.3K −$2.79/SF
EGI
$88.7K $12.81/SF
− OpEx
−$22.2K −$3.20/SF
NOI
$66.5K $9.61/SF
Area
Houghton County, MI
Vacancy
17.90%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,330,780
Cap Rate 7%
$950,557
Cap Rate 9%
$739,322
Alternative Uses
Best Use
Specialty Retail
$950.6K
$831.7K – $1.11M
NOI $66,539 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$85.65M
$74.94M – $99.93M
NOI $5,995,582 @ 7.0% cap · market cap 479.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
37
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49931, MI
10,307
Population
3,490
Households
3
Avg Household Size
25
Median Age
60%
College-Educated
95%
High-School Grad
26.4 sq mi
ZIP Area
390
Density / Sq Mi
$47,279
Median Household Income
$10,579
Median Earnings
$853
Median Rent
$221,200
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.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Remodeled restaurant with commercial zoning, patio space, accessibility features, and on-site parking.
Where is this conventional restaurant located?
The property is located at 47409 US41 Highway Houghton, MI.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 6,927‑square‑foot remodeled restaurant on 1.04 acres; Located along US41 Highway across from a recreational trail; Commercial zoning with an established conventional restaurant use
