Waterfront Restaurant and
For Sale
$2,250,000
600 Fishermans Road, St Joseph, MI 49085
Commercial Sale, St. Joseph, MI
Property Size6,000 SF
Lot Size0.20 Acres
Price / SF$375
Days on Market335
Property Features for 600 Fishermans Road
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Elementary school district
St. Joseph
Middle school district
St. Joseph
High school district
St. Joseph
Directions
Main Street, East on Broad St, Past Clementines Restauraunt, take Anne St, to left toward Fishermans.
Subdivision
Southwestern Michigan - S
Standard status
Active
APN
11-76-4500-0016-00-6
Size
6,000 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
THE NLY 144'OF LOTS 16,17&18 LANGLEY'S ADD TO CITY OF ST
Tax Annual Amount
13075
Legal Description
THE NLY 144'OF LOTS 16,17&18 LANGLEY'S ADD TO CITY OF ST
Utilities
Utilities
Natural Gas Available
Heating system
Forced Air
Cooling system
Central Air
Water front
1
Amenities
cigar bar
dedicated smoking room
private boat slips
Building Details
Year built
1950
Floors in Building
1
Number of units
1
Roof type
Rubber
Listing Agency:
Realty Executives Instant Equity · Realty Executives International
(269) 983-7721
Listed By:
Jill Golden · License #6501424803
(269) 208-8996
Added: Oct 20, 2025
Changed: Sep 16
Last Checked: Sep 19 at 9:06AM
MLS# 25053910
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 6,000-square-foot restaurant and bar occupies a 0.2-acre property along the St. Joseph River. The building includes interior dining areas, outdoor seating oriented toward the water, a premium cigar bar, and a dedicated smoking room. The sale includes the real estate, building, and liquor license, while six private boat slips add a marine component to the property.
Built in 1950, the building has forced-air heating, central air conditioning, a rubber roof, and natural gas availability. Located at 600 Fishermans Road in St. Joseph, Michigan, the property combines a full-service restaurant configuration with direct river-oriented amenities.
Built in 1950, the building has forced-air heating, central air conditioning, a rubber roof, and natural gas availability. Located at 600 Fishermans Road in St. Joseph, Michigan, the property combines a full-service restaurant configuration with direct river-oriented amenities.
Key Highlights
- 6,000 square feet on a 0.2‑acre property
- Six private boat slips included
- Liquor license included with the real estate and building
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
$66,734
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
2.97%
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%
$1,334,680
$1.3M
Cap Rate 7%
$953,343
$953.3K
Cap Rate 9%
$741,489
$741.5K
Market Conditions
NOI Build-Up for 6,000 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
$92.9K $15.48/SF
− Vacancy
−$3.9K −$0.65/SF
EGI
$89.0K $14.83/SF
− OpEx
−$22.2K −$3.71/SF
NOI
$66.7K $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%
$1,334,680
Cap Rate 7%
$953,343
Cap Rate 9%
$741,489
Alternative Uses
Best Use
Specialty Retail
$953.3K
$834.2K – $1.11M
NOI $66,734 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,379 @ 7.0% cap · market cap 3.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
755
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49085, MI
24,047
Population
11,468
Households
2.1
Avg Household Size
44
Median Age
49%
College-Educated
97%
High-School Grad
24.1 sq mi
ZIP Area
998
Density / Sq Mi
$101,763
Median Household Income
$58,316
Median Earnings
$1,099
Median Rent
$287,300
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 - Riverfront dining property with outdoor seating, a liquor license, and six private boat slips.
Where is this conventional restaurant located?
The property is located at 600 Fishermans Road St Joseph, MI.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: 6,000 square feet on a 0.2‑acre property; Six private boat slips included; Liquor license included with the real estate and building
