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    616 Main St Norway, MI 49870

    View on Map
    Sponsored
    For Sale
    $350,000

    Business - Norway, MI

    Type:Business
    Property size:
    9,132 SF
    Lot size:
    0.24 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 28 at 3:06 pm

    Property Features for 616 Main St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Business
    Standard status
    Active
    Security features
    Fire Alarm, Security Lighting
    Zoning
    Commercial
    APN
    053-391-010-00, 053-391-012-00
    Parking features
    Off Street, Parking Lot
    Interior features
    220 Volt Power, Alley, Cable Internet Installed, Cable TV Available, Cafe/Kitchen, Carpet, Internet Available, Delivery Area, Delivery Door, Display Window, Fixtures, Furniture, Living Quarters, Lockers, Meeting Rooms, No Elevator, Private Restrooms, Public Restrooms, Reception Area, Restroom(s), Sidewalks, Sprinkler System, Trash Removal, Smoke/Fire Alarm
    Exterior features
    Alley
    Accessibility
    Accessible Elevator Installed
    Size
    9,132 SF
    Lot size
    0.24 Acres

    Utilities

    Utilities
    Cable Available
    Cooling system
    Central Air, Exhaust Fan (Cooling)

    Building Details

    Year built
    1947
    Flooring type
    Carpet
    Building materials
    Brick, Stucco
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    CARRIE TORETTA-PARTELLO

    HANSON REALTY INC

    Listing agent CARRIE TORETTA-PARTELLO License #6501298751

    Listing date Mar 27, 2026

    MLS# 50202691 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 and Bar Opportunity

    This property presents an opportunity to own an established restaurant and bar known for its homemade menu and welcoming atmosphere. The building, originally a bowling alley, still has the lanes installed, offering a unique opportunity to reimagine the space. The property includes a full bar and space for additional seating, entertainment, or recreation. The venue can host private parties of up to 100 guests and provides space for meetings, social clubs, community groups, and special events. Located in a welcoming small-town community, this property is suitable for an owner-operator looking to step into a functioning restaurant while unlocking the untapped potential of the space. The property size is 9132 square feet on a lot of 0.24 acres. The property is zoned commercial and is located in Norway, MI.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mike's On Main Restaurant

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Similar Places Nearby

    Kaya’s Krazy Klub, Mister Mom's, Knight Owl

    Location Insight

    • Map
    • Local Demand
    City
    Norway
    County
    Dickinson
    State
    Michigan
    Longitude
    -87.907099
    Latitude
    45.786742

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      along with raft storage. The 20' X 30' retail building is used as an antiques and collectibles sales facility. Take your adventure enthusiasts in one of the two TRUE NORTH OUTPOST buses to the rafting sites and pick them up on the other side of a fun filled day! Or....choose to test your climbing ability on site or at choice climbing locations nearby. Call today for more details!""""}"""
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    FAQs

    What type of property is this?
    Bar & Pub - Well-established restaurant and bar with expansion potential in Norway, MI.
    Where is this bar & pub located?
    The property is located at 616 Main St Norway, MI.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: - Established restaurant and bar with a loyal local customer base and a reputation for homemade food.; - Unique bowling alley conversion opportunity for additional revenue streams (cornhole, pool, arcade, expanded dining).; - Versatile space suitable for private parties (up to 100 guests), meetings, and community events.
    (906) 396-4985
    Request Owner's contact information
    616 Main St Norway, MI 49870
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    Norway, MI 49870
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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
    616 Main St Norway, MI 49870
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    We can help!
    Listing Contact
    CARRIE TORETTA-PARTELLO
    Real Estate License ID: 6501298751
    Learn More
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