Updated Conventional Restaurant
For Sale
$175,000
Pending
9743 N Greenville Road, Lakeview, MI 48850
Commercial, Lakeview, MI
Property Size785 SF
Lot Size0.25 Acres
Days on Market481
Property Features for 9743 N Greenville Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking
8
Parking features
Parking Lot
Exterior features
Vinyl
Lot features
Freestanding
Directions
NORTH ON GREENVILLE ROAD FROM M-46.
Subdivision
Montcalm
Special listing conditions
In Foreclosure
Standard status
Pending
Size
785 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Description
SEE ASSOCIATED DOCS FOR FULL LEGAL DESCRIPTION.
Tax Annual Amount
1733
Legal Description
SEE ASSOCIATED DOCS FOR FULL LEGAL DESCRIPTION.
Building Details
Building materials
Frame
Roof type
Metal
Listing Agency:
AMERICA'S CHOICE REALTY LLC
(989) 875-5148
Listed By:
Cody Nevins · License #6501446537
(989) 763-8060
Added: May 21, 2025
Changed: Aug 29
Last Checked: Sep 13 at 6:06AM
MLS# 1934153
Copyright © 2026 Northern Great Lakes Realtors MLS. 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 785-square-foot conventional restaurant property occupies a 0.25-acre site in Lakeview, Michigan. The building has a frame construction, vinyl exterior, metal roof, parking lot, and one bathroom. Its compact layout provides a dedicated food-service setting for restaurant operations.
Plumbing, electrical, and mechanical systems were updated in 2018. The property most recently operated as an Asian cuisine restaurant, providing an established restaurant configuration without relying on unverified assumptions about current equipment or furnishings. The site is located at 9743 N Greenville Road in Montcalm County.
Plumbing, electrical, and mechanical systems were updated in 2018. The property most recently operated as an Asian cuisine restaurant, providing an established restaurant configuration without relying on unverified assumptions about current equipment or furnishings. The site is located at 9743 N Greenville Road in Montcalm County.
Key Highlights
- 785‑square‑foot conventional restaurant property
- 0.25‑acre site at 9743 N Greenville Road
- Plumbing, electrical, and mechanical updates completed in 2018
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
$8,731
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
4.99%
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%
$174,620
$174.6K
Cap Rate 7%
$124,729
$124.7K
Cap Rate 9%
$97,011
$97.0K
Market Conditions
NOI Build-Up for 785 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
$12.2K $15.48/SF
− Vacancy
−$510 −$0.65/SF
EGI
$11.6K $14.83/SF
− OpEx
−$2.9K −$3.71/SF
NOI
$8.7K $11.12/SF
Area
Calhoun 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%
$174,620
Cap Rate 7%
$124,729
Cap Rate 9%
$97,011
Alternative Uses
Best Use
Specialty Retail
$124.7K
$109.1K – $145.5K
NOI $8,731 @ 7.0% cap · market cap 4.99%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$9.31M
$8.15M – $10.86M
NOI $651,837 @ 7.0% cap · market cap 372.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
138
Businesses Nearby
69k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 62%
Dining 38%
Wesco
Shops & Services
25,735 visits/mo
0.3 miles
McDonald's
Dining
23,736 visits/mo
0.3 miles
Dollar General
Shops & Services
7,033 visits/mo
0.4 miles
BP
Shops & Services
5,087 visits/mo
0.2 miles
Family Dollar
Shops & Services
3,831 visits/mo
0.1 miles
Demographics for 48850, MI
4,563
Population
1,973
Households
2.3
Avg Household Size
41
Median Age
14%
College-Educated
88%
High-School Grad
83.2 sq mi
ZIP Area
55
Density / Sq Mi
$65,064
Median Household Income
$41,473
Median Earnings
$665
Median Rent
$170,700
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 - Food-service property with 2018 system upgrades and on-site parking.
Where is this conventional restaurant located?
The property is located at 9743 N Greenville Road Lakeview, MI.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: 785‑square‑foot conventional restaurant property; 0.25‑acre site at 9743 N Greenville Road; Plumbing, electrical, and mechanical updates completed in 2018
