Restaurant and Bar with Dance
For Sale
$990,000
100 Cliff Street, Negaunee, MI 49866
Commercial restaurant with a full bar, takeout window, entertainment areas, and on-site parking.
Property Size5,295 SF
Days on Market89
Property Features for 100 Cliff Street
General Information
Standard status
Active
Size
5,295 SF
Property subtype
Business Opportunities
Zoning
Commercial
Building Details
Building Size
5,295 SF
Year Built
1972
Listing Agency:
RE/MAX
(906) 232-1206
Listed By:
Fran Sevegney · License #6502420591
(906) 232-1206
Source:
Remaxcommercial
Added: Jun 3
Changed: Aug 29
Last Checked: Aug 29 at 2:13PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX
Investment Insights
Based on property information with market context.
Built in 1972, this commercial restaurant includes a full bar, dining and entertainment areas, a raised lighted dance floor, a lower dance floor, and a DJ booth sound-and-lighting system. The venue accommodates up to 225 guests and includes 4 pool tables, a dart machine, and space for additional games. A drive-up takeout window supports off-premises service, while on-site parking accommodates event traffic.
The property is located at 100 Cliff Street in Negaunee, Michigan, one block from the highway. It is zoned Commercial and currently operates Tuesday through Saturday from 4pm to 9pm. The facility has hosted receptions, parties, reunions, live music, comedy performances, and benefit events, with pool leagues representing the establishment through three teams.
The property is located at 100 Cliff Street in Negaunee, Michigan, one block from the highway. It is zoned Commercial and currently operates Tuesday through Saturday from 4pm to 9pm. The facility has hosted receptions, parties, reunions, live music, comedy performances, and benefit events, with pool leagues representing the establishment through three teams.
Key Highlights
- Restaurant and bar with seating for up to 225 guests
- Two dance floors, including one raised and lighted floor
- 4 pool tables, dart machine, and DJ booth sound system
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
$73,337
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
7.41%
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%
$1,466,740
$1.5M
Cap Rate 7%
$1,047,671
$1.0M
Cap Rate 9%
$814,856
$814.9K
Market Conditions
NOI Build-Up for 5,295 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
$100.4K $18.96/SF
− Vacancy
−$2.6K −$0.49/SF
EGI
$97.8K $18.47/SF
− OpEx
−$24.4K −$4.62/SF
NOI
$73.3K $13.85/SF
Area
Marquette County, MI
Vacancy
2.60%
Lease Rate
$18.96 /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%
$1,466,740
Cap Rate 7%
$1,047,671
Cap Rate 9%
$814,856
Alternative Uses
Best Use
Specialty Retail
$1.05M
$916.7K – $1.22M
NOI $73,337 @ 7.0% cap · market cap 7.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.56M
$1.36M – $1.82M
NOI $109,162 @ 7.0% cap · market cap 11.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
280
Businesses Nearby
49k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 57%
Groceries 39%
Dining 4%
Super One Foods
Groceries
18,859 visits/mo
0.4 miles
Holiday Station Store
Shops & Services
17,880 visits/mo
0.2 miles
Dollar General
Shops & Services
6,091 visits/mo
0.3 miles
O'Reilly Auto Parts
Shops & Services
2,692 visits/mo
0.3 miles
SUBWAY
Dining
1,986 visits/mo
0.3 miles
Demographics for 49866, MI
8,259
Population
3,723
Households
2.2
Avg Household Size
41
Median Age
34%
College-Educated
96%
High-School Grad
201.3 sq mi
ZIP Area
41
Density / Sq Mi
$83,433
Median Household Income
$47,467
Median Earnings
$900
Median Rent
$191,700
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 - Commercial restaurant with a full bar, takeout window, entertainment areas, and on-site parking.
Where is this conventional restaurant located?
The property is located at 100 Cliff Street Negaunee, MI.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: Restaurant and bar with seating for up to 225 guests; Two dance floors, including one raised and lighted floor; 4 pool tables, dart machine, and DJ booth sound system
