Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search

    224 Caspian Ave Caspian, MI 49915

    Sponsored
    For Sale
    $114,500

    Established Bar, 2-Bedroom Apartment

    Property size:
    2,498 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    339
    This well-established Caspian, MI bar, built in 1917, presents a unique investment opportunity. The main building, measuring 24x40 feet, boasts a 960-square-foot bar area with an inviting atmosphere, featuring newer flooring and a distinct Upper Peninsula vibe. A spacious 960-square-foot, two-bedroom apartment resides upstairs, offering additional income potential through rental. The property includes a well-organized kitchen equipped with a newer, four-year-old fryer (original cost $10,000), his and hers restrooms, and a back room with a walk-in cooler for beverage storage. A partial 10x13-foot basement houses a 15-year-old natural gas forced-air furnace and a four-year-old electric water heater. All buildings feature metal roofing. The sale includes all furniture, fixtures, and equipment, such as tables, chairs, stools, appliances, and a walk-in cooler

    Property Features for 224 Caspian Ave

    General Information

    Property type
    Investment properties
    Square Feet
    2,498 SF
    Lot Size
    7,405 SF

    Building Details

    Year Built
    1917
    Property Profile Location Intelligence

    Current Use by Public Records

    Fuzz & Schmoos Mid ... Bar

    Suggested Use

    Building Supply Auto Repair Shop Hair Salon Wholesale Shop Clothing Store Auto Parts Store HVAC Service Storage Facility Bar & Pub Discount Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Caspian
    County
    Iron
    State
    Michigan
    Longitude
    -88.63007
    Latitude
    46.06469

    Nearby Comparable

    • $109,500
      2,498 SF

      Established Bar with Income Apartment

      Neighborhood bar with upstairs apartment in downtown Caspian, Michigan.
      224 E Caspian Ave, Caspian, MI 49915
      View Details
    • $249,000
      12,800 SF

      Caspian Commercial/Industrial Opportunity

      Commercial property with retail, living quarters, and large garage.
      100 W Caspian Ave, Caspian, MI 49915
      View Details
    • $279,900
      12,800 SF

      Caspian Industrial Property - Huge Potential

      Meat Processing Plant, Huge Lot, Multi-Use
      100 Caspian Ave, Caspian, MI 49915
      View Details
    • $251,150

      Recycling Facility with Heavy-Duty Equipment

      Turn-key recycling facility on 17 acres with top-tier equipment.
      100 Axle Dr, Caspian, MI
      View Details
    • $51,000
      2.38 Acres

      Land with Iron River Frontage

      2.38 acre parcel with 250 ft of river frontage.
      Tbd Mcgillis, Caspian, MI 49915
      View Details
    • $425,000
      4,320 SF

      Iron River Office Building For Sale

      Office building with break room and public transportation access.
      402 Washington Ave, Iron River, MI 49935
      View Details
    • $139,500
      8,084 SF

      Historic Commercial Building, Iron River

      Historic building suitable for restaurant, office, retail, or nightclub.
      208 Cherry St, Iron River, MI 49935
      View Details
    • $449,900
      11,680 SF

      Iron River Commercial Property For Sale

      High-visibility commercial property with showroom, office, and storage space.
      32 N 4Th St, Iron River, MI 49935
      View Details

    Nearby Similar for Sale

    • $249,000
      12,800 SF

      Caspian Commercial/Industrial Opportunity

      Commercial property with retail, living quarters, and large garage.
      100 W Caspian Ave, Caspian, MI 49915
      View Details
    • $251,150

      Recycling Facility with Heavy-Duty Equipment

      Turn-key recycling facility on 17 acres with top-tier equipment.
      100 Axle Dr, Caspian, MI
      View Details
    • $109,500
      2,498 SF

      Established Bar with Income Apartment

      Neighborhood bar with upstairs apartment in downtown Caspian, Michigan.
      224 E Caspian Ave, Caspian, MI 49915
      View Details
    • $279,900
      12,800 SF

      Caspian Industrial Property - Huge Potential

      Meat Processing Plant, Huge Lot, Multi-Use
      100 Caspian Ave, Caspian, MI 49915
      View Details

    FAQs

    What type of property is this?
    Investment property - Established Bar, 2-Bedroom Apartment
    Where is this investment property located?
    The property is located at 224 Caspian Ave Caspian, MI.
    What is the asking price?
    The asking price for this property is $114,500.
    (877) 875-6331
    Request Owner's contact information
    224 Caspian Ave Caspian, MI 49915
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    224 Caspian Ave
    Caspian, MI 49915
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimation

    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.

    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.

    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
    224 Caspian Ave Caspian, MI 49915
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.