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    224 E Caspian Ave Caspian, MI 49915

    Sponsored
    For Sale
    $94,900

    1 to 4 Units - Caspian, MI

    Property size:
    2,498 SF
    Lot size:
    0.17 Acres
    Days on Market:
    14
    Last Refresh:
    Mar 3 at 9:06 pm

    Property Features for 224 E Caspian Ave

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Commercial
    APN
    36051-164-006-00
    Interior features
    Alley, Cafe/Kitchen, Internet Available, Living Quarters Attached, Outbuilding(s), Public Restrooms, Sidewalks, Vinyl/Laminate Floors
    Exterior features
    Alley
    Size
    2,498 SF
    Lot size
    0.17 Acres

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1917
    Flooring type
    Laminate, Vinyl
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    JORDYN LEONARDUZZI

    RE/MAX North Country (906) 875-6331

    Listing agent JORDYN LEONARDUZZI (877) 875-6331 License #6501454419

    Listing date Feb 18, 2026

    MLS# 50137186 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 Bar with Apartment

    This property features an established neighborhood bar in downtown Caspian, Michigan. Originally built in 1917 as an Ice Cream Parlor, it was converted into a tavern after prohibition. The property includes a spacious 960-square-foot, 2-bedroom apartment upstairs, suitable for living or rental income. The bar area is 960 square feet. The kitchen and backroom storage area add approximately 578 square feet, bringing the total property size to 2498 square feet. The interior has a neat and clean design with newer flooring and a U.P. vibe. It includes his & hers restrooms and a back room for beverage storage, along with a walk-in cooler. The property has a partial basement, measuring 10 x 13, with rock & mortar and poured concrete, housing a 15-year-old natural gas forced air furnace and a 4-year-old electric water heater. The sale includes tables, chairs, stools, appliances, a walk-in cooler, and a pool table. A dart machine and jukebox are rented. There is an older garage at the alley for storage. The buildings have metal roofing. The property sits on a 0.17-acre lot. Some new windows and extra vinyl siding for the building will stay. The liquor license is included. The kitchen is well-organized and ready for a new owner. A newer fryer, only 4 years old, is included.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Fuzz & Schmoos Mid ... Bar & Pub

    Suggested Use

    Building Supply Auto Repair Shop Hair Salon Big Box & Wholesale Store Auto Parts Store HVAC Service Storage Facility Bar & Pub Discount Store Grocery & Convenience Store

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

    Similar Places Nearby

    The Cozee Bar, Fuzz & Schmoos Mid City Bar & Grill

    Location Insight

    • Map
    • Local Demand
    City
    Caspian
    County
    Iron
    State
    Michigan
    Longitude
    -88.629999
    Latitude
    46.064634

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    FAQs

    What type of property is this?
    Bar - Neighborhood bar with upstairs apartment in downtown Caspian, Michigan.
    Where is this bar located?
    The property is located at 224 E Caspian Ave Caspian, MI.
    What is the asking price?
    The asking price for this property is $94,900.
    What are key features of this property?
    This property features: - Established neighborhood bar with liquor license included; - Spacious 2-bedroom apartment upstairs offers living or rental income; - Well-organized kitchen features a newer $10K fryer (4 years old)
    (906) 284-3547
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    224 E Caspian Ave Caspian, MI 49915
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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
    224 E Caspian Ave Caspian, MI 49915
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    We can help!
    Listing Contact
    JORDYN LEONARDUZZI
    Real Estate License ID: 6501454419
    (906) 284-3547 (877) 875-6331
    Learn more
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