Established Italian Restaurant in
207 E Pearl, Ishpeming, MI 49849
Turn-key Italian restaurant for sale in downtown Ishpeming.
Type:Business Opportunities
Property size:
2,790 SFPrice / SF:
$220/SF- Added:
- Aug 4, 2024
- Days on Market:
- 657
- Last Refresh:
- Apr 1 at 8:35 pm
Property Features for 207 E Pearl
General Information
- Standard status
- Active
- Size
- 2,790 SF
- Property subtype
- Business Opportunities
Building Details
- Year Built
- 1903
Listing agent SCOTT SYRJALA
Listing office COLDWELL BANKER SCHMIDT REALTORS (906) 225-5992
Listing date Aug 4, 2024
Source Xome
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 COLDWELL BANKER SCHMIDT REALTORS
HighLights
- Established, Profitable Restaurant: Turn‑key operation with a long‑standing reputation and loyal customer base.
- Prime Location: Situated in the heart of downtown Ishpeming, attracting both tourists and locals.
- Complete Package: Includes real property (building and lot), business, inventory, supplies, POS system, and Class C Liquor License.
- Authentic Italian Recipes: Sale includes closely held, authentic Italian recipes, a key element of the restaurant's success.
- Recent Upgrades: Features a brand new HVAC system in the back dining room and a new water heater installed 2/26.
- Functional Interior: Includes Central Air, Ceiling Fans, Tile, Carpet, and Ceramic flooring.
Overview
Mama Mias, a long-established Italian dining restaurant located in the heart of downtown Ishpeming, Michigan, is available for purchase. This sought-after dining experience attracts customers from a wide area, serving families during the summer tourist season and snowmobilers in the winter. The restaurant is known for its authentic Italian recipes. This is a turn-key operation being sold, including the real property (building and lot), the business itself with inventory, supplies, POS system, and a Class C Liquor License. The property has a new HVAC system in the back dining room and a new water heater installed on 2/26. The property size is 2790 square feet.
Financial Insights
Value Estimation Calculated for Specialty Retail
Conservative
$429.4K
NOI $38,642 @ 9.00% cap · cautious / downside scenario
Moderate
$552.0K
NOI $38,642 @ 7.00% cap · market / base-case scenario
Aggressive
$772.8K
NOI $38,642 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Specialty Retail
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $52.9k | $18.96 |
| − Vacancy | −$1.4k | −$0.49 |
| EGI | $51.5k | $18.47 |
| − OpEx | −$12.9k | −$4.62 |
| NOI | $38.6k | $13.85 |
2,790 SF · lease $18.96/SF/yr · vacancy 2.60% · expense 25.00%
Alternative Use Scenarios
Best Use
Specialty Retail
$552.0K
$483.0K – $644.0K
NOI $38,642 @ 7.0% cap · market cap 6.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$821.7K
$719.0K – $958.7K
NOI $57,519 @ 7.0% cap · market cap 9.35%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Mama Mia's Italian ...
Restaurant
Location Insight
- Map
- Local Demand
- City
- Ishpeming
- County
- Marquette
- State
- Michigan
- Longitude
- -87.667127
- Latitude
- 46.489359
Nearby Similar for Sale
FAQs
What type of property is this?
Conventional restaurant - Turn-key Italian restaurant for sale in downtown Ishpeming.
Where is this conventional restaurant located?
The property is located at 207 E Pearl Ishpeming, MI.
What is the asking price?
The asking price for this property is $614,900.
What are key features of this property?
This property features: Established, Profitable Restaurant: Turn‑key operation with a long‑standing reputation and loyal customer base.; Prime Location: Situated in the heart of downtown Ishpeming, attracting both tourists and locals.; Complete Package: Includes real property (building and lot), business, inventory, supplies, POS system, and Class C Liquor License.
