Building Details

Year built 1890

Roof type Asphalt

Listing Agency: GROVER REAL ESTATE Show Phone

Listed By: SARA ANDERSON · License #6501221905 Show Phone

Added: Apr 22 Changed: Oct 3 Last Checked: Oct 6 at 9:06AM

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MLS# 50205060

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.

Investment Insights

Based on property information with market context.

Built in 1890, this 3,938-square-foot mixed-use property has a bar, dining room, kitchen, and public restrooms. The upper floor contains apartments that may be remodeled. Tables, stools, chairs, and other stock are included; liquor is excluded. The business holds a Class C Liquor license and a Michigan Lottery Retailer license, and the current owner is willing to assist with the ownership transition.

The property occupies a 0.26-acre site at 10468 S Main Street in Rapid River, Michigan. Zoning is Commercial, Mixed Use. Building systems and materials include oil heat, a private water source, and an asphalt roof.

Key Highlights

• 3,938‑square‑foot mixed‑use property on a 0.26‑acre lot
• Built in 1890
• Bar, dining room, kitchen, and public restrooms

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$25,105

Cap Rate

8.37%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$502,100 $502.1K

Cap Rate 7%

$358,643 $358.6K

Cap Rate 9%

$278,944 $278.9K

Market Conditions

NOI Build-Up for 3,938 SF

Gross rent

$47.3K $12.00/SF

− Vacancy

−$7.1K −$1.80/SF

EGI

$40.2K $10.20/SF

− OpEx

−$15.1K −$3.82/SF

NOI

$25.1K $6.38/SF

Area

Delta County, MI

Vacancy

15.00%

Lease Rate

$12.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$502,100

Cap Rate 7%

$358,643

Cap Rate 9%

$278,944

Alternative Uses

Best Use

Specialty Retail

$739.7K

$647.3K – $863.0K (±1% cap)

NOI $51,781 @ 7.0% cap · market cap 17.27%

Second Best

Mixed Use

$358.6K

$313.8K – $418.4K (±1% cap)

NOI $25,105 @ 7.0% cap · market cap 8.37%

Theoretical Best

Office A

$770.9K

$674.5K – $899.4K (±1% cap)

NOI $53,963 @ 7.0% cap · market cap 17.99%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Swallow Inn Bar & Pub

Suggested Use

Top Pick Parking Lot & Garage Auto Parts Store Big Box & Wholesale Store Kitchen & Bath Showroom Auto Repair Shop Home Appliance Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

67

Businesses Nearby

4k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Dollar General Shops & Services

4,271 visits/mo 0.5 miles

Demographics for 49878, MI

3,566

Population

2,524

Households

1.4

Avg Household Size

54

Median Age

22%

College-Educated

94%

High-School Grad

455.6 sq mi

ZIP Area

8

Density / Sq Mi

$63,750

Median Household Income

$38,919

Median Earnings

$875

Median Rent

$165,200

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Mixed-use property - The ground-floor business has dining, kitchen, and restroom areas, with apartments on the upper level.

Where is this mixed-use property located?

The property is located at 10468 S Main Street Rapid River, MI.

What is the asking price?

The asking price for this property is $299,900.

What are key features of this property?

This property features: 3,938‑square‑foot mixed‑use property on a 0.26‑acre lot; Built in 1890; Bar, dining room, kitchen, and public restrooms