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    Turnkey Restaurant with Built-In Kitchen Title is generated by Realmo AI

    107 South Lafayette Street, Greenville, MI 48838

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    Turnkey restaurant space with full kitchen build-out and multiple walk-in coolers for high-volume service.

    Type:Retail
    Property size:
    8,715 SF
    Price / SF:
    $171/SF
    Added:
    May 27, 2026
    Days on Market:
    13
    Last Refresh:
    Jun 6 at 3:22 am

    Property Features for 107 South Lafayette Street

    General Information

    Standard status
    Active
    Size
    8,715 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1945

    We can help!

    Listing Contact
    Mark Ansara
    Mark Ansara

    Listing agent Mark Ansara License #MI 6501354465

    Listing office Advantage Commercial Real Estate

    Listing date May 27, 2026

    Source Crexi

    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 Advantage Commercial Real Estate

    HighLights

    • Turnkey restaurant space with full kitchen build‑out and multiple walk‑in coolers for high‑volume service
    • Dining layout includes large seating areas, banquet room, and a long bar
    • Back‑of‑house kitchen includes multiple installed hoods and quality cookline equipment
    • Includes multiple walk‑in coolers and freezers plus a built‑in buffet line for high‑volume service
    • Take‑out window plus multiple installed TVs for customer and sports viewing areas
    • Dedicated office space for management, scheduling, and storage

    Overview

    This well-preserved restaurant space is offered with a true turnkey setup and an operator-ready interior. The layout includes a large seating area, a banquet room, a long bar, multiple installed TVs, and a built-in buffet line designed to support higher-volume service. For quick grab-and-go, there is a take-out window in place. The kitchen is fully built out with multiple hoods, a quality cookline, and multiple walk-in coolers and freezers, along with dedicated office space for management, scheduling, and storage.

    Located on the downtown corridor in Greenville, the property is positioned for an operator seeking to serve customers in an entertainment-focused retail environment. The existing front-of-house and back-of-house configuration supports both dine-in and service through the take-out window.

    The improvement package and kitchen capacity make the space suitable for a new or expanding food and beverage user, including concepts such as pizza, casual dining, or a sports bar. With the built-in buffet line, bar, and established back-of-house infrastructure already in place, an operator can focus on menu execution and staffing rather than basic equipment and layout.

    Local Financial Insights For Industrial

    Simulate Cap Rate and NOI

    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.

    Component $ $/SF
    Gross rent $194.5k $22.32
    − Vacancy −$4.7k −$0.54
    EGI $189.9k $21.78
    − OpEx −$57.0k −$6.54
    NOI $132.9k $15.25
    8,715 SF · lease $22.32/SF/yr · vacancy 2.40% · expense 30.00%

    Alternative Uses

    Best Use
    Industrial
    $1.90M
    $1.66M – $2.21M (±1% cap)
    NOI $132,895 @ 7.0% cap · market cap 8.89%
    Second Best
    Specialty Retail
    $1.38M
    $1.21M – $1.62M (±1% cap)
    NOI $96,932 @ 7.0% cap · market cap 6.48%
    Theoretical Best
    Self Storage
    $120.61M
    $105.53M – $140.71M (±1% cap)
    NOI $8,442,737 @ 7.0% cap · market cap 564.73%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Catering Concepts Take-out & Catering Flo's Pizzeria Ristorante ... Bar & Pub

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Greenville
    County
    Montcalm
    State
    Michigan
    Longitude
    -85.253734
    Latitude
    43.181338

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    FAQs

    What type of property is this?
    Conventional restaurant - Turnkey restaurant space with full kitchen build-out and multiple walk-in coolers for high-volume service.
    Where is this conventional restaurant located?
    The property is located at 107 South Lafayette Street Greenville, MI.
    What is the asking price?
    The asking price for this property is $1,495,000.
    What are key features of this property?
    This property features: Turnkey restaurant space with full kitchen build‑out and multiple walk‑in coolers for high‑volume service; Dining layout includes large seating areas, banquet room, and a long bar; Back‑of‑house kitchen includes multiple installed hoods and quality cookline equipment
    (616) 774-3500 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Mark Ansara
    Mark Ansara
    Real Estate License ID: MI 6501354465
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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.

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