Pizza Shop Restaurant with Upgraded
For Sale
$160,000
108 E Bellevue Street, Leslie, MI 49251
COMMERCIAL - Leslie, MI
Property Size850 SF
Lot Size0.04 Acres
Price / SF$188.24
Days on Market14
Property Features for 108 E Bellevue Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
B1 GEN
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Basement, Bathroom 2
Interior features
Broadband
Elementary school district
Leslie
Middle school district
Leslie
High school district
Leslie
Directions
US127 to Bellevue
Standard status
Active
APN
33-17-14-21-454-018
Size
850 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
LSV-195 E 1 1/2 RD. OF S 1/2 OF LOT 17 BLOCK 9 CITY OF LESLIE
Tax Annual Amount
3143
Legal Description
LSV-195 E 1 1/2 RD. OF S 1/2 OF LOT 17 BLOCK 9 CITY OF LESLIE
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1900
Number of units
1
Roof type
Rubber
Listing Agency:
Howard Hanna Real Estate Services
(517) 787-9800
Listed By:
HILLARY KNAPP · License #6501385202
(517) 474-3352
Added: Jul 27
Changed: Aug 4
Last Checked: Aug 9 at 4:06PM
MLS# 26038612
Copyright © 2026 Michigan Regional Information Center, LLC. 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.
Located at 108 E Bellevue Street in Leslie, this conventional pizza shop restaurant offers a compact footprint on a 0.04-acre lot. The building includes a basement and two bathrooms, and features forced-air heating and central air conditioning. Broadband is listed among interior features, and the property has a rubber roof. Built in 1900, the operation is described as exceptionally clean and well maintained.
The sale includes all equipment, current inventory, and the owner’s handcrafted dough and sauce recipes. Recent upgrades referenced for the business include pizza line equipment and cold storage units. The restaurant is positioned on the main road running through downtown Leslie, with visibility to local traffic.
For buyers seeking a restaurant focused on pizza preparation, the included equipment and operating inventory are central to the offering.
The sale includes all equipment, current inventory, and the owner’s handcrafted dough and sauce recipes. Recent upgrades referenced for the business include pizza line equipment and cold storage units. The restaurant is positioned on the main road running through downtown Leslie, with visibility to local traffic.
For buyers seeking a restaurant focused on pizza preparation, the included equipment and operating inventory are central to the offering.
Key Highlights
- 0.04‑acre lot with a 850 SF restaurant building
- Upgraded pizza line equipment and cold storage units
- Sale includes all equipment, current inventory, and dough and sauce recipes
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$7,537
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.71%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$150,740
$150.7K
Cap Rate 7%
$107,671
$107.7K
Cap Rate 9%
$83,744
$83.7K
Market Conditions
NOI Build-Up for 850 SF
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.
Gross rent
$12.2K $14.40/SF
− Vacancy
−$2.2K −$2.58/SF
EGI
$10.0K $11.82/SF
− OpEx
−$2.5K −$2.96/SF
NOI
$7.5K $8.87/SF
Area
Ingham County, MI
Vacancy
17.90%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$150,740
Cap Rate 7%
$107,671
Cap Rate 9%
$83,744
Alternative Uses
Best Use
Specialty Retail
$107.7K
$94.2K – $125.6K
NOI $7,537 @ 7.0% cap · market cap 4.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$136.6K
$119.5K – $159.3K
NOI $9,559 @ 7.0% cap · market cap 5.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
153
Businesses Nearby
4k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 60%
Dining 40%
Independent Bank
Shops & Services
2,484 visits/mo
0.4 miles
Marco's Pizza
Dining
1,636 visits/mo
0.4 miles
Demographics for 49251, MI
6,136
Population
2,499
Households
2.5
Avg Household Size
42
Median Age
21%
College-Educated
95%
High-School Grad
58.3 sq mi
ZIP Area
105
Density / Sq Mi
$83,458
Median Household Income
$48,048
Median Earnings
$1,083
Median Rent
$193,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Small restaurant on a downtown main road with forced-air heat, central air, broadband, and upgraded pizza line equipment.
Where is this conventional restaurant located?
The property is located at 108 E Bellevue Street Leslie, MI.
What is the asking price?
The asking price for this property is $160,000.
What are key features of this property?
This property features: 0.04‑acre lot with a 850 SF restaurant building; Upgraded pizza line equipment and cold storage units; Sale includes all equipment, current inventory, and dough and sauce recipes
