Downtown Restaurant with Bakery
For Sale
$140,000
108 E Bellevue Street, Leslie, MI 49251
Commercial Sale, Leslie, MI
Property Size850 SF
Lot Size0.04 Acres
Price / SF$164.71
Days on Market60
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
Basement, Bathroom 1, 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: Sep 12
Last Checked: Sep 24 at 1:06PM
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.
This 850-square-foot restaurant property occupies a 0.04-acre site in downtown Leslie along the city’s main road. The building dates to 1900 and includes two bathrooms, a basement, forced-air heating, central air, a rubber roof, and broadband service.
Kitchen equipment includes an industrial mixer and a large gas oven with capacity for up to 30 loaves per batch. The sale also includes current inventory and the existing equipment package. The property is located minutes from US127 and between Lansing and Jackson, providing a central mid-Michigan position for a food-service operation.
Kitchen equipment includes an industrial mixer and a large gas oven with capacity for up to 30 loaves per batch. The sale also includes current inventory and the existing equipment package. The property is located minutes from US127 and between Lansing and Jackson, providing a central mid-Michigan position for a food-service operation.
Key Highlights
- 850 square feet on a 0.04‑acre site
- Industrial mixer and large gas oven included
- Gas oven capacity for up to 30 loaves of bread at a time
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
5.38%
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 5.38%
Second Best
Retail
$83.7K
$73.3K – $97.7K
NOI $5,862 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$136.6K
$119.5K – $159.3K
NOI $9,559 @ 7.0% cap · market cap 6.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
210
Businesses Nearby
42k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 57%
Dining 43%
McDonald's
Dining
13,084 visits/mo
0.4 miles
Marathon
Shops & Services
8,745 visits/mo
0.4 miles
Dollar General
Shops & Services
7,349 visits/mo
0.4 miles
Dollar Tree
Shops & Services
5,631 visits/mo
0.5 miles
SUBWAY
Dining
3,440 visits/mo
0.5 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Existing kitchen improvements include an industrial mixer and large gas oven for food production.
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 $140,000.
What are key features of this property?
This property features: 850 square feet on a 0.04‑acre site; Industrial mixer and large gas oven included; Gas oven capacity for up to 30 loaves of bread at a time
