Turnkey Bakery and
For Sale
$695,000
110 S Lake Street, Boyne City, MI 49712
COMMERCIAL - Boyne City, MI
Property Size1,629 SF
Lot Size0.25 Acres
Price / SF$426.64
Days on Market273
Property Features for 110 S Lake Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Exterior features
Wood, Brick
Directions
Downtown Boyne City on Lake St, between Water St & Ray St
Subdivision
Charlevoix
Standard status
Active
Size
1,629 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Description
DDA CITY OF BOYNE CITY, BEARDSLEY'S FIRST ADDITION TO BOYNE S 22.5 FT OFF S SIDE OF LOT 100
Legal Description
DDA CITY OF BOYNE CITY, BEARDSLEY'S FIRST ADDITION TO BOYNE S 22.5 FT OFF S SIDE OF LOT 100
Building Details
Building materials
Frame
Roof type
Tar/Gravel
Listing Agency:
Pat O'Brien & Associates
(231) 547-7701
Listed By:
Mark Snyder
(231) 675-7711
Added: Nov 21, 2025
Changed: Aug 4
Last Checked: Aug 21 at 2:06AM
MLS# 1940731
Copyright © 2026 Northern Great Lakes Realtors MLS. 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 turnkey offering combines real estate with the operating business for a French-style bakery and creperie. The property is presented with a fully equipped commercial kitchen intended to support daily production and menu service. The concept centers on buckwheat crepes (savory and sweet) prepared fresh to order, along with artisan coffees and French pastries.
The business is located at 110 S Lake Street in Boyne City, on the shores of Lake Charlevoix, positioned in a well-known Northern Michigan destination area.
With the bakery and creperie setup included as part of the sale, the package is designed for an operator looking to step into a ready-to-run foodservice operation backed by its established brand and equipment.
The business is located at 110 S Lake Street in Boyne City, on the shores of Lake Charlevoix, positioned in a well-known Northern Michigan destination area.
With the bakery and creperie setup included as part of the sale, the package is designed for an operator looking to step into a ready-to-run foodservice operation backed by its established brand and equipment.
Key Highlights
- Includes Gildas' Lake Street Bakery business along with the real estate for a turnkey sale.
- Fully equipped industry kitchen included.
- Exterior materials: wood and brick; construction: frame.
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
$19,528
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
2.81%
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%
$390,560
$390.6K
Cap Rate 7%
$278,971
$279.0K
Cap Rate 9%
$216,978
$217.0K
Market Conditions
NOI Build-Up for 1,629 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
$27.8K $17.04/SF
− Vacancy
−$1.7K −$1.06/SF
EGI
$26.0K $15.98/SF
− OpEx
−$6.5K −$4.00/SF
NOI
$19.5K $11.99/SF
Area
Charlevoix County, MI
Vacancy
6.20%
Lease Rate
$17.04 /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%
$390,560
Cap Rate 7%
$278,971
Cap Rate 9%
$216,978
Alternative Uses
Best Use
Specialty Retail
$279.0K
$244.1K – $325.5K
NOI $19,528 @ 7.0% cap · market cap 2.81%
Second Best
Industrial
$129.0K
$112.9K – $150.5K
NOI $9,031 @ 7.0% cap · market cap 1.30%
Theoretical Best
Office A
$329.7K
$288.5K – $384.7K
NOI $23,082 @ 7.0% cap · market cap 3.32%
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
431
Businesses Nearby
36k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 58%
Shops & Services 30%
Dining 6%
Home Improvements & Furnishings 5%
Family Fare
Groceries
21,229 visits/mo
0.4 miles
Dollar General
Shops & Services
6,444 visits/mo
0.4 miles
Marathon
Shops & Services
3,107 visits/mo
0.1 miles
Boyne Co-Op True Value
Home Improvements & Furnishings
1,955 visits/mo
0.1 miles
SUBWAY
Dining
1,620 visits/mo
0.1 miles
Demographics for 49712, MI
8,113
Population
5,075
Households
1.6
Avg Household Size
48
Median Age
36%
College-Educated
96%
High-School Grad
72.9 sq mi
ZIP Area
111
Density / Sq Mi
$74,202
Median Household Income
$40,208
Median Earnings
$955
Median Rent
$252,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - For sale turnkey bakery and creperie with a fully equipped commercial kitchen and included business assets.
Where is this conventional restaurant located?
The property is located at 110 S Lake Street Boyne City, MI.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Includes Gildas' Lake Street Bakery business along with the real estate for a turnkey sale.; Fully equipped industry kitchen included.; Exterior materials: wood and brick; construction: frame.
