Turnkey Diner
For Sale
$399,900
111 W Michigan Avenue, Augusta, MI 49012
Turnkey restaurant with fully equipped commercial kitchen and dining room furnishings, with furniture, fixtures, and equipment included.
Property Size1,900 SF
Price / SF$210.47
Days on Market168
Property Features for 111 W Michigan Avenue
General Information
Standard status
Active
Size
1,900 SF
Property subtype
Industrial
Additional Details
Business Included
Yes
Amenities
3
Building Details
Year Built
2002
Listing Agency:
NAI Wisinski of West Michigan
(269) 370-6437
Listed By:
Connor Schultze · License #6501453214
(269) 370-6437
Source:
Xome
Added: Feb 24
Changed: Aug 8
Last Checked: Aug 11 at 5:13AM
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 NAI Wisinski of West Michigan
Investment Insights
Based on property information with market context.
This turnkey diner-style restaurant is offered with furniture, fixtures, and equipment included in the sale, supporting an efficient start for a new owner. The kitchen is fully equipped with commercial-grade cooking and prep areas, refrigeration, and a cooking line, and the dining room includes furnishings.
The property is located at 111 W Michigan Avenue Unit SourceFi in Augusta, MI 49012, with visibility along Michigan Avenue and surrounding local businesses and neighborhood rooftops described in the public remarks.
The package is positioned as an operating restaurant opportunity, with the interior improvements and restaurant equipment already in place for continued use.
The property is located at 111 W Michigan Avenue Unit SourceFi in Augusta, MI 49012, with visibility along Michigan Avenue and surrounding local businesses and neighborhood rooftops described in the public remarks.
The package is positioned as an operating restaurant opportunity, with the interior improvements and restaurant equipment already in place for continued use.
Key Highlights
- 111 W Michigan Ave downtown Augusta restaurant ready to operate
- Fully equipped commercial kitchen with prep areas, refrigeration, and a cooking line
- Dining room furnishings included
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
$17,826
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
4.46%
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%
$356,520
$356.5K
Cap Rate 7%
$254,657
$254.7K
Cap Rate 9%
$198,067
$198.1K
Market Conditions
NOI Build-Up for 1,900 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
$25.0K $13.14/SF
− Vacancy
−$1.2K −$0.63/SF
EGI
$23.8K $12.51/SF
− OpEx
−$5.9K −$3.13/SF
NOI
$17.8K $9.38/SF
Area
Kalamazoo County, MI
Vacancy
4.80%
Lease Rate
$13.14 /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%
$356,520
Cap Rate 7%
$254,657
Cap Rate 9%
$198,067
Alternative Uses
Best Use
Specialty Retail
$254.7K
$222.8K – $297.1K
NOI $17,826 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$497.2K
$435.0K – $580.1K
NOI $34,803 @ 7.0% cap · market cap 8.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
86
Businesses Nearby
10k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Shell
Shops & Services
9,772 visits/mo
0.4 miles
Demographics for 49012, MI
3,477
Population
1,344
Households
2.6
Avg Household Size
46
Median Age
32%
College-Educated
96%
High-School Grad
42.2 sq mi
ZIP Area
82
Density / Sq Mi
$78,365
Median Household Income
$41,026
Median Earnings
$845
Median Rent
$248,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- DIG-IN CAFE AND CATERING — 111 W Michigan Ave, Augusta, MI 49012
Frequently Asked Questions
What type of property is this?
Breakfast & diner - Turnkey restaurant with fully equipped commercial kitchen and dining room furnishings, with furniture, fixtures, and equipment included.
Where is this breakfast & diner located?
The property is located at 111 W Michigan Avenue Augusta, MI.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 111 W Michigan Ave downtown Augusta restaurant ready to operate; Fully equipped commercial kitchen with prep areas, refrigeration, and a cooking line; Dining room furnishings included
