Building Details

Year built 2002

Number of units 1

Listing Agency: NAI Wisinski of West Michigan Show Phone

Listed By: Connor Schultze · License #6501453214 Show Phone

Added: Feb 25 Changed: Oct 2 Last Checked: Oct 15 at 7:06PM

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MLS# 26008496

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Investment Insights

Based on property information with market context.

This 1,900-square-foot restaurant property includes an operating diner concept with furniture, fixtures, and equipment conveyed in the sale. The kitchen is configured with commercial-grade preparation areas, refrigeration, and a cooking line, while the dining room includes furnishings. The building was constructed in 2002 and occupies a 0.5-acre site.

The property is located at 111 W Michigan Avenue in downtown Augusta, surrounded by local businesses and neighborhood rooftops. Its position along Michigan Avenue provides visibility from the corridor. Two bathrooms are included within the building.

Key Highlights

• 1,900‑square‑foot restaurant building on a 0.5‑acre site
• Furniture, fixtures, and equipment included in the sale
• Commercial kitchen with prep areas, refrigeration, and cooking line

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$28,662

Cap Rate

7.17%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$573,240 $573.2K

Cap Rate 7%

$409,457 $409.5K

Cap Rate 9%

$318,467 $318.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,900 SF

Gross rent

$42.0K $22.08/SF

− Vacancy

−$1.0K −$0.53/SF

EGI

$40.9K $21.55/SF

− OpEx

−$12.3K −$6.47/SF

NOI

$28.7K $15.09/SF

Area

Kalamazoo County, MI

Vacancy

2.40%

Lease Rate

$22.08 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$573,240

Cap Rate 7%

$409,457

Cap Rate 9%

$318,467

Alternative Uses

Best Use

Industrial

$409.5K

$358.3K – $477.7K (±1% cap)

NOI $28,662 @ 7.0% cap · market cap 7.17%

Second Best

Specialty Retail

$254.7K

$222.8K – $297.1K (±1% cap)

NOI $17,826 @ 7.0% cap · market cap 4.46%

Theoretical Best

Warehouse

$497.2K

$435.0K – $580.1K (±1% cap)

NOI $34,803 @ 7.0% cap · market cap 8.70%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Nina's Taqueria Restaurant DIG-IN CAFE AND CATERING Restaurant

Suggested Use

Top Pick Parking Lot & Garage Big Box & Wholesale Store Building Supply Hair Salon Grocery & Convenience Store Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

90

Businesses Nearby

15k

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 0.1 miles

Dollar General Shops & Services

4,999 visits/mo 0.3 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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - An operating diner concept includes furniture, fixtures, equipment, and furnished dining space.

Where is this conventional restaurant 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: 1,900‑square‑foot restaurant building on a 0.5‑acre site; Furniture, fixtures, and equipment included in the sale; Commercial kitchen with prep areas, refrigeration, and cooking line