Renovated Pub with
For Sale
Contact for pricing
1117 Ludington St, Escanaba, MI 49829
Operating pub with updated restrooms, basement storage, owned pool tables, and an unfinished upstairs apartment area.
Property Size2,000 SF
Price / SF$265
Days on Market16
Property Features for 1117 Ludington St
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Retail
Listing Agency:
Northern Michigan Land Brokers
Listed By:
Rob Sullivan · License #MI
(906) 236-5806
Source:
Crexi
Added: Aug 19
Changed: Sep 1
Last Checked: Sep 3 at 11:04AM
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 Northern Michigan Land Brokers
Investment Insights
Based on property information with market context.
This operating bar and pub at 1117 Ludington St. includes more than 2,000 square feet of updated commercial space, newer mechanical systems, and a front-to-back interior arrangement. The customer area has substantial seating and high-top tables, while the rear section accommodates larger groups, events, or additional entertainment. Both restrooms have been renovated, and the basement provides storage. Owned pool tables are included; dart boards, the speaker system, and TouchTunes equipment are leased.
An upstairs apartment area has been largely gutted, with preliminary renovation work underway. The unfinished space can be completed according to the buyer’s plans. The property is located in downtown Escanaba along Ludington Street and combines an operating hospitality business with additional interior space requiring completion.
An upstairs apartment area has been largely gutted, with preliminary renovation work underway. The unfinished space can be completed according to the buyer’s plans. The property is located in downtown Escanaba along Ludington Street and combines an operating hospitality business with additional interior space requiring completion.
Key Highlights
- Operating bar and pub at 1117 Ludington St, Escanaba, MI 49829
- More than 2,000 square feet of updated commercial space
- Renovated restrooms and newer mechanical systems
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
$26,298
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
4.96%
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%
$525,960
$526.0K
Cap Rate 7%
$375,686
$375.7K
Cap Rate 9%
$292,200
$292.2K
Market Conditions
NOI Build-Up for 2,000 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
$36.0K $18.00/SF
− Vacancy
−$936 −$0.47/SF
EGI
$35.1K $17.53/SF
− OpEx
−$8.8K −$4.38/SF
NOI
$26.3K $13.15/SF
Area
Delta County, MI
Vacancy
2.60%
Lease Rate
$18.00 /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%
$525,960
Cap Rate 7%
$375,686
Cap Rate 9%
$292,200
Alternative Uses
Best Use
Specialty Retail
$375.7K
$328.7K – $438.3K
NOI $26,298 @ 7.0% cap · market cap 4.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$391.5K
$342.6K – $456.8K
NOI $27,406 @ 7.0% cap · market cap 5.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
640
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49829, MI
17,009
Population
8,729
Households
1.9
Avg Household Size
45
Median Age
19%
College-Educated
90%
High-School Grad
66.8 sq mi
ZIP Area
255
Density / Sq Mi
$45,808
Median Household Income
$31,366
Median Earnings
$667
Median Rent
$139,000
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.
Similar Off Market Nearby
- Karas Memorial Bandshell — Loren W Jenkins Memorial Dr, Escanaba, MI 49829
- Granada — 330 S 10th St # 1, Escanaba, MI 49829
- Mayrand's Tenth Street Tavern — 300 S 10th St, Escanaba, MI 49829
- Mo's Pub — 2116 Ludington St, Escanaba, MI 49829
- Wise Amusements — 224 Stephenson Ave, Escanaba, MI 49829
Frequently Asked Questions
What type of property is this?
Bar & Pub - Operating pub with updated restrooms, basement storage, owned pool tables, and an unfinished upstairs apartment area.
Where is this bar & pub located?
The property is located at 1117 Ludington St Escanaba, MI.
What is the asking price?
The asking price for this property is $530,000.
What are key features of this property?
This property features: Operating bar and pub at 1117 Ludington St, Escanaba, MI 49829; More than 2,000 square feet of updated commercial space; Renovated restrooms and newer mechanical systems
