Renovated Downtown Bar &
For Sale
$530,000
1117 Ludington Street, Escanaba, MI 49829
COM/IND/BUS OPP, Escanaba, MI
Property Size2,164 SF
Lot Size0.08 Acres
Price / SF$244.92
Days on Market283
Property Features for 1117 Ludington Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Subdivision
Escanaba (21010)
Standard status
Active
Size
2,164 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
3911
Utilities
Water source
Public
Building Details
Year built
1900
Listing Agency:
NORTHERN MICHIGAN LAND BROKERS
(906) 225-5263
Listed By:
ROB SULLIVAN · License #6502362192
(906) 236-5806
Added: Nov 19, 2025
Changed: Aug 19
Last Checked: Aug 29 at 12:06AM
MLS# 50194649
Copyright © 2026 Upper Peninsula Association of Realtors. 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 operating bar and pub occupies 2,164 square feet in a front-to-back layout suited to varied customer areas and group gatherings. The property includes updated interiors, newer mechanical systems, two renovated restrooms, and basement storage. The front portion provides seating and high-top tables, while the rear area accommodates larger groups, events, or additional entertainment. Owned pool tables are included; the dart boards, speaker system, and TouchTunes machines are leased.
An upstairs apartment area has been largely gutted, with preliminary renovation work recently started. The unfinished space can be completed according to the next owner's plans. The building was constructed in 1900, is zoned Commercial, and uses public water. Located at 1117 Ludington Street in downtown Escanaba, the property combines an established operating bar with additional unfinished space.
An upstairs apartment area has been largely gutted, with preliminary renovation work recently started. The unfinished space can be completed according to the next owner's plans. The building was constructed in 1900, is zoned Commercial, and uses public water. Located at 1117 Ludington Street in downtown Escanaba, the property combines an established operating bar with additional unfinished space.
Key Highlights
- Operating bar and pub at 1117 Ludington Street in downtown Escanaba
- 2,164 square feet with front‑to‑back layout, seating area, rear event space, and basement storage
- Updated interiors, newer mechanicals, and two renovated restrooms
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
$28,454
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
5.37%
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%
$569,080
$569.1K
Cap Rate 7%
$406,486
$406.5K
Cap Rate 9%
$316,156
$316.2K
Market Conditions
NOI Build-Up for 2,164 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
$39.0K $18.00/SF
− Vacancy
−$1.0K −$0.47/SF
EGI
$37.9K $17.53/SF
− OpEx
−$9.5K −$4.38/SF
NOI
$28.5K $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%
$569,080
Cap Rate 7%
$406,486
Cap Rate 9%
$316,156
Alternative Uses
Best Use
Specialty Retail
$406.5K
$355.7K – $474.2K
NOI $28,454 @ 7.0% cap · market cap 5.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$423.6K
$370.7K – $494.2K
NOI $29,653 @ 7.0% cap · market cap 5.59%
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
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 venue with updated interiors, basement storage, and an unfinished upstairs apartment.
Where is this bar & pub located?
The property is located at 1117 Ludington Street 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 Street in downtown Escanaba; 2,164 square feet with front‑to‑back layout, seating area, rear event space, and basement storage; Updated interiors, newer mechanicals, and two renovated restrooms
