Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Turnkey Restaurant and Concert Venue Title is generated by Realmo AI

    117 E Allegan Street, Otsego, MI 49078

    View on Map
    Claim this Listing
    For Sale
    $1,283,000

    COMMERCIAL - Otsego, MI

    Property size:
    7,148 SF
    Lot size:
    0.33 Acres
    Price / SF:
    $179/SF
    Added:
    Dec 3, 2025
    Days on Market:
    163
    Last Refresh:
    May 15 at 4:06 pm

    Property Features for 117 E Allegan Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bathrooms
    7
    Rooms
    Bathroom 2, Bathroom 3, Bathroom 5, Bathroom 7, Bathroom 1, Bathroom 4, Bathroom 6
    Standard status
    Active
    APN
    54-100-048-20
    Size
    7,148 SF
    Lot size
    0.33 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Per title commitment.
    Tax Annual Amount
    10807

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1950
    Floors in Building
    1
    Number of units
    5
    Building materials
    Brick

    We can help!

    Listing Contact
    Joanne K Becker
    Joanne K Becker

    Listing agent Joanne K Becker License #6502342093

    Listing office Chuck Jaqua, REALTOR 414 W Milham Road, Portage, MI

    Listing date Dec 3, 2025

    MLS# 25061870

    Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Turn‑key concert venue and restaurant with Class C Liquor License and brewery included.
    • High‑capacity entertainment space: 200+ indoor seating and 1200 outdoor capacity.
    • Includes Real Estate, FF&E, and a 16‑stall bathroom trailer.
    • Features 69 taps with three keg coolers.
    • Four serving locations, large hospitality suite, and office space.
    • Well‑maintained property with history, character, and prime location in Otsego.

    Overview

    This turnkey commercial property in Otsego, Michigan, presents a unique opportunity as a concert venue and restaurant. The sale includes the real estate, FF&E (furniture, fixtures, and equipment), a 16-stall bathroom trailer, a brewery, and a Class C liquor license with four serving locations. The property also features a large hospitality suite and office space. Formerly Maudes Tap House and the Liquid Note, the site includes Liquid Note's brewery, which serves its beers at all locations. The well-maintained storefront properties combine history, character, location, and capacity. Inside, Maude's and Liquid Note offer seating for over 200 guests, while the outdoor space accommodates 1200 people, making it suitable for high-volume entertainment. The property is adjacent to a city parking lot, other parking lots, and street parking. The restaurant has a large selection of 69 taps in its three keg coolers. The property size is 7148 square feet on a 0.33-acre lot. This property is ready for its next chapter.

    Financial Insights

    Value Estimation Calculated for Specialty Retail

    Conservative
    $883.4K
    NOI $79,503 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.14M
    NOI $79,503 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.59M
    NOI $79,503 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Specialty Retail

    Component $ $/SF
    Gross rent $110.7k $15.48
    − Vacancy −$4.6k −$0.65
    EGI $106.0k $14.83
    − OpEx −$26.5k −$3.71
    NOI $79.5k $11.12
    7,148 SF · lease $15.48/SF/yr · vacancy 4.20% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Specialty Retail
    $1.14M
    $993.8K – $1.33M (±1% cap)
    NOI $79,503 @ 7.0% cap · market cap 6.20%
    Second Best
    Retail
    $1.06M
    $927.5K – $1.24M (±1% cap)
    NOI $74,203 @ 7.0% cap · market cap 5.78%
    Theoretical Best
    Hotel Hospitality
    $67.13M
    $58.74M – $78.31M (±1% cap)
    NOI $4,698,897 @ 7.0% cap · market cap 366.24%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Maude’s Taphouse Bar & Pub

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Otsego
    County
    Allegan
    State
    Michigan
    Longitude
    -85.69613
    Latitude
    42.460626

    Nearby Similar for Sale

    • $1,283,000
      7,148 SF

      Turn-Key Concert Venue & Restaurant

      Otsego concert venue and restaurant with brewery and liquor license.
      117 - 133 E Allegan Street, Otsego, MI 49078
      View Details
    • $299,900
      1,648 SF

      Otsego Multifamily Investment Opportunity

      Well-maintained duplex in Otsego, MI. Perfect for investors.
      224 Charles Street, Otsego, MI 49078
      View Details
    • $375,000

      Downtown Otsego Mixed-Use Investment

      Turnkey 5-unit building with strong income in downtown Otsego.
      120 N Farmer Street, Otsego, MI 49078
      View Details
    • $528,000

      Expansive Equestrian Property with River View

      18-acre equestrian property with stable, training ring, and river views.
      2435 108th Avenue, Otsego, MI 49078
      View Details
    • $498,000
      3,420 SF

      Turnkey Restaurant in Historic Building

      Fully equipped restaurant with apartment in renovated historic building.
      113 N Farmer Street, Otsego, MI 49078
      View Details
    • $199,900

      Updated Duplex in Otsego

      Updated duplex, ideal for owner-occupant or investment.
      241 Helen Avenue, Otsego, MI 49078
      View Details
    • Contact for pricing
      1,872 SF

      Office Property with Highway Visibility

      Well-maintained office space with immediate income and highway visibility.
      800 E Allegan St, Otsego, MI, 49078
      View Details
    • $214,900

      Updated Duplex in Otsego

      Updated duplex, ideal for owner-occupancy or investment.
      241 Helen Ave, Otsego, MI 49078
      View Details

    FAQs

    What type of property is this?
    Turn key restaurant - Turnkey restaurant and concert venue with brewery and liquor license.
    Where is this turn key restaurant located?
    The property is located at 117 E Allegan Street Otsego, MI.
    What is the asking price?
    The asking price for this property is $1,283,000.
    What are key features of this property?
    This property features: Turn‑key concert venue and restaurant with Class C Liquor License and brewery included.; High‑capacity entertainment space: 200+ indoor seating and **1200 outdoor capacity**.; Includes Real Estate, FF&E, and a 16‑stall bathroom trailer.
    (269) 217-9878
    We can help!
    Listing Contact
    Joanne K Becker
    Joanne K Becker
    Real Estate License ID: 6502342093
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    117 E Allegan Street, Otsego, MI 49078
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!