Turn-Key Concert Venue and
For Sale
$1,283,000
117 E Allegan Street, Otsego, MI 49078
COMMERCIAL - Otsego, MI
Property Size7,148 SF
Lot Size0.33 Acres
Price / SF$179.49
Days on Market256
Property Features for 117 E Allegan Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
CBD
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 1, Bathroom 6, Bathroom 2, Bathroom 7, Bathroom 5, Bathroom 4, Bathroom 3
Elementary school district
Otsego
Middle school district
Otsego
High school district
Otsego
Directions
I-94 to US-131 North to Otsego exit West
Subdivision
Greater Kalamazoo - K
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
Legal Description
Per title commitment.
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Amenities
brewery
concert venue
two stages
hospitality suite
office space
outdoor space
69 taps
three keg coolers
bathroom trailer
Building Details
Year built
1950
Floors in Building
1
Number of units
5
Building materials
Brick
Listing Agency:
Chuck Jaqua, REALTOR
(269) 381-7653
Listed By:
Joanne K Becker · License #6502342093
(269) 217-9878
Added: Dec 3, 2025
Changed: Aug 4
Last Checked: Aug 16 at 11:06AM
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.
Investment Insights
Based on property information with market context.
For sale is a turnkey hospitality property in the City of Otsego that includes the real estate, FF&E, a 16-stall bathroom trailer, and a Class C liquor license with four serving locations. The offering features a concert venue with two stages, along with restaurant and brewery operations housed in well-maintained storefront properties.
The property includes a large hospitality suite and office space. Seating is available for more than 200 guests inside Maude’s and the Liquid Note, with capacity for 1,200 people in the outdoor space. Parking is supported by adjacency to a city parking lot, additional parking lots, and street parking.
The brewery setup includes three keg coolers and a large selection of taps. The listing notes the Liquid Note also hosts its own brewery and serves its beers at its locations, and the property is described as being ready for a new ownership chapter following 12 years of operation.
The property includes a large hospitality suite and office space. Seating is available for more than 200 guests inside Maude’s and the Liquid Note, with capacity for 1,200 people in the outdoor space. Parking is supported by adjacency to a city parking lot, additional parking lots, and street parking.
The brewery setup includes three keg coolers and a large selection of taps. The listing notes the Liquid Note also hosts its own brewery and serves its beers at its locations, and the property is described as being ready for a new ownership chapter following 12 years of operation.
Key Highlights
- Sale includes real estate, FF&E, a 16‑stall bathroom trailer, brewery, and a Class C liquor license with four serving locations
- Concert venue setup with two stages, plus a large hospitality suite and office space
- Restaurant includes 69 taps in three keg coolers for beer service
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
$79,503
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
6.20%
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%
$1,590,060
$1.6M
Cap Rate 7%
$1,135,757
$1.1M
Cap Rate 9%
$883,367
$883.4K
Market Conditions
NOI Build-Up for 7,148 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
$110.7K $15.48/SF
− Vacancy
−$4.6K −$0.65/SF
EGI
$106.0K $14.83/SF
− OpEx
−$26.5K −$3.71/SF
NOI
$79.5K $11.12/SF
Area
Allegan County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$1,590,060
Cap Rate 7%
$1,135,757
Cap Rate 9%
$883,367
Alternative Uses
Best Use
Specialty Retail
$1.14M
$993.8K – $1.33M
NOI $79,503 @ 7.0% cap · market cap 6.20%
Second Best
Industrial
$477.5K
$417.8K – $557.1K
NOI $33,426 @ 7.0% cap · market cap 2.61%
Theoretical Best
Hotel Hospitality
$67.13M
$58.74M – $78.31M
NOI $4,698,897 @ 7.0% cap · market cap 366.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
268
Businesses Nearby
Explore this area
Business Placement
Demographics for 49078, MI
9,483
Population
4,315
Households
2.2
Avg Household Size
41
Median Age
19%
College-Educated
92%
High-School Grad
49.5 sq mi
ZIP Area
192
Density / Sq Mi
$77,517
Median Household Income
$44,956
Median Earnings
$1,106
Median Rent
$189,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Theater & concert hall - For sale turnkey hospitality property with concert stages, restaurant operations, brewery setup, and a Class C liquor license.
Where is this theater & concert hall 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: Sale includes real estate, FF&E, a 16‑stall bathroom trailer, brewery, and a Class C liquor license with four serving locations; Concert venue setup with two stages, plus a large hospitality suite and office space; Restaurant includes 69 taps in three keg coolers for beer service
