Concert Venue with Brewery
For Sale
$1,283,000
117 E Allegan Street, Otsego, MI 49078
Turn-key concert venue with two stages, indoor seating for 200+, outdoor space for 1,200, and brewery/restaurant operations.
Property Size7,148 SF
Days on Market52
Property Features for 117 E Allegan Street
General Information
Standard status
Active
Size
7,148 SF
Property subtype
Commercial
Zoning
CBD
Additional Details
Business Included
Yes
Liquor License
Yes
Taxes and HOA fees
Annual Taxes
$10,807
Building Details
Building Size
7,148 SF
Year Built
1950
Buildings
5
Stories
1
Units
5
Listing Agency:
Chuck Jaqua, REALTOR
(269) 217-9878
Listed By:
Joanne K Becker · License #6502342093
(269) 217-9878
Source:
Thebrokeragehouse
Added: Jul 3
Changed: Aug 23
Last Checked: Aug 22 at 1:19PM
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 Chuck Jaqua, REALTOR
Investment Insights
Based on property information with market context.
This turn-key offering includes the real estate and FF&E for a combined concert venue, brewery, and restaurant operation. The property is described as well maintained and includes a hospitality suite and office space, along with a 16-stall bathroom trailer. Liquor licensing is included as a Class C Liquor License with four serving locations.
The venue is set up with two stages and a restaurant featuring a large selection of 69 taps across its three keg coolers. Seating is described as over 200 guests inside Maude’s and Liquid Note, with outdoor capacity listed as 1,200 people.
The storefront properties are positioned adjacent to a city parking lot and other parking lots, with street parking available. The sale also notes that Liquid Note hosts its own brewery and serves its beers at all locations.
The venue is set up with two stages and a restaurant featuring a large selection of 69 taps across its three keg coolers. Seating is described as over 200 guests inside Maude’s and Liquid Note, with outdoor capacity listed as 1,200 people.
The storefront properties are positioned adjacent to a city parking lot and other parking lots, with street parking available. The sale also notes that Liquid Note hosts its own brewery and serves its beers at all locations.
Key Highlights
- Concert venue with two stages plus brewery/restaurant operations
- Indoor seating for 200+ guests across Maude's and Liquid Note
- Outdoor space accommodates up to 1,200 people
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
249
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 - Turn-key concert venue with two stages, indoor seating for 200+, outdoor space for 1,200, and brewery/restaurant operations.
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: Concert venue with two stages plus brewery/restaurant operations; Indoor seating for 200+ guests across Maude's and Liquid Note; Outdoor space accommodates up to 1,200 people
