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    Restaurant Space with Commercial Kitchen Title is generated by Realmo AI

    117 Steer, Addison, MI 49220

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    For Lease
    $950/Mo $5 SF/Yr (calc)

    Business - Addison, MI

    Type:Business
    Property size:
    2,160 SF
    Lot size:
    0.61 Acres
    Added:
    Jun 2, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 6 at 4:06 am

    Property Features for 117 Steer

    General Information

    Property type
    Commercial Lease
    Property subtype
    Business
    Zoning
    Commercial
    Interior features
    Ada Accessible, Cafe/Kitchen, Gas Available, Restroom(s)
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Active
    APN
    WD1-001-3010-00
    Size
    2,160 SF
    Lot size
    0.61 Acres

    Taxes and HOA fees

    Tax Annual Amount
    69671

    Utilities

    Heating system
    Forced Air
    Cooling system
    Ceiling Fan(s), Wall/Window Unit(s)

    Building Details

    Year built
    1950
    Building materials
    Vinyl Siding
    Architectural style
    Other

    We can help!

    Listing Contact
    Nikki Nyack
    Nikki Nyack

    Listing agent Nikki Nyack License #6501406908

    Listing office Foundation Realty, LLC 3282 N Adrian Hwy, Adrian, MI

    Listing date Jun 2, 2026

    MLS# 50209917 Listing URL

    Copyright © 2026 Lenawee County 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.

    HighLights

    • Versatile commercial space with an open dining area and commercial‑grade kitchen
    • Two bathrooms and restroom(s) in the space
    • Gas available with forced‑air heating
    • Cooling includes ceiling fan(s) and wall/window unit(s)
    • ADA accessible with accessible approach featuring a ramp
    • Vinyl siding exterior; built in 1950

    Overview

    This for-rent restaurant space is designed for food service from the start, featuring a spacious open dining area, a commercial-grade kitchen, and two bathrooms. The layout supports a straightforward front-of-house and back-of-house flow, making it practical for operators looking to open with confidence rather than retrofit significant components. With the property sized for active service, it offers a clean foundation for a new concept.

    Located in Addison, the property is described as being ideally positioned for maximum exposure. It also backs up to the Addison Millpond, creating a distinct and inviting backdrop that can support the overall guest experience. The property sits within Commercial zoning, aligning it with a general commercial use profile.

    For a restaurateur, caterer, or food-focused business seeking a ready-to-operate footprint, this space provides the key functional elements buyers and tenants typically prioritize: a large dining area, a commercial kitchen, and dedicated restrooms. With the right concept, the setting near the Devils Lake area could make it an appealing destination option for guests looking to dine out, not just grab food on the way through.
    Property Profile Location Intelligence

    Current Use by Public Records

    Maverick’s Pizza Hanger Restaurant Addison Senior Citizens Community Center

    Suggested Use

    Law Firm Restaurant Dental Office Nail Salon Building Supply Pharmacy Big Box & Wholesale Store Daycare Center Grocery & Convenience Store Electronics & Wireless Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Addison
    County
    Lenawee
    State
    Michigan
    Longitude
    -84.349641
    Latitude
    41.986943

    Nearby Similar for Lease

    • $4,183/Mo
      4,183 SF

      Addison Retail Space For Rent

      Retail space available in Addison, Michigan, with multiple potential uses.
      200 W Main St, Addison, MI 49220
      View Details
    • $2,950/Mo

      High Visibility Office Space For Lease

      Office space with views of Devils Lake for lease.
      6155 W US 223 Hwy, WoodstockTownship_Lenawee, MI 49220
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - Turnkey restaurant layout with a commercial-grade kitchen and two restrooms, ideal for launching a new food concept.
    Where is this conventional restaurant located?
    The property is located at 117 Steer Addison, MI.
    What is the lease rate?
    The lease rate is $950 /Mo.
    What are key features of this property?
    This property features: Versatile commercial space with an open dining area and commercial‑grade kitchen; Two bathrooms and restroom(s) in the space; Gas available with forced‑air heating
    (517) 918-8553
    We can help!
    Listing Contact
    Nikki Nyack
    Nikki Nyack
    Real Estate License ID: 6501406908
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    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.

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