Building Details

Building Size 2,697 SF

Year Built 1920

Listing Agency: RE/MAX

Listed By: Adam Whitz · License #6502361425 Show Phone

Source: Remaxcommercial

Added: Sep 25, 2025 Changed: Oct 6 Last Checked: Oct 5 at 3:00PM

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Investment Insights

Based on property information with market context.

This is a retail property located in the thriving downtown business district of Portland. The property is currently leased to a profitable restaurant with a liquor license. The present lease extends until 2027, presenting a potential investment opportunity. The tenant may be interested in staying long-term or purchasing the property in the future. The property is located at 117 East Grand River Avenue, Portland, MI 48875. The sale includes the real estate only.

Key Highlights

• Excellent retail location in Portland's thriving downtown business district.
• Leased to a profitable restaurant with a liquor license.
• Lease terminates in 2027.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$26,336

Cap Rate

8.78%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$526,720 $526.7K

Cap Rate 7%

$376,229 $376.2K

Cap Rate 9%

$292,622 $292.6K

Market Conditions

NOI Build-Up for 2,697 SF

Gross rent

$40.5K $15.00/SF

− Vacancy

−$2.8K −$1.05/SF

EGI

$37.6K $13.95/SF

− OpEx

−$11.3K −$4.19/SF

NOI

$26.3K $9.76/SF

Area

Ionia County, MI

Vacancy

7.00%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$526,720

Cap Rate 7%

$376,229

Cap Rate 9%

$292,622

Alternative Uses

Best Use

Specialty Retail

$513.9K

$449.7K – $599.6K (±1% cap)

NOI $35,974 @ 7.0% cap · market cap 11.99%

Second Best

Retail

$376.2K

$329.2K – $438.9K (±1% cap)

NOI $26,336 @ 7.0% cap · market cap 8.78%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Don Jose Mexican ... Restaurant

Suggested Use

Top Pick Real Estate Agency Building Supply Big Box & Wholesale Store Law Firm Dental Office HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

268

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 48875, MI

10,582

Population

4,330

Households

2.4

Avg Household Size

39

Median Age

30%

College-Educated

96%

High-School Grad

85.2 sq mi

ZIP Area

124

Density / Sq Mi

$92,457

Median Household Income

$50,355

Median Earnings

$1,088

Median Rent

$213,000

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this restaurants located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Restaurant - Profitable restaurant property with lease in place until 2027.

Where is this restaurant located?

The property is located at 117 East Grand River Avenue Portland, MI.

What is the asking price?

The asking price for this property is $299,999.

What are key features of this property?

This property features: Excellent retail location in Portland's thriving downtown business district.; Leased to a profitable restaurant with a liquor license.; Lease terminates in 2027.