Equipped Restaurant With Covered
For Sale
$500,000
12227 Seymour Road, Grass Lake, MI 49240
COMMERCIAL - Grass Lake, MI
Property Size3,414 SF
Lot Size1.09 Acres
Price / SF$146.46
Days on Market106
Property Features for 12227 Seymour Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C-1
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Elementary school district
Grass Lake
Middle school district
Grass Lake
High school district
Grass Lake
Standard status
Active
APN
000-10-05-351-001-01
Size
3,414 SF
Lot size
1.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
On File
Tax Annual Amount
6604
Legal Description
On File
Utilities
Sewer type
Septic Tank
Heating system
Forced Air
Cooling system
Central Air
Water source
Well
Amenities
picnic seating area
decorative pond
lounge area
horse parking
Building Details
Year built
1993
Floors in Building
1
Number of units
1
Building materials
Vinyl Siding
Listing Agency:
Swisher Commercial
(734) 663-0501
Listed By:
Charles Koenn · License #6506040186
(734) 926-0230
Added: May 13
Changed: Aug 4
Last Checked: Aug 26 at 3:06AM
MLS# 26024714
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.
This 3414-square-foot restaurant and bar property includes a defined dining room, L-shaped bar with multiple taps, mounted televisions, and a private game room that can support events or additional seating. The commercial kitchen is outfitted with stainless preparation lines, a hood system, fryers, burners, refrigeration, and a pass-through window. Additional service, storage, and POS areas support the operation, while a covered patio pavilion, fenced patio, landscaped grounds, decorative pond, lounge area, and outdoor smoker station expand the hospitality setting.
The property occupies 1.09 acres with ample parking and access from Seymour Rd. Horse parking is available from Waterloo Trail. C 1 zoning supports restaurant, bar, retail, and other commercial uses. The site is served by a well and septic system. Constructed in 1993, the building has vinyl siding, forced-air heating, and central air conditioning.
The property occupies 1.09 acres with ample parking and access from Seymour Rd. Horse parking is available from Waterloo Trail. C 1 zoning supports restaurant, bar, retail, and other commercial uses. The site is served by a well and septic system. Constructed in 1993, the building has vinyl siding, forced-air heating, and central air conditioning.
Key Highlights
- 3414 square feet on 1.09 acres
- Commercial kitchen with hood system, fryers, burners, refrigeration, and pass‑through window
- L‑shaped bar with multiple taps, liquor display, glass racks, and mounted TVs
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
$32,437
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
6.49%
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%
$648,740
$648.7K
Cap Rate 7%
$463,386
$463.4K
Cap Rate 9%
$360,411
$360.4K
Market Conditions
NOI Build-Up for 3,414 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
$47.1K $13.80/SF
− Vacancy
−$3.9K −$1.13/SF
EGI
$43.2K $12.67/SF
− OpEx
−$10.8K −$3.17/SF
NOI
$32.4K $9.50/SF
Area
Jackson County, MI
Vacancy
8.20%
Lease Rate
$13.80 /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%
$648,740
Cap Rate 7%
$463,386
Cap Rate 9%
$360,411
Alternative Uses
Best Use
Specialty Retail
$463.4K
$405.5K – $540.6K
NOI $32,437 @ 7.0% cap · market cap 6.49%
Second Best
Industrial
$338.8K
$296.5K – $395.3K
NOI $23,719 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$545.0K
$476.9K – $635.8K
NOI $38,149 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49240, MI
9,213
Population
4,050
Households
2.3
Avg Household Size
45
Median Age
33%
College-Educated
97%
High-School Grad
104.1 sq mi
ZIP Area
89
Density / Sq Mi
$95,307
Median Household Income
$49,705
Median Earnings
$1,178
Median Rent
$272,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - C 1-zoned hospitality property with a bar, commercial kitchen, private event room, and multiple outdoor seating areas.
Where is this conventional restaurant located?
The property is located at 12227 Seymour Road Grass Lake, MI.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 3414 square feet on 1.09 acres; Commercial kitchen with hood system, fryers, burners, refrigeration, and pass‑through window; L‑shaped bar with multiple taps, liquor display, glass racks, and mounted TVs
