Turnkey Restaurant/Bar in Recreation
For Sale
$500,000
12227 Seymour Road, Grass Lake, MI 49240
Fully operational restaurant and bar in high-traffic recreational area.
Property Size3,414 SF
Lot Size1.09 Acres
Price / SF$146.46
Days on Market104
Property Features for 12227 Seymour Road
General Information
Standard status
Active
Size
3,414 SF
Lot size
1.09 Acres
Property subtype
Business Opportunity
Zoning
Commercial
Building Details
Building Size
3,414 SF
Year Built
1993
Units
1
Listing Agency:
Swisher Commercial
(734) 926-0230
Listed By:
Charles Koenn · License ##6506040186
(734) 926-0230
Source:
Homesforsaleinmich
Added: May 13
Changed: Aug 23
Last Checked: Aug 22 at 5:35AM
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 Swisher Commercial
Investment Insights
Based on property information with market context.
This is a rare opportunity to acquire a fully operational restaurant and bar property, ideally suited for owner-operators, hospitality groups expanding into destination dining, investors, caterers, BBQ operators, breweries, or event-driven concepts. The property is located in the heart of the Waterloo Recreation Area. The well-maintained and fully equipped hospitality operation features an L-shaped bar with multiple taps, a liquor display, overhead glass racks, and several mounted TVs. The spacious dining room includes wood-look flooring, clean finishes, and flexible table layouts. A commercial kitchen is equipped with stainless prep lines, a hood system, fryers, burners, refrigeration, and a pass-through window. Additional service areas, storage, and POS zones are available, along with a private 'game room' for private events or additional seating. The property also features a covered patio dining pavilion with wood beam construction and brick pavers, an additional picnic-style seating area with firewood storage, and a large outdoor smoker station with a wood storage canopy. The landscaped grounds include a decorative pond, lounge area, and fenced patio. Ample parking is available, with easy access from Seymour Rd and even horse 'parking' from the Waterloo Trail. The property is situated on 1.09 acres with C 1 zoning that supports restaurant, bar, retail, and other commercial uses. It includes well and septic systems and is located in a high-traffic recreational area near lakes, campgrounds, and state land. The building size is 3414 square feet.
Key Highlights
- Fully operational restaurant/bar in the heart of the Waterloo Recreation Area.
- Well‑maintained and fully equipped commercial kitchen** with stainless prep lines, hood system, fryers, burners, refrigeration, and pass‑through window.
- Covered patio dining pavilion** with wood beam construction and brick pavers.
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
—
—
no second resolved use
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
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.
Similar Off Market Nearby
- Portage Lake Parlor — 12227 Seymour Rd, Grass Lake, MI 49240
Frequently Asked Questions
What type of property is this?
Bar & Pub - Fully operational restaurant and bar in high-traffic recreational area.
Where is this bar & pub 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: Fully operational restaurant/bar in the heart of the Waterloo Recreation Area.; Well‑maintained and fully equipped commercial kitchen** with stainless prep lines, hood system, fryers, burners, refrigeration, and pass‑through window.; Covered patio dining pavilion** with wood beam construction and brick pavers.
