Mixed-Use Restaurant and
For Sale
$750,000
12229 Seymour Road, Grass Lake, MI 49240
Restaurant, bar, and adjacent ranch residence combine commercial operations with on-site living or rental use.
Property Size5,310 SF
Lot Size1.96 Acres
Days on Market37
Property Features for 12229 Seymour Road
General Information
Standard status
Active
Size
5,310 SF
Lot size
1.96 Acres
Property subtype
Commercial
Zoning
C-1 and R-3
Restaurant
Commercial Hood
Yes
Patio
Yes
Equipment Included
Yes
Additional Details
Business Included
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$11,331
Amenities
game room
picnic style seating area
outdoor smoker station with wood storage canopy
decorative pond
lounge area
horse parking from Waterloo Trail
Building Details
Building Size
5,310 SF
Year Built
1993
Buildings
2
Stories
2
Abandoned
No
Listing Agency:
Swisher Commercial
(734) 926-0230
Listed By:
Charles Koenn · License #6506040186
(734) 926-0230
Source:
Irishhillsfivestarhomes
Added: Jul 24
Changed: Aug 29
Last Checked: Aug 25 at 7:55AM
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 mixed-use property combines a 3,414-square-foot restaurant and bar with an adjacent 1,896-square-foot ranch home. The commercial building, constructed in 1993 and remodeled in 2009, includes a large L-shaped bar, dining room, commercial kitchen, game room, service areas, storage, and POS areas. Outdoor improvements include a covered patio pavilion, picnic seating, smoker station, landscaped grounds, decorative pond, lounge area, and fenced patio. The property also provides ample parking, horse parking from the Waterloo Trail, and well and septic systems.
The residence was built in 1950 and offers two bedrooms, 2.5 baths, a 450-square-foot basement, 480-square-foot attached garage, deck, sunroom with hot tub, fireplace, and private driveway. The commercial parcel contains 1.086 acres and is zoned C-1, while the 0.876-acre residential parcel is zoned R-3. Located at 12229 Seymour Rd in Grass Lake, the property is near the Waterloo Recreation Area, lakes, campgrounds, and state land.
The residence was built in 1950 and offers two bedrooms, 2.5 baths, a 450-square-foot basement, 480-square-foot attached garage, deck, sunroom with hot tub, fireplace, and private driveway. The commercial parcel contains 1.086 acres and is zoned C-1, while the 0.876-acre residential parcel is zoned R-3. Located at 12229 Seymour Rd in Grass Lake, the property is near the Waterloo Recreation Area, lakes, campgrounds, and state land.
Key Highlights
- 3,414 SF restaurant/bar built in 1993 and remodeled in 2009
- Commercial kitchen with hood system, fryers, burners, refrigeration, and pass through window
- 1,896 SF ranch residence with 2 bedrooms, 2.5 baths, 450 SF basement, and 480 SF attached garage
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
$50,452
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
6.73%
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%
$1,009,040
$1.0M
Cap Rate 7%
$720,743
$720.7K
Cap Rate 9%
$560,578
$560.6K
Market Conditions
NOI Build-Up for 5,310 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
$73.3K $13.80/SF
− Vacancy
−$6.0K −$1.13/SF
EGI
$67.3K $12.67/SF
− OpEx
−$16.8K −$3.17/SF
NOI
$50.5K $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%
$1,009,040
Cap Rate 7%
$720,743
Cap Rate 9%
$560,578
Alternative Uses
Best Use
Specialty Retail
$720.7K
$630.7K – $840.9K
NOI $50,452 @ 7.0% cap · market cap 6.73%
Second Best
Mixed Use
$628.7K
$550.1K – $733.5K
NOI $44,007 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$847.7K
$741.7K – $988.9K
NOI $59,336 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Paved road access
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Restaurant, bar, and adjacent ranch residence combine commercial operations with on-site living or rental use.
Where is this mixed-use property located?
The property is located at 12229 Seymour Road Grass Lake, MI.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 3,414 SF restaurant/bar built in 1993 and remodeled in 2009; Commercial kitchen with hood system, fryers, burners, refrigeration, and pass through window; 1,896 SF ranch residence with 2 bedrooms, 2.5 baths, 450 SF basement, and 480 SF attached garage
