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    Turnkey Restaurant and Residential Property Title is generated by Realmo AI

    12229 Seymour Road, Grass Lake, MI 49240

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    Claim this Listing
    For Sale
    $750,000

    COMMERCIAL - Grass Lake, MI

    Property size:
    5,310 SF
    Lot size:
    1.09 Acres
    Price / SF:
    $141/SF
    Added:
    May 14, 2026
    Days on Market:
    14
    Last Refresh:
    May 27 at 8:06 pm

    Property Features for 12229 Seymour Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2
    Standard status
    Active
    APN
    000-10-05-351-001-02
    Size
    5,310 SF
    Lot size
    1.09 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    On file
    Tax Annual Amount
    11332

    Utilities

    Utilities
    Cable Available
    Sewer type
    Septic Tank
    Heating system
    Forced Air
    Water source
    Well

    Building Details

    Year built
    1993
    Floors in Building
    2
    Building materials
    Vinyl Siding

    We can help!

    Listing Contact
    Charles Koenn

    Listing agent Charles Koenn License #6506040186

    Listing office Swisher Commercial 180 Little Lake Dr. Ste 4, Ann Arbor, MI

    Listing date May 14, 2026

    MLS# 26024715

    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.

    HighLights

    • Turnkey, fully operational restaurant/bar with a well‑equipped kitchen, bar infrastructure, and indoor/outdoor seating.
    • Includes a separate, well‑maintained 1,896 sq ft single‑family residence.
    • Located in the high‑traffic Waterloo Recreation Area, near lakes, campgrounds, and state land.
    • C‑1 commercial zoning supports a variety of uses including restaurant, bar, and retail.
    • Extensive outdoor amenities including a covered patio, picnic area, smoker station, landscaped grounds, and ample parking.
    • Combined ~1.96 acres across two parcels with both commercial (C‑1) and residential (R‑3) zoning.

    Overview

    This is a rare opportunity to acquire a fully operational restaurant and bar property with an accompanying single-family residence. The property is ideal for owner-operators, investors seeking a mixed-use income property, or hospitality groups seeking a destination-style venue. It is located in the heart of the Waterloo Recreation Area. The commercial building, built in 1993 and remodeled in 2009, is a 3,414 square foot restaurant and bar. It features a large L-shaped bar, a spacious dining room, and a commercial kitchen equipped with stainless prep lines, a hood system, fryers, burners, and refrigeration. Additional service areas and storage are also included. Outdoor amenities include a covered patio dining pavilion, a picnic-style seating area, a large outdoor smoker station, and landscaped grounds with a decorative pond. Ample parking is available. The site is 1.086 acres with C-1 zoning supporting restaurant, bar, retail, and other commercial uses. The residential home, built in 1950, is a 1,896 square foot ranch with 2 bedrooms and 2.5 baths. It includes a 450 square foot basement, a 480 square foot attached garage, forced heat and cooling, a large deck, a sunroom with a hot tub, and a fireplace. The lot size is 0.876 acres with mature trees and a landscaped yard. The combined acreage is approximately 1.96 acres with C-1 (Commercial) and R-3 (Residential) zoning. The property is located in a high-traffic recreational area near lakes and campgrounds, offering strong potential for destination dining, events, catering, or expansion.

    Financial Insights

    Value Estimation Calculated for Specialty Retail

    Conservative
    $560.6K
    NOI $50,452 @ 9.00% cap · cautious / downside scenario
    Moderate
    $720.7K
    NOI $50,452 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.01M
    NOI $50,452 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Specialty Retail

    Component $ $/SF
    Gross rent $73.3k $13.80
    − Vacancy −$6.0k −$1.13
    EGI $67.3k $12.67
    − OpEx −$16.8k −$3.17
    NOI $50.5k $9.50
    5,310 SF · lease $13.80/SF/yr · vacancy 8.20% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Specialty Retail
    $720.7K
    $630.7K – $840.9K (±1% cap)
    NOI $50,452 @ 7.0% cap · market cap 6.73%
    Second Best
    Mixed Use
    $628.7K
    $550.1K – $733.5K (±1% cap)
    NOI $44,007 @ 7.0% cap · market cap 5.87%
    Theoretical Best
    Office A
    $847.7K
    $741.7K – $988.9K (±1% cap)
    NOI $59,336 @ 7.0% cap · market cap 7.91%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bars & Pubs

    Suggested Use

    Restaurant Department Store Bar & Pub

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

    Similar Places Nearby

    • Portage Lake Parlor — 12227 Seymour Rd, Grass Lake, MI 49240

    Location Insight

    • Map
    • Local Demand
    City
    Grass Lake
    County
    Jackson
    State
    Michigan
    Longitude
    -84.22453
    Latitude
    42.32259

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    FAQs

    What type of property is this?
    Bar & Pub - Fully operational restaurant/bar with residence in Waterloo Recreation Area.
    Where is this bar & pub 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: Turnkey, fully operational restaurant/bar with a well‑equipped kitchen, bar infrastructure, and indoor/outdoor seating.; Includes a separate, well‑maintained 1,896 sq ft single‑family residence.; Located in the high‑traffic Waterloo Recreation Area, near lakes, campgrounds, and state land.
    (734) 926-0230
    We can help!
    Listing Contact
    Charles Koenn
    Real Estate License ID: 6506040186
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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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