Remodeled Restaurant Building in Elk
For Sale
$1,174,000
151 River Street, Elk Rapids, MI 49629
Turn-key restaurant with outdoor dining in desirable downtown market.
Property Size5,580 SF
Lot Size0.18 Acres
Price / SF$210.39
Days on Market148
Property Features for 151 River Street
General Information
Standard status
Active
Size
5,580 SF
Lot size
0.18 Acres
Property subtype
Hospitality
Building Details
Year Built
1925
Listing Agency:
Coldwell Banker Schmidt Traver
(231) 929-2300
Listed By:
Alex MacKenzie · License #650649241
(231) 929-2300
Source:
Cbcworldwide
Added: Mar 5
Changed: Jul 6
Last Checked: Jul 31 at 3:52PM
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 Coldwell Banker Schmidt Traver
Investment Insights
Based on property information with market context.
This is a 5,580 square foot single-tenant restaurant building situated in downtown Elk Rapids. The property has been recently remodeled and includes a high-end commercial kitchen, quality interior finishes, and an outdoor patio area. The interior space can accommodate approximately 100 or more guests with dining room and bar seating, while the front patio provides seating for about 40 additional patrons. Located along River Street, the town's main commercial corridor, the property benefits from high visibility and foot traffic. The layout is designed to support full-service dining, featuring an efficient back-of-house design. Street parking is available directly in front of the building, with additional public parking located nearby. The property is situated on 0.18 acres. FF&E and a liquor license are available and may be negotiated separately.
Key Highlights
- Prime 5,580 SF single‑tenant restaurant building in Downtown Elk Rapids.
- Recently remodeled with high‑end commercial kitchen and quality interior finishes.
- Welcoming outdoor patio area with seating for about 40.
Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $86.4k | $15.48 |
| − Vacancy | −$3.6k | −$0.65 |
| EGI | $82.8k | $14.83 |
| − OpEx | −$20.7k | −$3.71 |
| NOI | $62.1k | $11.12 |
5,580 SF · lease $15.48/SF/yr · vacancy 4.20% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$886.6K
$775.8K – $1.03M
NOI $62,063 @ 7.0% cap · market cap 5.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$993.0K
$868.9K – $1.16M
NOI $69,511 @ 7.0% cap · market cap 5.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
15k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Mobil
Shops & Services
9,553 visits/mo
0.3 miles
Shell
Shops & Services
2,168 visits/mo
0.4 miles
Fifth Third Bank & ATM
Shops & Services
1,722 visits/mo
0.4 miles
Huntington Bank
Shops & Services
1,626 visits/mo
0.1 miles
Demographics for 49629, MI
1,997
Population
1,696
Households
1.2
Avg Household Size
60
Median Age
46%
College-Educated
99%
High-School Grad
3.8 sq mi
ZIP Area
526
Density / Sq Mi
$74,318
Median Household Income
$46,250
Median Earnings
$1,032
Median Rent
$347,100
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?
Conventional restaurant - Turn-key restaurant with outdoor dining in desirable downtown market.
Where is this conventional restaurant located?
The property is located at 151 River Street Elk Rapids, MI.
What is the asking price?
The asking price for this property is $1,174,000.
What are key features of this property?
This property features: Prime 5,580 SF single‑tenant restaurant building in Downtown Elk Rapids.; Recently remodeled with **high‑end commercial kitchen and quality interior finishes.**; Welcoming outdoor patio area with seating for about 40.
