Gildas' Lake Street Bakery
For Sale
$695,000
110 S Lake St, Boyne City, MI 49712
Turnkey bakery and creperie in Boyne City, Michigan.
Property Size1,629 SF
Price / SF$426.64
Days on Market188
Property Features for 110 S Lake St
General Information
Standard status
Active
Size
1,629 SF
Building Details
Year Built
1970
Listing Agency:
Pat O'Brien & Associates
Listed By:
Mark Snyder
(231) 675-7711
Source:
Genodangelo
Added: Mar 10
Changed: Sep 8
Last Checked: Sep 12 at 12:39PM
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 Pat O'Brien & Associates
Investment Insights
Based on property information with market context.
Gildas' Lake Street Bakery, a French bakery and creperie, is available for sale in Boyne City, Michigan. This family establishment is located on the shores of Lake Charlevoix. The business is known for its artisan coffees, baked goods, and French pastries, with signature buckwheat crepes. The sale includes the real estate, business, and a fully equipped industry kitchen. The bakery benefits from foot traffic, community support, and tourist appeal.
Key Highlights
- Turnkey sale of Gildas’ Lake Street Bakery, a renowned French bakery and creperie.
- Includes real estate, respected business domain, and fully equipped industry kitchen.
- Established business with strong foot traffic, community love, and tourist appeal.
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
$19,528
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
2.81%
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%
$390,560
$390.6K
Cap Rate 7%
$278,971
$279.0K
Cap Rate 9%
$216,978
$217.0K
Market Conditions
NOI Build-Up for 1,629 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
$27.8K $17.04/SF
− Vacancy
−$1.7K −$1.06/SF
EGI
$26.0K $15.98/SF
− OpEx
−$6.5K −$4.00/SF
NOI
$19.5K $11.99/SF
Area
Charlevoix County, MI
Vacancy
6.20%
Lease Rate
$17.04 /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%
$390,560
Cap Rate 7%
$278,971
Cap Rate 9%
$216,978
Alternative Uses
Best Use
Specialty Retail
$279.0K
$244.1K – $325.5K
NOI $19,528 @ 7.0% cap · market cap 2.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$329.7K
$288.5K – $384.7K
NOI $23,082 @ 7.0% cap · market cap 3.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
427
Businesses Nearby
36k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 58%
Shops & Services 30%
Dining 6%
Home Improvements & Furnishings 5%
Family Fare
Groceries
21,229 visits/mo
0.3 miles
Dollar General
Shops & Services
6,444 visits/mo
0.2 miles
Marathon
Shops & Services
3,107 visits/mo
0.3 miles
Boyne Co-Op True Value
Home Improvements & Furnishings
1,955 visits/mo
0.2 miles
SUBWAY
Dining
1,620 visits/mo
0.2 miles
Demographics for 49712, MI
8,113
Population
5,075
Households
1.6
Avg Household Size
48
Median Age
36%
College-Educated
96%
High-School Grad
72.9 sq mi
ZIP Area
111
Density / Sq Mi
$74,202
Median Household Income
$40,208
Median Earnings
$955
Median Rent
$252,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Similar Off Market Nearby
- David Long service — 412 Harris St, Boyne City, MI 49712
- Lake Charlevoix Coffee Company — 202 S Lake St, Boyne City, MI 49712
- Sunnyside — 113 Water St, Boyne City, MI 49712
- Beani's Coffee Lounge — 120 Water St, Boyne City, MI 49712
- Starbucks — 430 N Lake St, Boyne City, MI 49712
Frequently Asked Questions
What type of property is this?
Coffee shop - Turnkey bakery and creperie in Boyne City, Michigan.
Where is this coffee shop located?
The property is located at 110 S Lake St Boyne City, MI.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Turnkey sale of Gildas’ Lake Street Bakery, a renowned French bakery and creperie.; Includes real estate, respected business domain, and fully equipped industry kitchen.; Established business with strong foot traffic, community love, and tourist appeal.
