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    Turnkey Restaurant Business Opportunity Title is generated by Realmo AI

    1876 W Ludington Drive, Farwell, MI 48622

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    For Sale
    $160,000

    Established restaurant with upgrades and loyal clientele for sale.

    Type:Commercial/Industrial
    Property size:
    1,152 SF
    Lot size:
    1.33 Acres
    Price / SF:
    $138/SF
    Added:
    Jun 1, 2024
    Days on Market:
    727
    Last Refresh:
    May 19 at 10:49 pm

    Property Features for 1876 W Ludington Drive

    General Information

    Standard status
    Active
    Size
    1,152 SF
    Lot size
    1.33 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1958

    We can help!

    Listing Contact
    Jane Ann Palmer

    Listing agent Jane Ann Palmer License #6501420741

    Listing office CENTURY 21 SIGNATURE REALTY - CLARE

    Listing date Jun 1, 2024

    Source Exitrealty

    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 CENTURY 21 SIGNATURE REALTY - CLARE

    HighLights

    • Turnkey business opportunity with established clientele
    • Extensive recent upgrades including a metal roof (2021), remodeled interior (2022), and new drainage system (2022)
    • Includes all equipment necessary for operation, such as a 4‑hole steam table, refrigerated prep table, fryers, grill, and smoker
    • Newer well (4 years ago) and updated plumbing
    • New walk‑in cooler system installed outside (2022)
    • 400 AMP electrical service

    Overview

    This is a turnkey business opportunity with a large clientele. The seasonal business has had many upgrades over the span of 10 years. Upgrades include new sewer lines, a metal roof installed in 2021, a whole new vent system, all equipment, a well installed 4 years ago, a new patio, 400 AMP service, and redone plumbing. The property also features a 4-hole steam table, refrigerated prep table, 2 fryers, a 24-inch grill, picnic tables, and a smoke house with smoker. Updates in 2022 include a remodeled interior, a new drainage system, new windows being installed, and a walk-in cooler system installed outside. All equipment pertaining to the business stays. The property size is 1152 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Restaurants

    Suggested Use

    Real Estate Agency Law Firm Spa & Massage Center Restaurant Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

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

    Similar Places Nearby

    • Big R's Hogs & Dogs — 1876 W Ludington Dr, Farwell, MI 48622

    Location Insight

    • Map
    • Local Demand
    City
    Farwell
    County
    Wayne
    State
    Michigan
    Longitude
    -84.8818
    Latitude
    43.827

    Nearby Similar for Sale

    • $349,900
      1,612 SF

      Turn-Key Restaurant Opportunity

      Restaurant on M-115 near US-10 exit, Farwell, Michigan.
      3510 W Cadillac, Farwell, MI 48622
      View Details
    • $399,900
      6,616 SF

      Farwell Commercial/Industrial Property For Sale

      Commercial/industrial property in Farwell, MI with office, garages, and more.
      2655 W Ludington, Farwell, MI 48622
      View Details

    FAQs

    What type of property is this?
    Restaurant - Established restaurant with upgrades and loyal clientele for sale.
    Where is this restaurant located?
    The property is located at 1876 W Ludington Drive Farwell, MI.
    What is the asking price?
    The asking price for this property is $160,000.
    What are key features of this property?
    This property features: Turnkey business opportunity with established clientele; Extensive recent upgrades including a **metal roof (2021), remodeled interior (2022), and new drainage system (2022)**; Includes all equipment necessary for operation, such as a **4‑hole steam table, refrigerated prep table, fryers, grill, and smoker**
    (989) 429-4020
    We can help!
    Listing Contact
    Jane Ann Palmer
    Real Estate License ID: 6501420741
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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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