Add Listing
    For Sale
    • For Sale
    • For Lease
    • Sold
    • Property Lookup
    • Brokers
    The Largest CRE Database in the US with Over 1 Million Listings

    3023 US Highway 23 S Alpena, MI 49707

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $99,900

    Revitalize a classic 1950s diner with high traffic exposure.

    Type:Commercial/Industrial
    Property size:
    1,250 SF
    Lot size:
    0.72 Acres
    Price / SF:
    $79/SF
    Added:
    Mar 11, 2026
    Days on Market:
    53
    Last Refresh:
    Apr 6 at 3:56 am

    Property Features for 3023 US Highway 23 S

    General Information

    Standard status
    Active
    Size
    1,250 SF
    Lot size
    0.72 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1950

    We can help!

    Listing Contact
    Thomas A Rumble
    Thomas A Rumble

    Listing agent Thomas A Rumble License #6501299700

    Listing office EXP Realty LLC

    Listing date Mar 11, 2026

    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 EXP Realty LLC

    Overview

    Classic Diner on Highway 23

    This non-operational diner, a classic 1950s eatery, offers an opportunity for revitalization. The property benefits from its location and ample parking. It previously enjoyed a solid reputation and significant exposure due to heavy traffic on a major thoroughfare. The property size is 1250 square feet. The diner presents potential for new startups or established restaurant expansions.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Breakfast & diners

    Suggested Use

    Restaurant Spa & Massage Center Dental Office Building Supply Auto Repair Shop Pharmacy Big Box & Wholesale Store Hotel & Motel Kitchen & Bath Showroom Department Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Alpena
    County
    Alpena
    State
    Michigan
    Longitude
    -83.4559
    Latitude
    45.0969

    Nearby Similar for Sale

    • $288,000

      High-Visibility Mixed-Use Commercial Property

      Corner lot commercial property with retail space and upper-level living.
      2160 S US 23, Alpena, MI 49707
      View Details
    • $189,900
      1,383 SF

      Well-Maintained Medical Office with Garage

      Medical office with garage, remodeled in 2001, suitable for professionals.
      3448 US-23 S, Alpena, MI 49707
      View Details
    • $499,900
      1,054 SF

      Commercial Property with Income Potential

      Mixed-use property featuring auto repair, storage units, and residential rental.
      3216 S US Highway 23, Alpena, MI 49707
      View Details
    • $303,666
      5,460 SF

      Alpena Distribution Warehouse For Sale

      5,460 SF distribution warehouse with loading ramps and parking.
      941 S Ninth Avenue, Alpena, MI 49707
      View Details
    • $168,000

      Remodeled Duplex Investment Opportunity

      Excellent duplex investment with separate utilities in Alpena, Michigan.
      119 Tuttle Street, Alpena, MI 49707
      View Details
    • $150,000

      Turnkey Restaurant Opportunity in Alpena

      High-visibility takeout restaurant location near public beach in Alpena.
      1001 S State Avenue, Alpena, MI 49707
      View Details
    • $99,900
      1,250 SF

      Classic Diner on Major Thoroughfare

      Revitalize a classic 1950s diner with high traffic exposure.
      3023 US Highway 23 S, Alpena, MI 49707
      View Details
    • $175,000

      Versatile Commercial Property in Alpena

      Commercial property with retail, warehouse, and apartment in Alpena.
      4782 Werth Road, Alpena, MI 49707
      View Details
    • $6
      19,000 SF

      Alpena Retail Strip Center Space

      Retail spaces available in established Alpena strip center.
      2682 S. US-23, Alpena, MI 49707
      View Details
    • $189,900
      1,383 SF

      Medical Office with Garage Storage

      Well-maintained medical office with garage, suitable for various professionals.
      3448 US-23, Alpena, MI 49707
      View Details
    • $2,153,739
      2,907 SF

      Alpena Freestanding Wendy’s Investment Property

      Freestanding Wendy’s in Alpena, MI with long-term lease.
      1036 W Chisholm St, Alpena, MI 49707
      View Details
    • Contact for pricing

      Retail Space on US Highway

      Retail space available on US Highway 23 in Alpena.
      2205-2219 US Highway 23 | Alpena, MI 49707
      View Details

    FAQs

    What type of property is this?
    Breakfast & diner - Revitalize a classic 1950s diner with high traffic exposure.
    Where is this breakfast & diner located?
    The property is located at 3023 US Highway 23 S Alpena, MI.
    What is the asking price?
    The asking price for this property is $99,900.
    What are key features of this property?
    This property features: Prime location on a major thoroughfare with heavy traffic; Ample parking available; Solid reputation and strong previous patronage
    (269) 600-4397
    We can help!
    Listing Contact
    Thomas A Rumble
    Thomas A Rumble
    Real Estate License ID: 6501299700
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry

    3023 US Highway 23 S, Alpena Township, MI 49707

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!