Historic Restaurant with Lake
801 S LAPEER Road, Lake Orion, MI 48362
Versatile restaurant with lake views, patio, and historic charm.
Type:Commercial/Industrial
Property size:
6,809 SFLot size:
0.95 AcresPrice / SF:
$220/SF- Added:
- Oct 26, 2024
- Days on Market:
- 573
- Last Refresh:
- May 20 at 12:51 am
Property Features for 801 S LAPEER Road
General Information
- Standard status
- Active
- Size
- 6,809 SF
- Lot size
- 0.95 Acres
- Property subtype
- Commercial/Industrial
Building Details
- Year Built
- 1950
Listing agent Chad Apap License #6501429996 (248) 937-1337
Listing office EXP Z Real Estate (248) 937-1337
Listing date Oct 26, 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 EXP Z Real Estate
HighLights
- Versatile dining with 6 separate rooms (plus bar) adaptable for private parties or large events.
- Stunning lake views from the front dining room and patio, including fireworks displays.
- Multiple walk‑in coolers and a walk‑in freezer for ample storage.
- Historic charm with original bar featuring name plates and beautiful landscaping.
- Recent updates including new fire system, equipment, hardwood floors, and patio furniture.
- Excellent location with basement and upstairs storage areas.
Overview
This historic restaurant provides a versatile dining experience, featuring 6 separate dining rooms in addition to the bar. These dining areas are designed to accommodate private parties or business meetings, with the flexibility to be closed off for intimate gatherings or opened for larger events. The restaurant includes a cozy downstairs gas fireplace and an electric fireplace heater upstairs. Multiple TVs are located in the bar and one of the dining rooms. The property offers views of the lake from the front dining room and patio, with the added benefit of watching fireworks during events. The restaurant features patio seating with tables and a lounge area. There is one indoor and two outdoor walk-in coolers, along with a walk-in freezer. The original bar includes name plates from notable figures. The building is enhanced by landscaping out front. Recent updates include a new fire system, updated equipment, refreshed dining rooms, new hardwood floors upstairs, and some new patio furniture. Storage areas are available in the basement and upstairs. A projector screen is available for seminars. The property size is 6809 square feet.
Financial Insights
Value Estimation Calculated for Specialty Retail
Conservative
$1.14M
NOI $102,805 @ 9.00% cap · cautious / downside scenario
Moderate
$1.47M
NOI $102,805 @ 7.00% cap · market / base-case scenario
Aggressive
$2.06M
NOI $102,805 @ 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 | $147.1k | $21.60 |
| − Vacancy | −$10.0k | −$1.47 |
| EGI | $137.1k | $20.13 |
| − OpEx | −$34.3k | −$5.03 |
| NOI | $102.8k | $15.10 |
6,809 SF · lease $21.60/SF/yr · vacancy 6.80% · expense 25.00%
Alternative Use Scenarios
Best Use
Specialty Retail
$1.47M
$1.29M – $1.71M
NOI $102,805 @ 7.0% cap · market cap 6.85%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Darrel's Steak & Seafood
Restaurant
Location Insight
- Map
- Local Demand
- City
- Lake Orion
- County
- Oakland
- State
- Michigan
- Longitude
- -83.2381
- Latitude
- 42.7711
Nearby Similar for Sale
FAQs
What type of property is this?
Conventional restaurant - Versatile restaurant with lake views, patio, and historic charm.
Where is this conventional restaurant located?
The property is located at 801 S LAPEER Road Lake Orion, MI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Versatile dining with 6 separate rooms (plus bar) adaptable for private parties or large events.; **Stunning lake views** from the front dining room and patio, including fireworks displays.; Multiple walk‑in coolers and a walk‑in freezer for ample storage.
