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    Turnkey Restaurant & Bar Opportunity Title is generated by Realmo AI

    130 Washington Avenue, Iron River, MI 49935

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    For Sale
    $299,000

    COMMERCIAL - Iron River, MI

    Property size:
    2,923 SF
    Lot size:
    0.45 Acres
    Price / SF:
    $102/SF
    Added:
    Jan 12, 2026
    Days on Market:
    129
    Last Refresh:
    May 21 at 3:06 pm

    Property Features for 130 Washington Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Size
    2,923 SF
    Lot size
    0.45 Acres

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air, Exhaust Fan (Cooling)
    Water source
    Public

    Building Details

    Year built
    1932
    Roof type
    Shingle

    We can help!

    Listing Contact
    NICOLE HEBERT
    NICOLE HEBERT

    Listing agent NICOLE HEBERT License #UPAR

    Listing office KELLER WILLIAMS CLASSIC REALTY NW 107 N Fourth Avenue, Iron River, MI

    Listing date Jan 12, 2026

    MLS# 50197464

    Copyright © 2026 Upper Peninsula Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Turnkey restaurant and bar with a Michigan liquor license and fully remodeled commercial kitchen, ready for immediate operation.
    • Includes a separate 4‑bedroom residence, offering live/work flexibility, rental income potential, or Airbnb opportunity.
    • Extensive recent upgrades, including new plumbing, updated electrical, new forced‑air heating, newer roof (2018), and new concrete flooring.
    • Complete lineup of commercial equipment included (stove, fryers, coolers, POS system, etc.), minimizing startup costs.
    • Prime location in the heart of Iron County, near popular snowmobile and outdoor recreation trails, ensuring built‑in customer traffic.
    • Four lots included with the property, providing ample space and potential for expansion or additional development.

    Overview

    This 2923 sq ft commercial restaurant and bar, formerly Liminal, presents a business opportunity in Iron County. The property includes a full basement, a Michigan liquor license, and a separate residence behind the building, suitable for a live/work arrangement or income generation. Recent upgrades encompass a remodeled commercial kitchen, new plumbing, updated electrical systems, new forced-air heating, a newer roof installed in 2018, new concrete flooring, renovated bathrooms, fresh interior and exterior paint, and a 10' Captivaire vent hood. The sale incorporates commercial equipment such as a stove, fryers, prep tables, a walk-in cooler and freezer, beer coolers, a POS system, and a salad bar. The residence features 4 bedrooms (2 downstairs, 2 upstairs) with additional space on the third floor, potentially for a game room or office. The home has renovation potential for owner occupancy, rental income, or Airbnb. The property spans 4 lots, totaling 0.45 acres. Situated near snowmobile and outdoor recreation trails, this location is suited for a destination business with customer traffic. This property is located in Iron River, MI 49935.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bars & Pubs

    Suggested Use

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

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

    Similar Places Nearby

    • J & M BAR & GRILL — 626 w cayuga st, iron river, mi 49935
    • River North Pub & Grill — 207 W Genesee St, Iron River, MI 49935
    • Outer Limits Bar & Grill — 101 W Genesee St, Iron River, MI 49935

    Location Insight

    • Map
    • Local Demand
    City
    Iron River
    County
    Iron
    State
    Michigan
    Longitude
    -88.633675
    Latitude
    46.087003

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    FAQs

    What type of property is this?
    Bar & Pub - Ready-to-operate restaurant and bar with living quarters in Iron River.
    Where is this bar & pub located?
    The property is located at 130 Washington Avenue Iron River, MI.
    What is the asking price?
    The asking price for this property is $299,000.
    What are key features of this property?
    This property features: Turnkey restaurant and bar with a Michigan liquor license and **fully remodeled commercial kitchen, ready for immediate operation.**; Includes a separate 4‑bedroom residence, offering live/work flexibility, rental income potential, or Airbnb opportunity.; Extensive recent upgrades, including new plumbing, updated electrical, new forced‑air heating, newer roof (2018), and new concrete flooring.
    (906) 284-0216
    We can help!
    Listing Contact
    NICOLE HEBERT
    NICOLE HEBERT
    Real Estate License ID: UPAR
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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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