Dairy Delite & Grill
New
For Sale
$299,000
111 N William Street, Marine City, MI 48039
Established restaurant property with updated exterior elements, climate control, storage buildings, and a concrete customer patio.
Property Size705 SF
Days on Market3
Property Features for 111 N William Street
General Information
Standard status
Active
Size
705 SF
Property subtype
Retail
Site & Location
Traffic Count
10,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Restaurant
Patio
Yes
Equipment Included
Yes
Additional Details
Business Included
Yes
Building Details
Building Size
705 SF
Year Built
1950
Listing Agency:
Coldwell Banker Schmidt-Bellai
(231) 384-0059
Listed By:
Janet Piscopo · License #6506041607
(231) 384-0059
Source:
Cbcworldwide
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 2:44AM
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 Coldwell Banker Schmidt-Bellai
Investment Insights
Based on property information with market context.
Dairy Delite & Grill is a restaurant property featuring a newer roof, replacement siding, two storage sheds, a concrete patio, air conditioning, and an updated water heater. Restaurant equipment is included, while inventory is sold separately. Built in 1950, the property combines an established food-service identity with several recent building and equipment updates.
The site fronts US-131 and receives approximately 8,000–10,000 vehicles daily, with additional seasonal exposure during Northern Michigan’s tourism period. City parking is available, and the property is positioned along a route serving destinations including Torch Lake, Bellaire, Shanty Creek Resort, Traverse City, and Petoskey.
The site fronts US-131 and receives approximately 8,000–10,000 vehicles daily, with additional seasonal exposure during Northern Michigan’s tourism period. City parking is available, and the property is positioned along a route serving destinations including Torch Lake, Bellaire, Shanty Creek Resort, Traverse City, and Petoskey.
Key Highlights
- Dairy Delite & Grill restaurant property with equipment included
- Approximately 8,000–10,000 vehicles pass daily on US‑131
- Newer roof and new siding
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
$9,764
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
3.27%
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%
$195,280
$195.3K
Cap Rate 7%
$139,486
$139.5K
Cap Rate 9%
$108,489
$108.5K
Market Conditions
NOI Build-Up for 705 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
$13.4K $18.96/SF
− Vacancy
−$348 −$0.49/SF
EGI
$13.0K $18.47/SF
− OpEx
−$3.3K −$4.62/SF
NOI
$9.8K $13.85/SF
Area
St. Clair County, MI
Vacancy
2.60%
Lease Rate
$18.96 /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%
$195,280
Cap Rate 7%
$139,486
Cap Rate 9%
$108,489
Alternative Uses
Best Use
Specialty Retail
$139.5K
$122.1K – $162.7K
NOI $9,764 @ 7.0% cap · market cap 3.27%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$530.0K
$463.8K – $618.3K
NOI $37,100 @ 7.0% cap · market cap 12.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10,000 VPD
Traffic count
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
253
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48039, MI
7,485
Population
3,701
Households
2
Avg Household Size
46
Median Age
20%
College-Educated
92%
High-School Grad
23.0 sq mi
ZIP Area
325
Density / Sq Mi
$76,304
Median Household Income
$42,715
Median Earnings
$879
Median Rent
$170,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established restaurant property with updated exterior elements, climate control, storage buildings, and a concrete customer patio.
Where is this conventional restaurant located?
The property is located at 111 N William Street Marine City, 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: Dairy Delite & Grill restaurant property with equipment included; Approximately 8,000–10,000 vehicles pass daily on US‑131; Newer roof and new siding
