Restaurant Building with Liquor
For Sale
$1,100,000
1496 N Leroy St, Fenton, MI 48430
Restaurant property includes an associated liquor license; the operating business is excluded.
Property Size6,800 SF
Price / SF$161.76
Days on Market8
Property Features for 1496 N Leroy St
General Information
Standard status
Active
Size
6,800 SF
Property subtype
Commercial
Additional Details
Liquor License
Yes
Taxes and HOA fees
Annual Taxes
$19,650
Building Details
Building Size
6,800 SF
Listing Agency:
Tremaine Real Estate
(810) 750-4665
Listed By:
Edward S Constable · License #6501377324
(810) 750-4665
Source:
Elliman
Added: Aug 14
Changed: Aug 15
Last Checked: Aug 20 at 10:01AM
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 Tremaine Real Estate
Investment Insights
Based on property information with market context.
The offering consists of an approximately 6,800 SF restaurant building at 1496 N Leroy St in Fenton, Michigan. The sale includes the real estate and an associated liquor license, while the operating business is not part of the transaction.
The property is described as suitable for restaurant use or another permitted use. Walk Score is 0 and Bike Score is 25, classified as Somewhat Bikeable.
The property is described as suitable for restaurant use or another permitted use. Walk Score is 0 and Bike Score is 25, classified as Somewhat Bikeable.
Key Highlights
- Approximately 6,800 SF restaurant building
- Sale includes the real estate and associated liquor license
- Operating business is excluded from the sale
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
$60,294
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
5.48%
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%
$1,205,880
$1.2M
Cap Rate 7%
$861,343
$861.3K
Cap Rate 9%
$669,933
$669.9K
Market Conditions
NOI Build-Up for 6,800 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
$97.9K $14.40/SF
− Vacancy
−$17.5K −$2.58/SF
EGI
$80.4K $11.82/SF
− OpEx
−$20.1K −$2.96/SF
NOI
$60.3K $8.87/SF
Area
Genesee County, MI
Vacancy
17.90%
Lease Rate
$14.40 /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%
$1,205,880
Cap Rate 7%
$861,343
Cap Rate 9%
$669,933
Alternative Uses
Best Use
Specialty Retail
$861.3K
$753.7K – $1.00M
NOI $60,294 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $100,163 @ 7.0% cap · market cap 9.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
445
Businesses Nearby
75k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 41%
Groceries 37%
Dining 20%
Electronics 1%
VG's Grocery
Groceries
27,717 visits/mo
0.3 miles
Dunkin' Donuts
Dining
10,460 visits/mo
0.4 miles
Mobil
Shops & Services
8,261 visits/mo
0.1 miles
Sunoco
Shops & Services
7,983 visits/mo
0.4 miles
Dollar General
Shops & Services
7,041 visits/mo
0.5 miles
Demographics for 48430, MI
39,594
Population
16,163
Households
2.4
Avg Household Size
42
Median Age
38%
College-Educated
96%
High-School Grad
83.2 sq mi
ZIP Area
476
Density / Sq Mi
$99,755
Median Household Income
$53,447
Median Earnings
$1,382
Median Rent
$308,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant property includes an associated liquor license; the operating business is excluded.
Where is this conventional restaurant located?
The property is located at 1496 N Leroy St Fenton, MI.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Approximately 6,800 SF restaurant building; Sale includes the real estate and associated liquor license; Operating business is excluded from the sale
