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    Remodeled Restaurant Building in Elk Rapids Title is generated by Realmo AI

    151 River Street, Elk Rapids, MI 49629

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    For Sale
    $1,174,000

    Turn-key restaurant with outdoor dining in desirable downtown market.

    Type:Hospitality
    Property size:
    5,580 SF
    Lot size:
    0.18 Acres
    Price / SF:
    $210/SF
    Added:
    Mar 5, 2026
    Days on Market:
    78
    Last Refresh:
    Apr 5 at 8:44 pm

    Property Features for 151 River Street

    General Information

    Standard status
    Active
    Size
    5,580 SF
    Lot size
    0.18 Acres
    Property subtype
    Hospitality

    Building Details

    Year Built
    1925

    We can help!

    Listing Contact
    Alex MacKenzie
    Alex MacKenzie

    Listing agent Alex MacKenzie License #650649241

    Listing office Coldwell Banker Commercial Schmidt, Realtors Traverse City

    Listing date Mar 5, 2026

    Source Cbcworldwide

    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 Commercial Schmidt, Realtors Traverse City

    HighLights

    • Prime 5,580 SF single‑tenant restaurant building in Downtown Elk Rapids.
    • Recently remodeled with high‑end commercial kitchen and quality interior finishes.
    • Welcoming outdoor patio area with seating for about 40.
    • Located on River Street, offering excellent visibility and foot traffic.
    • Turn‑key restaurant property with efficient back‑of‑house design.
    • FF&E and liquor license are available for negotiation.

    Overview

    This is a 5,580 square foot single-tenant restaurant building situated in downtown Elk Rapids. The property has been recently remodeled and includes a high-end commercial kitchen, quality interior finishes, and an outdoor patio area. The interior space can accommodate approximately 100 or more guests with dining room and bar seating, while the front patio provides seating for about 40 additional patrons. Located along River Street, the town's main commercial corridor, the property benefits from high visibility and foot traffic. The layout is designed to support full-service dining, featuring an efficient back-of-house design. Street parking is available directly in front of the building, with additional public parking located nearby. The property is situated on 0.18 acres. FF&E and a liquor license are available and may be negotiated separately.

    Financial Insights

    Value Estimation Calculated for Specialty Retail

    Conservative
    $689.6K
    NOI $62,063 @ 9.00% cap · cautious / downside scenario
    Moderate
    $886.6K
    NOI $62,063 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.24M
    NOI $62,063 @ 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 $86.4k $15.48
    − Vacancy −$3.6k −$0.65
    EGI $82.8k $14.83
    − OpEx −$20.7k −$3.71
    NOI $62.1k $11.12
    5,580 SF · lease $15.48/SF/yr · vacancy 4.20% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Specialty Retail
    $886.6K
    $775.8K – $1.03M (±1% cap)
    NOI $62,063 @ 7.0% cap · market cap 5.29%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $993.0K
    $868.9K – $1.16M (±1% cap)
    NOI $69,511 @ 7.0% cap · market cap 5.92%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Foundry Craft Grillery Restaurant

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Elk Rapids
    County
    Antrim
    State
    Michigan
    Longitude
    -85.4132
    Latitude
    44.8981

    Nearby Similar for Sale

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      View Details
    • $46,900
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      Storage Condo Near Elk Rapids

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      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - Turn-key restaurant with outdoor dining in desirable downtown market.
    Where is this conventional restaurant located?
    The property is located at 151 River Street Elk Rapids, MI.
    What is the asking price?
    The asking price for this property is $1,174,000.
    What are key features of this property?
    This property features: Prime 5,580 SF single‑tenant restaurant building in Downtown Elk Rapids.; Recently remodeled with **high‑end commercial kitchen and quality interior finishes.**; Welcoming outdoor patio area with seating for about 40.
    (231) 929-2300
    We can help!
    Listing Contact
    Alex MacKenzie
    Alex MacKenzie
    Real Estate License ID: 650649241
    Learn More
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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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