Equipped Restaurant With Event
For Sale
$1,500,000
16710 Lakeshore Road, New Buffalo, MI 49117
Established dining facility with commercial kitchen infrastructure, private rooms, patio service, and capacity for large gatherings.
Property Size12,471 SF
Price / SF$120.28
Days on Market52
Property Features for 16710 Lakeshore Road
General Information
Standard status
Active
Size
12,471 SF
Restaurant
Seating Capacity
300
Equipment Included
Yes
Liquor License
Yes
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$14,150
Listing Agency:
REMAX County Wide 1st
(574) 876-8601
Listed By:
Daniel Kelley
(574) 876-8601
Source:
Exprealty
Added: Jun 22
Changed: Aug 10
Last Checked: Aug 10 at 4:53AM
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 REMAX County Wide 1st
Investment Insights
Based on property information with market context.
This established restaurant property includes more than 5,000 square feet of commercial kitchen space configured for high-volume food preparation, catering, and special events. Equipment includes two prime rib cooking and warming ovens, three walk-in coolers, a walk-in freezer, a Hobart CRS 66 commercial dishwasher, multiple stoves, fryers, grills, and refrigerators. A separate area supports catering and buffet preparation.
The dining facility accommodates up to 300 guests across several dining areas and private dining rooms. The property also includes a full-service outdoor patio permit and a Class C Resort Liquor License, subject to State of Michigan approval for transfer. The restaurant is located at 16710 Lakeshore Road in New Buffalo, Michigan.
The dining facility accommodates up to 300 guests across several dining areas and private dining rooms. The property also includes a full-service outdoor patio permit and a Class C Resort Liquor License, subject to State of Michigan approval for transfer. The restaurant is located at 16710 Lakeshore Road in New Buffalo, Michigan.
Key Highlights
- >5,000 SF of commercial kitchen space
- Dining facility accommodates up to 300 guests
- Two prime rib cooking/warming ovens and three walk‑in coolers
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
$55,716
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
3.71%
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%
$1,114,320
$1.1M
Cap Rate 7%
$795,943
$795.9K
Cap Rate 9%
$619,067
$619.1K
Market Conditions
NOI Build-Up for 12,471 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
$86.8K $6.96/SF
− Vacancy
−$7.2K −$0.58/SF
EGI
$79.6K $6.38/SF
− OpEx
−$23.9K −$1.91/SF
NOI
$55.7K $4.47/SF
Area
Berrien County, MI
Vacancy
8.30%
Lease Rate
$6.96 /SF/Yr
Expense Ratio
30.00%
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%
$1,114,320
Cap Rate 7%
$795,943
Cap Rate 9%
$619,067
Alternative Uses
Best Use
Specialty Retail
$1.98M
$1.73M – $2.31M
NOI $138,707 @ 7.0% cap · market cap 9.25%
Second Best
Industrial
$795.9K
$696.5K – $928.6K
NOI $55,716 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office A
$2.62M
$2.30M – $3.06M
NOI $183,696 @ 7.0% cap · market cap 12.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
66
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49117, MI
3,710
Population
3,790
Households
1
Avg Household Size
54
Median Age
46%
College-Educated
96%
High-School Grad
19.0 sq mi
ZIP Area
195
Density / Sq Mi
$75,268
Median Household Income
$48,056
Median Earnings
$749
Median Rent
$448,400
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 - Established dining facility with commercial kitchen infrastructure, private rooms, patio service, and capacity for large gatherings.
Where is this conventional restaurant located?
The property is located at 16710 Lakeshore Road New Buffalo, 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: >5,000 SF of commercial kitchen space; Dining facility accommodates up to 300 guests; Two prime rib cooking/warming ovens and three walk‑in coolers
