Renovated Conventional Restaurant
For Sale
$439,900
Pending
201 Pine Street, Ferrysburg, MI 49409
Commercial Sale, Ferrysburg, MI
Property Size2,851 SF
Lot Size1.41 Acres
Days on Market971
Property Features for 201 Pine Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Elementary school district
Grand Haven
Middle school district
Grand Haven
High school district
Grand Haven
Directions
US-31 Interchange to west side of Pine St.
Subdivision
North Ottawa County - N
Standard status
Pending
APN
700316407015
Size
2,851 SF
Lot size
1.41 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
LEGAL ON FILE
Tax Annual Amount
16480
Legal Description
LEGAL ON FILE
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1998
Floors in Building
1
Number of units
1
Building materials
Wood Siding, Brick
Roof type
Metal
Listing Agency:
RE/MAX Lakeshore · RE/MAX International
(616) 935-1150
Listed By:
Sandi L Gentry · License #6506045021
(616) 638-3900
Added: Jan 29, 2024
Changed: Sep 16
Last Checked: Sep 26 at 4:06AM
MLS# 24005067
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,851-square-foot conventional restaurant property occupies 1.41 acres and was built in 1998. The building has been remodeled and offers a versatile interior for a restaurant or other business use, with two bathrooms included. Wood siding and brick form the exterior, while a metal roof completes the structure.
Located at 201 Pine Street in Ferrysburg, Michigan, the property includes forced-air heating, central air conditioning, and cable availability. The existing improvements provide a finished commercial setting with a layout that can accommodate a new operator’s planned concept.
Located at 201 Pine Street in Ferrysburg, Michigan, the property includes forced-air heating, central air conditioning, and cable availability. The existing improvements provide a finished commercial setting with a layout that can accommodate a new operator’s planned concept.
Key Highlights
- 2,851‑square‑foot building on 1.41 acres
- Remodeled commercial interior with versatile layout
- Two bathrooms included
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
$31,710
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
7.21%
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%
$634,200
$634.2K
Cap Rate 7%
$453,000
$453.0K
Cap Rate 9%
$352,333
$352.3K
Market Conditions
NOI Build-Up for 2,851 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
$44.1K $15.48/SF
− Vacancy
−$1.9K −$0.65/SF
EGI
$42.3K $14.83/SF
− OpEx
−$10.6K −$3.71/SF
NOI
$31.7K $11.12/SF
Area
Ottawa County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$634,200
Cap Rate 7%
$453,000
Cap Rate 9%
$352,333
Alternative Uses
Best Use
Specialty Retail
$453.0K
$396.4K – $528.5K
NOI $31,710 @ 7.0% cap · market cap 7.21%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$35.45M
$31.02M – $41.36M
NOI $2,481,707 @ 7.0% cap · market cap 564.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
196
Businesses Nearby
3k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 100%
Holiday Inn Grand Haven-Spring Lake
Hotels & Casinos
2,514 visits/mo
0.3 miles
Demographics for 49409, MI
180
Population
50
Households
3.6
Avg Household Size
33
Median Age
19%
College-Educated
100%
High-School Grad
0.1 sq mi
ZIP Area
1,800
Density / Sq Mi
$47,125
Median Earnings
$165,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Renovated commercial building with forced-air heat and central air conditioning.
Where is this conventional restaurant located?
The property is located at 201 Pine Street Ferrysburg, MI.
What is the asking price?
The asking price for this property is $439,900.
What are key features of this property?
This property features: 2,851‑square‑foot building on 1.41 acres; Remodeled commercial interior with versatile layout; Two bathrooms included
