Restaurant Building with
For Sale
$339,400
204 N Main Street, Eaton Rapids, MI 48827
Commercial Sale, Eaton Rapids, MI
Property Size3,336 SF
Lot Size0.43 Acres
Price / SF$101.74
Days on Market137
Property Features for 204 N Main Street
General Information
Property type
Commercial Sale
Property subtype
Single Family Residence
Zoning description
Zoning
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Parking
22
Parking features
Parking Lot
Exterior features
Lighting
Basement
Partial
Lot features
City Lot, Waterfront
Elementary school
Lockwood Elementary School
Elementary school district
Eaton Rapids
Middle school district
Eaton Rapids
High school district
Eaton Rapids
Directions
Main Street between Canal Street and Knight Street, East Side
Standard status
Active
APN
23-300-034-300-112-00
Size
3,336 SF
Lot size
0.43 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
COM 59.40 FT S 31DEG 13MIN 25SEC E OF SW CORNER LOT 13,BL.1, FROST & MARVINS ADD., N 56DEG 06MIN 10SEC E 91.02 FT, S 83DEG 25MIN 09SEC E 77.11 FT, S 04DEG 15MIN 10SEC E 60.31 FT, S 21DEG 54MIN 52SEC E 65.43 FT, N 87DEG 16MIN 30SEC W 137.3 FT, NWLY 84 .68 FT TO BEG. EXCEPT THAT PART FOR PUBLIC ROAD ON SOUTH OF DESCRIPTION. SEC.34, T2N,R3W, CITY OF EATON RAPIDS 1981
Tax Annual Amount
7003
Legal Description
COM 59.40 FT S 31DEG 13MIN 25SEC E OF SW CORNER LOT 13,BL.1, FROST & MARVINS ADD., N 56DEG 06MIN 10SEC E 91.02 FT, S 83DEG 25MIN 09SEC E 77.11 FT, S 04DEG 15MIN 10SEC E 60.31 FT, S 21DEG 54MIN 52SEC E 65.43 FT, N 87DEG 16MIN 30SEC W 137.3 FT, NWLY 84 .68 FT TO BEG. EXCEPT THAT PART FOR PUBLIC ROAD ON SOUTH OF DESCRIPTION. SEC.34, T2N,R3W, CITY OF EATON RAPIDS 1981
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Water front
1
Building Details
Year built
1945
Floors in Building
1
Building materials
Concrete
Architectural style
Ranch
Listing Agency:
Ross & Associates Realtors, LLC
Listed By:
Brian Ross · License #6502122401
(517) 663-4500
Added: May 12
Changed: Sep 12
Last Checked: Sep 25 at 6:06PM
MLS# 295872
Copyright © 2026 Greater Lansing Association of Realtors. 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 restaurant property offers 3,336 square feet on a 0.43-acre parcel at 204 N Main Street in Eaton Rapids. The building dates to 1945 and features ranch-style construction with a concrete exterior, central air, forced-air heating, and natural gas service. A bathroom, exterior lighting, and an on-site parking lot are included.
The sale covers the real estate and building only; the operating business is excluded. The property is currently occupied under a month-to-month lease, and the existing tenant may wish to remain. Public water and public sewer serve the site. A list of equipment that may remain with the building is available through the listing agent.
The sale covers the real estate and building only; the operating business is excluded. The property is currently occupied under a month-to-month lease, and the existing tenant may wish to remain. Public water and public sewer serve the site. A list of equipment that may remain with the building is available through the listing agent.
Key Highlights
- 3,336‑square‑foot restaurant building on 0.43 acres
- 204 N Main Street, Eaton Rapids, MI 48827
- Building sale excludes the operating business
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
$29,678
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
8.74%
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%
$593,560
$593.6K
Cap Rate 7%
$423,971
$424.0K
Cap Rate 9%
$329,756
$329.8K
Market Conditions
NOI Build-Up for 3,336 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
$51.6K $15.48/SF
− Vacancy
−$9.2K −$2.77/SF
EGI
$42.4K $12.71/SF
− OpEx
−$12.7K −$3.81/SF
NOI
$29.7K $8.90/SF
Area
Eaton County, MI
Vacancy
17.90%
Lease Rate
$15.48 /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%
$593,560
Cap Rate 7%
$423,971
Cap Rate 9%
$329,756
Alternative Uses
Best Use
Specialty Retail
$528.2K
$462.2K – $616.3K
NOI $36,975 @ 7.0% cap · market cap 10.89%
Second Best
Retail
$424.0K
$371.0K – $494.6K
NOI $29,678 @ 7.0% cap · market cap 8.74%
Theoretical Best
Multifamily LT 5
$38.41M
$33.61M – $44.81M
NOI $2,688,448 @ 7.0% cap · market cap 792.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
251
Businesses Nearby
24k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 84%
Dining 16%
Quality Dairy
Shops & Services
12,359 visits/mo
0.1 miles
Exxon
Shops & Services
5,668 visits/mo
0.1 miles
SUBWAY
Dining
3,809 visits/mo
0.4 miles
PNC Bank
Shops & Services
1,734 visits/mo
0.2 miles
Napa Auto Parts
Shops & Services
399 visits/mo
0.3 miles
Demographics for 48827, MI
15,889
Population
6,656
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
94%
High-School Grad
113.9 sq mi
ZIP Area
139
Density / Sq Mi
$76,230
Median Household Income
$43,066
Median Earnings
$978
Median Rent
$206,600
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
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Building sale includes an existing month-to-month lease, with the current tenant potentially interested in continuing occupancy.
Where is this conventional restaurant located?
The property is located at 204 N Main Street Eaton Rapids, MI.
What is the asking price?
The asking price for this property is $339,400.
What are key features of this property?
This property features: 3,336‑square‑foot restaurant building on 0.43 acres; 204 N Main Street, Eaton Rapids, MI 48827; Building sale excludes the operating business
