Operating Italian Restaurant with Real
207 E Pearl Street, Ishpeming, MI 49849
For Sale
$585,000
COM/IND/BUS OPP, Ishpeming, MI
Property Size2,790 SF
Lot Size0.12 Acres
Price / SF$209.68
Days on Market49
Property Features for 207 E Pearl Street
General Information
Property type
Property subtype
Zoning
Zoning description
Parking features
Lot features
Subdivision
Standard status
Size
Lot size
Tenancy & Operations
Currently Operating
Business Included
Taxes and HOA fees
Tax Annual Amount
Utilities
Heating system
Cooling system
Water source
Building Details
Year built
Roof type
Listing Agency:
COLDWELL BANKER SCHMIDT REALTORS
(906) 225-5992
Listed By:
SCOTT SYRJALA · License MI #6501436518
(906) 361-1858
Added: Sep 23
Changed: Oct 27
Last Checked: Nov 10 at 4:06AM
MLS# 50222673
Copyright © 2026 Upper Peninsula 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.
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Investment Insights
Based on property information with market context.
This operating Italian restaurant sale includes the Mama Mia's business, real property, building, lot, equipment, inventory, supplies, POS system, Class C Liquor License, recipes, and associated business goodwill. The restaurant occupies 2,790 square feet on a 0.12-acre lot and includes a brand-new HVAC system serving the back dining room. A new water heater was installed in February 2026.
Located at 207 E Pearl Street in downtown Ishpeming, the property has public water service, rubber and tile roofing, forced-air and zoned heating, and central air. Offsite parking is provided. Built in 1903, the property combines an operating restaurant with an established business and its existing customer base. Financial information is available to qualified buyers after execution of an NDA.
Located at 207 E Pearl Street in downtown Ishpeming, the property has public water service, rubber and tile roofing, forced-air and zoned heating, and central air. Offsite parking is provided. Built in 1903, the property combines an operating restaurant with an established business and its existing customer base. Financial information is available to qualified buyers after execution of an NDA.
Key Highlights
- Operating Mama Mia's Italian restaurant with business, real property, equipment, inventory, supplies, and POS system
- 2,790 square feet on a 0.12‑acre lot at 207 E Pearl Street, Ishpeming, MI 49849‑2023
- Class C Liquor License, established recipes, goodwill, reputation, and customer base included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,642
Cap Rate
6.61%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$772,840
$772.8K
Cap Rate 7%
$552,029
$552.0K
Cap Rate 9%
$429,356
$429.4K
Market Conditions
NOI Build-Up for 2,790 SF
Gross rent
$52.9K $18.96/SF
− Vacancy
−$1.4K −$0.49/SF
EGI
$51.5K $18.47/SF
− OpEx
−$12.9K −$4.62/SF
NOI
$38.6K $13.85/SF
Area
Marquette County, MI
Vacancy
2.60%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$772,840
Cap Rate 7%
$552,029
Cap Rate 9%
$429,356
Alternative Uses
Best Use
Specialty Retail
$552.0K
$483.0K – $644.0K
NOI $38,642 @ 7.0% cap · market cap 6.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$821.7K
$719.0K – $958.7K
NOI $57,519 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
315
Businesses Nearby
3k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 92%
Home Improvements & Furnishings 8%
Jim's Jubilee Foods
Groceries
2,387 visits/mo
0.2 miles
Carpet Specialists Carpet One Floor & Home
Home Improvements & Furnishings
209 visits/mo
0.4 miles
Demographics for 49849, MI
11,819
Population
5,915
Households
2
Avg Household Size
43
Median Age
26%
College-Educated
95%
High-School Grad
241.4 sq mi
ZIP Area
49
Density / Sq Mi
$63,425
Median Household Income
$35,081
Median Earnings
$769
Median Rent
$145,600
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
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established Italian restaurant sale includes the operating business, building, equipment, inventory, POS system, and Class C Liquor License.
Where is this conventional restaurant located?
The property is located at 207 E Pearl Street Ishpeming, MI.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: Operating Mama Mia's Italian restaurant with business, real property, equipment, inventory, supplies, and POS system; 2,790 square feet on a 0.12‑acre lot at 207 E Pearl Street, Ishpeming, MI 49849‑2023; Class C Liquor License, established recipes, goodwill, reputation, and customer base included
