Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Established Restaurant in Downtown Ishpeming Title is generated by Realmo AI

    207 E Pearl Street, Ishpeming, MI 49849

    View on Map
    Claim this Listing
    For Sale
    $614,900

    COMMERCIAL - Ishpeming, MI

    Property size:
    2,790 SF
    Lot size:
    0.12 Acres
    Price / SF:
    $220/SF
    Added:
    Aug 5, 2024
    Days on Market:
    655
    Last Refresh:
    May 21 at 7:06 pm

    Property Features for 207 E Pearl Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Offsite
    Standard status
    Active
    Size
    2,790 SF
    Lot size
    0.12 Acres

    Utilities

    Heating system
    Forced Air, Zoned
    Cooling system
    Ceiling Fan(s), Central Air, Exhaust Fan (Cooling), Humidity Control
    Water source
    Public

    Building Details

    Year built
    1903
    Roof type
    Tile, Rubber

    We can help!

    Listing Contact
    SCOTT SYRJALA
    SCOTT SYRJALA

    Listing agent SCOTT SYRJALA License #6501436518

    Listing office COLDWELL BANKER SCHMIDT REALTORS 407 S Lakeshore Blvd Suite A, MARQUETTE, MI

    Listing date Aug 5, 2024

    MLS# 50150945

    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.

    HighLights

    • Turn‑key, established Italian restaurant business (Mama Mias) with real property, inventory, and Class C Liquor License included in sale.
    • Long‑held, authentic Italian recipes included, a key element of the restaurant's established reputation.
    • Prime downtown Ishpeming location attracts a diverse customer base year‑round (tourists, snowmobilers, locals).
    • Recent upgrades: Brand new HVAC in back dining room and new water heater installed 2/26.
    • Building includes central air, humidity control, and zoned forced air heating.
    • Sale includes all business assets: POS system, inventory, and supplies.

    Overview

    Located in downtown Ishpeming, this established Italian restaurant, known as Mama Mias, presents a turn-key business opportunity. The sale includes the real property, encompassing the building and lot, along with the business operations, inventory, supplies, and POS system. A Class C Liquor License is included. The restaurant is known for its authentic Italian recipes and attracts a diverse clientele throughout the year, including families during the summer tourist season and snowmobilers in the winter. The property has a new HVAC system in the back dining room and a new water heater installed on February 26th. The building has 2790 square feet of space and is situated on a 0.12-acre lot.

    Financial Insights

    Value Estimation Calculated for Specialty Retail

    Conservative
    $429.4K
    NOI $38,642 @ 9.00% cap · cautious / downside scenario
    Moderate
    $552.0K
    NOI $38,642 @ 7.00% cap · market / base-case scenario
    Aggressive
    $772.8K
    NOI $38,642 @ 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 $52.9k $18.96
    − Vacancy −$1.4k −$0.49
    EGI $51.5k $18.47
    − OpEx −$12.9k −$4.62
    NOI $38.6k $13.85
    2,790 SF · lease $18.96/SF/yr · vacancy 2.60% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Specialty Retail
    $552.0K
    $483.0K – $644.0K (±1% cap)
    NOI $38,642 @ 7.0% cap · market cap 6.28%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $821.7K
    $719.0K – $958.7K (±1% cap)
    NOI $57,519 @ 7.0% cap · market cap 9.35%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mama Mia's Italian ... Restaurant

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm Daycare Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Ishpeming
    County
    Marquette
    State
    Michigan
    Longitude
    -87.6673447
    Latitude
    46.4893937

    Nearby Similar for Sale

    • $650,000
      6,336 SF

      Country Village Office/Studio Investment

      Well-maintained, fully rented office/studio space in Ishpeming.
      1000 Country Ln, Ishpeming, MI 49849
      View Details
    • $195,000
      6,450 SF

      Versatile Commercial Building in Ishpeming

      Adaptable commercial building with garage space in Ishpeming, Michigan.
      536 Mather Ave, Ishpeming, MI 49849
      View Details
    • $379,900
      11,170 SF

      Versatile Commercial Building in Business District

      Large building suitable for retail or office in busy district.
      1120 Country Lane, Ishpeming, MI 49849,
      View Details
    • $499,900
      9,486 SF

      Downtown Ishpeming Mixed-Use Investment

      Commercial/residential building with storefronts and apartments in downtown Ishpeming.
      200 E Division St, Ishpeming, MI 49849
      View Details
    • $1,953,000
      10,000 SF

      New Construction Retail Investment Property

      New Dollar Tree with 10-year lease in Ishpeming, MI.
      628 Palms Ave, Ishpeming, MI
      View Details
    • $614,900
      2,790 SF

      Established Italian Restaurant in Ishpeming

      Turn-key Italian restaurant for sale in downtown Ishpeming.
      207 E Pearl, Ishpeming, MI 49849
      View Details
    • $399,900
      6,160 SF

      Established Restaurant with Income Potential

      Restaurant with apartments and retail space for sale.
      220 S Main, Ishpeming, MI 49849
      View Details
    • $379,900
      11,170 SF

      Commercial Building in Country Village

      Large commercial building in a busy business district.
      1120 Country, Ishpeming, MI 49849
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - Turn-key Italian restaurant with real property and 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 $614,900.
    What are key features of this property?
    This property features: Turn‑key, established Italian restaurant business (Mama Mias) with real property, inventory, and Class C Liquor License included in sale.; Long‑held, authentic Italian recipes included, a key element of the restaurant's established reputation.; **Prime downtown Ishpeming location attracts a diverse customer base year‑round (tourists, snowmobilers, locals).**
    (906) 361-1858
    We can help!
    Listing Contact
    SCOTT SYRJALA
    SCOTT SYRJALA
    Real Estate License ID: 6501436518
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    207 E Pearl Street, Ishpeming, MI 49849-2023
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!