Turnkey Restaurant and
For Sale
$339,900
208 S Cochran Avenue, Charlotte, MI 48813
Commercial Sale, Charlotte, MI
Property Size1,848 SF
Lot Size0.06 Acres
Price / SF$183.93
Days on Market437
Property Features for 208 S Cochran Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Zoning
Parking features
Parking Lot, On Street
Basement
Full
Appliances
Bar Fridge, Dishwasher, Ice Maker, Oven, Range, Range Hood, Refrigerator, Water Heater
Elementary school district
Charlotte
Middle school district
Charlotte
High school district
Charlotte
Directions
Located in Charlotte Downtown Proper
Standard status
Active
APN
200-000-031-030-00
Size
1,848 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
E 124 FEET OF S 22 FEET OF LOT 3. BLOCK 31 O. P. CITY OF CHARLOTTE D.D.A.
Tax Annual Amount
2271
Legal Description
E 124 FEET OF S 22 FEET OF LOT 3. BLOCK 31 O. P. CITY OF CHARLOTTE D.D.A.
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1900
Floors in Building
1
Number of units
1
Flooring type
Hardwood
Building materials
Brick
Roof type
Flat
Listing Agency:
Keller Williams Realty Lansing
(517) 853-1200
Listed By:
Max A Billinghurst · License #6501416838
(269) 339-1431
Added: Jun 11, 2025
Changed: Aug 19
Last Checked: Aug 21 at 3:06AM
MLS# 288830
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.
Turnkey restaurant and bar operating in a restored historic brick building. Original ceilings and exposed brick help define the interior, with hardwood flooring and a flat roof. The concept includes indoor and patio seating and a full-service bar, supported by an on-site kitchen with appliances such as an oven, range, range hood, refrigerator, dishwasher, ice maker, and water heater. Heating is provided via natural gas forced air, and the property has central air conditioning.
The property sits on a 0.06-acre lot with public water and public sewer service. Parking is available via a parking lot as well as on-street parking.
The building was constructed in 1900 and includes a bar-focused setup, including a bar fridge, with purchase including all FF&E and a class C liquor license.
The property sits on a 0.06-acre lot with public water and public sewer service. Parking is available via a parking lot as well as on-street parking.
The building was constructed in 1900 and includes a bar-focused setup, including a bar fridge, with purchase including all FF&E and a class C liquor license.
Key Highlights
- Purchase includes all FF&E and a class C liquor license
- Indoor and patio seating with a full‑service bar
- Restored historic brick building with original ceilings and exposed brick
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
$20,482
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
6.03%
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%
$409,640
$409.6K
Cap Rate 7%
$292,600
$292.6K
Cap Rate 9%
$227,578
$227.6K
Market Conditions
NOI Build-Up for 1,848 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
$33.3K $18.00/SF
− Vacancy
−$6.0K −$3.22/SF
EGI
$27.3K $14.78/SF
− OpEx
−$6.8K −$3.69/SF
NOI
$20.5K $11.08/SF
Area
Eaton County, MI
Vacancy
17.90%
Lease Rate
$18.00 /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%
$409,640
Cap Rate 7%
$292,600
Cap Rate 9%
$227,578
Alternative Uses
Best Use
Specialty Retail
$292.6K
$256.0K – $341.4K
NOI $20,482 @ 7.0% cap · market cap 6.03%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$21.28M
$18.62M – $24.82M
NOI $1,489,284 @ 7.0% cap · market cap 438.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
769
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48813, MI
21,068
Population
8,174
Households
2.6
Avg Household Size
42
Median Age
19%
College-Educated
93%
High-School Grad
168.1 sq mi
ZIP Area
125
Density / Sq Mi
$77,431
Median Household Income
$41,723
Median Earnings
$870
Median Rent
$178,500
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 - Turnkey restaurant and bar with indoor and patio seating plus a full-service bar.
Where is this conventional restaurant located?
The property is located at 208 S Cochran Avenue Charlotte, MI.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: Purchase includes all FF&E and a class C liquor license; Indoor and patio seating with a full‑service bar; Restored historic brick building with original ceilings and exposed brick
