Ice Cream Restaurant
For Sale
$125,000
209 E Railway St, Coleman, MI 48618
Commercial building with an ice cream and restaurant configuration in a small-town setting.
Property Size702 SF
Days on Market47
Property Features for 209 E Railway St
General Information
Standard status
Active
Size
702 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$724
Building Details
Building Size
702 SF
Year Built
1972
Listed By:
Alicia Lewis
(734) 459-6222
Source:
Elliman
Added: Sep 1
Changed: Oct 2
Last Checked: Oct 16 at 10:23AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Alicia Lewis
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Investment Insights
Based on property information with market context.
Located at 209 E Railway St in Coleman, Michigan, this commercial building has been used as an ice cream shop and restaurant. The property was built in 1972 and offers an existing food-service-oriented configuration for continued restaurant use or a related concept.
Coleman is characterized by limited pedestrian and bicycle activity, with a Walk Score of 3 and a Bike Score of 29. The property’s address places it within the community’s established commercial setting.
Coleman is characterized by limited pedestrian and bicycle activity, with a Walk Score of 3 and a Bike Score of 29. The property’s address places it within the community’s established commercial setting.
Key Highlights
- Existing ice cream shop and restaurant configuration
- 1972 construction
- Located at 209 E Railway St, Coleman, MI 48618
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$7,025
Cap Rate
5.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$140,500
$140.5K
Cap Rate 7%
$100,357
$100.4K
Cap Rate 9%
$78,056
$78.1K
Market Conditions
NOI Build-Up for 702 SF
Gross rent
$10.9K $15.48/SF
− Vacancy
−$1.5K −$2.14/SF
EGI
$9.4K $13.34/SF
− OpEx
−$2.3K −$3.34/SF
NOI
$7.0K $10.01/SF
Area
Midland County, MI
Vacancy
13.80%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$140,500
Cap Rate 7%
$100,357
Cap Rate 9%
$78,056
Alternative Uses
Best Use
Specialty Retail
$100.4K
$87.8K – $117.1K
NOI $7,025 @ 7.0% cap · market cap 5.62%
Second Best
Retail
$69.2K
$60.5K – $80.7K
NOI $4,841 @ 7.0% cap · market cap 3.87%
Theoretical Best
Flex RnD
$126.7K
$110.9K – $147.8K
NOI $8,869 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
131
Businesses Nearby
9k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Sunoco
Shops & Services
4,653 visits/mo
0.1 miles
Dollar General
Shops & Services
4,213 visits/mo
0.3 miles
Demographics for 48618, MI
5,299
Population
2,443
Households
2.2
Avg Household Size
45
Median Age
13%
College-Educated
92%
High-School Grad
102.5 sq mi
ZIP Area
52
Density / Sq Mi
$58,523
Median Household Income
$37,793
Median Earnings
$760
Median Rent
$120,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Commercial building with an ice cream and restaurant configuration in a small-town setting.
Where is this conventional restaurant located?
The property is located at 209 E Railway St Coleman, MI.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: Existing ice cream shop and restaurant configuration; 1972 construction; Located at 209 E Railway St, Coleman, MI 48618
