Restaurant and Entertainment
210 W Carleton Road Hillsdale, MI 49242
210 W Carleton Road, Hillsdale, MI, 49242
$4,500,000
For Sale
$4,500,000
Large commercial property with multiple kitchens, two loading docks, and a newly built bar at the center of available space.
Property Size46,000 SF
Lot Size7.04 Acres
Price / SF$97.83
Days on Market10
Property Features for 210 W Carleton Road
General Information
- Standard status
- Active
- Size
- 46,000 SF
- Lot size
- 7.04 Acres
- Property subtype
- Business Opportunity
Building Details
- Year Built
- 1973
Listing agency
ERA Reardon Realty, L.L.C.
(517) 414-4461
Listed by
Brittany Ostrowski · License #6501397335
(517) 414-4461
Source
Phgrealty
Added: Jul 13 Updated: Jul 22 at 8:45AM Checked: Jul 22 at 8:45AM
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 ERA Reardon Realty, L.L.C.
Investment Insights
Based on property information with market context.
This landmark commercial property includes approximately 6,000 square feet leased to established franchise tenants, with nearly 40,000 square feet of contiguous space currently available. A brand-new bar is positioned at the center of the available area. The facility is purpose-built for food, beverage, hospitality, and entertainment concepts, with a dedicated bakery, commercial catering kitchen, and full-service restaurant kitchen. Two loading docks support receiving and back-of-house operations, and existing equipment is negotiable and not included in the purchase price.
The property sits on 7.04 acres along Hillsdale’s premier retail and commercial corridor, with stated visibility and easy access, along with 250 parking spaces. A roof replacement was completed in 2019.
Sale includes existing Class C, SDD, and SDM Package liquor licenses, which may provide flexibility for future restaurant, retail, and entertainment and hospitality concepts within the available space.
The property sits on 7.04 acres along Hillsdale’s premier retail and commercial corridor, with stated visibility and easy access, along with 250 parking spaces. A roof replacement was completed in 2019.
Sale includes existing Class C, SDD, and SDM Package liquor licenses, which may provide flexibility for future restaurant, retail, and entertainment and hospitality concepts within the available space.
Key Highlights
- 46,000 SF commercial property on 7.04 acres, built in 1973, located on Hillsdale’s retail and commercial corridor
- Roof replaced in 2019; 250 parking spaces and two loading docks for convenient loading and customer access
- Approximately 6,000 SF leased to established franchise tenants for existing income, with nearly 40,000 SF contiguous space available
Local Financial Insights For Industrial
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $414.0k | $9.00 |
| − Vacancy | −$41.8k | −$0.91 |
| EGI | $372.2k | $8.09 |
| − OpEx | −$111.7k | −$2.43 |
| NOI | $260.5k | $5.66 |
46,000 SF · lease $9.00/SF/yr · vacancy 10.10% · expense 30.00%
Alternative Uses
Best Use
Specialty Retail
$7.31M
$6.40M – $8.53M
NOI $511,629 @ 7.0% cap · market cap 11.37%
Second Best
Industrial
$3.72M
$3.26M – $4.34M
NOI $260,530 @ 7.0% cap · market cap 5.79%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Anytime Fitness
Gym & Fitness Center
Jakes Fireworks
Discount Store
BIGGBY COFFEE
Restaurant
Krispy Krunchy Chicken
Restaurant
Underdogs
Restaurant
Similar For Sale Nearby
Similar Off Market Nearby
- Rough Draft — 42 Union St, Hillsdale, MI 49242
- Hunt Club of Hillsdale — 24 N Howell St, Hillsdale, MI 49242
- The Historic Dawn Theater — 110 n broad st, hillsdale, mi 49242
- 55 Below — 55 N Broad St, Hillsdale, MI 49242
- Bootleggers Bar — 53 N Broad St Suite A, Hillsdale, MI 49242
FAQs
What type of property is this?
Bar & Pub - Large commercial property with multiple kitchens, two loading docks, and a newly built bar at the center of available space.
Where is this bar & pub located?
The property is located at 210 W Carleton Road Hillsdale, MI.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 46,000 SF commercial property on 7.04 acres, built in 1973, located on Hillsdale’s retail and commercial corridor; Roof replaced in 2019; 250 parking spaces and two loading docks for convenient loading and customer access; Approximately 6,000 SF leased to established franchise tenants for existing income, with nearly 40,000 SF contiguous space available
