Three-Level Downtown
215 N Main St, Ann Arbor, MI 48104
For Sale
Contact for pricing
Operating food-and-beverage venue with separate dining, bar, nightclub, event, and live-entertainment areas.
Property Size9,672 SF
Price / SF$1.24
Days on Market95
Property Features for 215 N Main St
General Information
Standard status
Size
Property subtype
Zoning
Lease Term
Site & Location
Neighborhood
Restaurant
Equipment Included
Liquor License
Additional Details
Furnished
Building Details
Stories
Properties For Sale
at 215 N Main St
215 N Main
Size
9,672 SF
Type
Street Retail
Term
Negotiable
Listing Agency:
Swisher Commercial
Listed By:
Jeff Evans · License MI #6506045981
(734) 926-0222
Source:
Swishercommercial
Added: Aug 8
Changed: Nov 10
Last Checked: Nov 10 at 7:04AM
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 Swisher Commercial
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Investment Insights
Based on property information with market context.
This 9,672-square-foot restaurant and entertainment property occupies three operating levels in downtown Ann Arbor. The lower level contains a bar and entertainment area, while the main floor combines a restaurant and beer hall. An upper-level nightclub and event venue includes a stage suited to live entertainment. Restaurant equipment, furniture, fixtures, and a liquor license are included.
The property carries D1 (Mixed-Use Downtown Core) zoning and has operated at its current location since 1964, following a restaurant operation dating to 1961. Original restored murals remain in the main dining area. The surrounding downtown setting includes restaurants, retail, offices, and residences, with access to public parking, public transit through TheRide bus service, and a walkable connection to the University of Michigan campus.
The property carries D1 (Mixed-Use Downtown Core) zoning and has operated at its current location since 1964, following a restaurant operation dating to 1961. Original restored murals remain in the main dining area. The surrounding downtown setting includes restaurants, retail, offices, and residences, with access to public parking, public transit through TheRide bus service, and a walkable connection to the University of Michigan campus.
Key Highlights
- 9,672 SF restaurant, bar, and entertainment property across three distinctive operating levels
- Lower‑level bar and entertainment area, main‑floor restaurant and beer hall, and upper‑level nightclub and event venue
- Stage and live‑entertainment capabilities included in the upper‑level event space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$127,504
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,550,080
$2.6M
Cap Rate 7%
$1,821,486
$1.8M
Cap Rate 9%
$1,416,711
$1.4M
Market Conditions
NOI Build-Up for 9,672 SF
Gross rent
$179.9K $18.60/SF
− Vacancy
−$9.9K −$1.02/SF
EGI
$170.0K $17.58/SF
− OpEx
−$42.5K −$4.39/SF
NOI
$127.5K $13.18/SF
Area
Ann Arbor, MI
Vacancy
5.50%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,550,080
Cap Rate 7%
$1,821,486
Cap Rate 9%
$1,416,711
Alternative Uses
Best Use
Specialty Retail
$1.82M
$1.59M – $2.13M
NOI $127,504 @ 7.0% cap
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.14M
$1.87M – $2.49M
NOI $149,528 @ 7.0% cap
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
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
3,579
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48104, MI
41,588
Population
19,173
Households
2.2
Avg Household Size
27
Median Age
82%
College-Educated
98%
High-School Grad
7.8 sq mi
ZIP Area
5,332
Density / Sq Mi
$63,341
Median Household Income
$16,073
Median Earnings
$1,548
Median Rent
$481,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Average Price Trend$/SF for Conventional restaurants in Washtenaw County, MI
Properties on Market for Conventional restaurants in Washtenaw County
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Operating food-and-beverage venue with separate dining, bar, nightclub, event, and live-entertainment areas.
Where is this conventional restaurant located?
The property is located at 215 N Main St Ann Arbor, MI.
What are key features of this property?
This property features: 9,672 SF restaurant, bar, and entertainment property across three distinctive operating levels; Lower‑level bar and entertainment area, main‑floor restaurant and beer hall, and upper‑level nightclub and event venue; Stage and live‑entertainment capabilities included in the upper‑level event space
