Turn-Key Restaurant with
For Sale
$279,000
222 S Main Street, Reading, MI 49274
COMMERCIAL - Reading, MI
Property Size1,150 SF
Lot Size0.28 Acres
Price / SF$242.61
Days on Market55
Property Features for 222 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Broadband
Elementary school district
Reading
Middle school district
Reading
High school district
Reading
Directions
On M49 (Edon Rd) right in the heart of down town Reading Mi. On the West side of the road. Between Cherry St. and Silver St.
Standard status
Active
APN
20-040-001-090
Size
1,150 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 31 ALSO E 51 FT OF LOT 30 EXC COM ON E LN LOT 30 AT PT 10 FT N OF SE COR SD LOT TH SWLY TO S LN OF SD LOT SD PT BEIN
Tax Annual Amount
3234
Legal Description
LOT 31 ALSO E 51 FT OF LOT 30 EXC COM ON E LN LOT 30 AT PT 10 FT N OF SE COR SD LOT TH SWLY TO S LN OF SD LOT SD PT BEIN
Utilities
Utilities
Cable Available
Heating system
Forced Air
Building Details
Year built
1930
Number of units
1
Listing Agency:
Spieth & Satow Auctions & Real Estate
(517) 439-2528
Listed By:
Darin W Spieth · License #6501348697
(517) 398-6060
Added: Jun 15
Changed: Aug 4
Last Checked: Aug 8 at 8:06PM
MLS# 26029510
Copyright © 2026 Michigan Regional Information Center, LLC. 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.
This iconic restaurant building has been operating in Reading, Michigan for close to 50 years and is presented as a clean, turn-key business. The property includes a dedicated patio area in front and interior seating served by recently updated components. Reported upgrades include two new coolers, new booths, exterior re-siding, and a new patio, supporting an immediately usable operating setup.
The restaurant is located at 222 S Main Street in Reading, MI 49274 (Hillsdale County). The offering centers on a ready-to-run food service operation, with exterior and front-of-house improvements intended to support day-to-day presentation.
For a buyer looking to step into an established restaurant concept, this property offers a straightforward path with on-site upgrades already completed, including new cooling equipment and updated seating. The front patio and refreshed exterior support a practical, customer-facing environment for continued service as pizza and ice cream operations.
The restaurant is located at 222 S Main Street in Reading, MI 49274 (Hillsdale County). The offering centers on a ready-to-run food service operation, with exterior and front-of-house improvements intended to support day-to-day presentation.
For a buyer looking to step into an established restaurant concept, this property offers a straightforward path with on-site upgrades already completed, including new cooling equipment and updated seating. The front patio and refreshed exterior support a practical, customer-facing environment for continued service as pizza and ice cream operations.
Key Highlights
- Building built in 1930 and currently serving pizza and ice cream
- In business for close to 50 years
- Upgrades include two new coolers
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
$12,791
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
4.58%
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%
$255,820
$255.8K
Cap Rate 7%
$182,729
$182.7K
Cap Rate 9%
$142,122
$142.1K
Market Conditions
NOI Build-Up for 1,150 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
$17.8K $15.48/SF
− Vacancy
−$748 −$0.65/SF
EGI
$17.1K $14.83/SF
− OpEx
−$4.3K −$3.71/SF
NOI
$12.8K $11.12/SF
Area
Hillsdale County, MI
Vacancy
4.20%
Lease Rate
$15.48 /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%
$255,820
Cap Rate 7%
$182,729
Cap Rate 9%
$142,122
Alternative Uses
Best Use
Specialty Retail
$182.7K
$159.9K – $213.2K
NOI $12,791 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
108
Businesses Nearby
8k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Marathon Petroleum
Shops & Services
4,991 visits/mo
0.2 miles
Citgo
Shops & Services
3,472 visits/mo
0.2 miles
Demographics for 49274, MI
3,699
Population
1,956
Households
1.9
Avg Household Size
41
Median Age
21%
College-Educated
88%
High-School Grad
61.7 sq mi
ZIP Area
60
Density / Sq Mi
$56,125
Median Household Income
$40,020
Median Earnings
$742
Median Rent
$160,800
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 - Turn-key pizza and ice cream restaurant with recent equipment and exterior upgrades, plus a new front patio.
Where is this conventional restaurant located?
The property is located at 222 S Main Street Reading, MI.
What is the asking price?
The asking price for this property is $279,000.
What are key features of this property?
This property features: Building built in 1930 and currently serving pizza and ice cream; In business for close to 50 years; Upgrades include two new coolers
