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    Established Bar with Apartment Title is generated by Realmo AI

    224 E Caspian Avenue, Caspian, MI 49915

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    For Sale
    $94,900

    COMMERCIAL - Caspian, MI

    Property size:
    2,498 SF
    Lot size:
    0.17 Acres
    Price / SF:
    $37/SF
    Added:
    Mar 27, 2024
    Days on Market:
    786
    Last Refresh:
    May 21 at 6:06 pm

    Property Features for 224 E Caspian Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Size
    2,498 SF
    Lot size
    0.17 Acres

    Taxes and HOA fees

    Tax Year
    2022
    Tax Annual Amount
    1102

    Utilities

    Heating system
    Forced Air
    Water source
    Public

    Building Details

    Year built
    1917
    Roof type
    Metal

    We can help!

    Listing Contact
    JORDYN LEONARDUZZI

    Listing agent JORDYN LEONARDUZZI License #6501454419

    Listing office RE/MAX NORTH COUNTRY 1353 U.S. 2 Suite 2, Crystal Falls, MI

    Listing date Mar 27, 2024

    MLS# 50137186

    Copyright © 2026 Upper Peninsula 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.

    HighLights

    • Established neighborhood bar in downtown Caspian with included liquor license.
    • Spacious 2‑bedroom apartment upstairs, suitable for living or rental income.
    • Well‑organized kitchen with newer (4‑year‑old) fryer included.
    • Includes all tables, chairs, stools, appliances, walk‑in cooler, and pool table.
    • Metal roofing on all buildings.
    • Inviting interior atmosphere with newer flooring and U.P. vibe.

    Overview

    This established neighborhood bar is located in downtown Caspian, Michigan. Originally built in 1917 as an Ice Cream Parlor, it was converted into a tavern after prohibition. The property includes a spacious 960-square-foot, 2-bedroom apartment upstairs, suitable for either living or rental income. The interior features newer flooring and a U.P. vibe, creating an inviting atmosphere. The bar area measures 960 square feet, with an additional approximately 578 square feet for the kitchen and backroom storage. A partial basement, measuring 10 x 13, features rock & mortar and poured concrete, and houses a 15-year-old natural gas forced air furnace and a 4-year-old electric water heater. The property includes his & hers restrooms, a back room for beverage storage, and a walk-in cooler. Tables, chairs, stools, appliances, a walk-in cooler, and a pool table are included. A dart machine and jukebox are rented. An older garage at the alley provides storage. The buildings have metal roofing. Some new windows and extra vinyl siding for the building will stay. The property sits on a 0.17-acre lot. The property size is 2498 square feet. The liquor license is included. The kitchen is well-organized and ready for a new owner, featuring a newer fryer, only 4 years old.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Fuzz & Schmoos Mid ... Bar & Pub

    Suggested Use

    Building Supply Auto Repair Shop Hair Salon Big Box & Wholesale Store Auto Parts Store HVAC Service Storage Facility Bar & Pub Discount Store Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • The Cozee Bar — 200 Caspian Ave, Caspian, MI 49915
    • Fuzz & Schmoos Mid City Bar & Grill — 224 Caspian Ave, Caspian, MI 49915

    Location Insight

    • Map
    • Local Demand
    City
    Caspian
    County
    Iron
    State
    Michigan
    Longitude
    -88.629999
    Latitude
    46.064634

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    • $249,000
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      Commercial Property with Processing Facility

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      100 W Caspian Ave, Caspian, MI, 49915-5144
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    FAQs

    What type of property is this?
    Bar & Pub - Neighborhood bar with living quarters in downtown Caspian, Michigan.
    Where is this bar & pub located?
    The property is located at 224 E Caspian Avenue Caspian, MI.
    What is the asking price?
    The asking price for this property is $94,900.
    What are key features of this property?
    This property features: Established neighborhood bar in downtown Caspian with included liquor license.; Spacious 2‑bedroom apartment upstairs, suitable for living or rental income.; Well‑organized kitchen with newer (4‑year‑old) fryer included.
    (906) 284-3547
    We can help!
    Listing Contact
    JORDYN LEONARDUZZI
    Real Estate License ID: 6501454419
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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