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    228 N Jefferson St Hastings, MI 49058

    View on Map
    For Sale
    $349,000

    Cafe Style Restaurant For Sale in Hasting, Barry County, MI

    Property size:
    2,066 SF
    Lot size:
    0.20 Acres
    Added:
    Aug 21, 2025
    Days on Market:
    224
    Last Refresh:
    Mar 27 at 1:16 am

    Property Features for 228 N Jefferson St

    General Information

    Standard status
    Active
    Property type
    Breakfast & diners, Conventional restaurants, Restaurants
    Size
    2,066 SF
    Class
    A
    Total Parking Spaces
    25
    Elevators
    No
    Lot size
    0.20 Acres
    Occupancy
    100%
    Investment Type
    Owner User

    Building Details

    Year Built
    1963
    Year Renovated
    2023
    Buildings
    1
    Stories
    1
    Units
    1

    We can help!

    Listing Contact
    David Elwood
    David Elwood

    Listing agent David

    Listing office

    Listing date Aug 21, 2025

    Overview

    Established Cafe-Style Restaurant For Sale

    This offering presents an opportunity to acquire a well-established cafe-style restaurant specializing in breakfast, brunch, and lunch. The sale includes both the business and the commercial real estate. The restaurant has become a local favorite known for its inviting atmosphere. The offering price reflects approximately 45% of the total value when compared with standard restaurant valuation methods. The business and building are available for roughly 1.3 times annual owner cash flow (SDE) or 1.9 times operating earnings (EBITA). This is suited for an entrepreneur looking to step into restaurant ownership with a strong cash-flowing business already in place, a culinary couple or family team eager to run their own breakfast-and-lunch destination, or an experienced operator ready to expand into a proven location with the advantage of owning the real estate. The property is located in Hastings, Barry County, Michigan. The building size is 2066 square feet and the lot size is 0.2 acres. The restaurant is well known and established. The financials support a suggested price 55% higher than offered. The offered price includes real estate.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Comstock park Park Hastings Riverwalk Cafe Restaurant Motorcanvas works at Restaurant

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Similar Places Nearby

    • Phil's Galley — 139 E Court St, Hastings, MI 49058
    • Richie's Koffee Shop — 146 W State St, Hastings, MI 49058
    • Hastings Riverwalk Cafe — 228 N Jefferson St, Hastings, MI 49058

    Location Insight

    • Map
    • Local Demand
    City
    Hastings
    County
    Barry
    State
    Michigan
    Longitude
    -85.288018
    Latitude
    42.650411

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    FAQs

    What type of property is this?
    Breakfast & diner - Cafe Style Restaurant For Sale in Hasting, Barry County, MI
    Where is this breakfast & diner located?
    The property is located at 228 N Jefferson St Hastings, MI.
    What is the asking price?
    The asking price for this property is $349,000.
    What are key features of this property?
    This property features: Well known established restaurant.; Financials support suggested price 55% Higher than offered.; Includes real estate
    (248) 923-4334
    We can help!
    Listing Contact
    David Elwood
    David Elwood
    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.

    More about this property
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