Building Details

Year Built 1940

Listing Agency: Jaqua REALTORS

Listed By: Amy O'Sullivan · License #6506040161 Show Phone

Source: Katie-k

Added: Sep 30 Last Checked: Oct 4 at 1:21PM

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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 Jaqua REALTORS

Investment Insights

Based on property information with market context.

This 6,438-square-foot restaurant and bar, built in 1940, includes a dining room and bar with seating for more than 160 guests. The layout also features a full commercial kitchen, banquet and meeting areas, a pool hall, and a partial basement for storage. A Class C liquor license is included.

The property is located at 233 W Monroe St in Bangor, along the M-43 corridor.

Key Highlights

• Dining room and bar seating for more than 160 guests
• Full commercial kitchen
• Banquet and meeting areas, plus a pool hall

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$33,252

Cap Rate

8.32%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$665,040 $665.0K

Cap Rate 7%

$475,029 $475.0K

Cap Rate 9%

$369,467 $369.5K

Market Conditions

NOI Build-Up for 6,438 SF

Gross rent

$48.7K $7.56/SF

− Vacancy

−$1.2K −$0.18/SF

EGI

$47.5K $7.38/SF

− OpEx

−$14.3K −$2.21/SF

NOI

$33.3K $5.16/SF

Area

Van Buren County, MI

Vacancy

2.40%

Lease Rate

$7.56 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$665,040

Cap Rate 7%

$475,029

Cap Rate 9%

$369,467

Alternative Uses

Best Use

Specialty Retail

$1.06M

$930.8K – $1.24M (±1% cap)

NOI $74,467 @ 7.0% cap · market cap 18.62%

Second Best

Industrial

$475.0K

$415.7K – $554.2K (±1% cap)

NOI $33,252 @ 7.0% cap · market cap 8.32%

Theoretical Best

Multifamily LT 5

$79.60M

$69.65M – $92.87M (±1% cap)

NOI $5,572,334 @ 7.0% cap · market cap 1,393.43%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Bangor Tavern Bar ... Bar & Pub

Suggested Use

Top Pick Real Estate Agency Law Firm Building Supply Parking Lot & Garage HVAC Service Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

235

Businesses Nearby

35k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 54% Dining 46%

McDonald's Dining

13,440 visits/mo 0.1 miles

Speedway Shops & Services

7,265 visits/mo 0.1 miles

Dollar General Shops & Services

6,441 visits/mo 0.2 miles

Shell Shops & Services

5,158 visits/mo 0.5 miles

SUBWAY Dining

2,844 visits/mo 0.2 miles

Demographics for 49013, MI

5,175

Population

2,045

Households

2.5

Avg Household Size

39

Median Age

16%

College-Educated

80%

High-School Grad

57.0 sq mi

ZIP Area

91

Density / Sq Mi

$58,264

Median Household Income

$33,589

Median Earnings

$757

Median Rent

$140,100

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this bars & pubs located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Bar & Pub - A Class C liquor license accompanies a dining room, full kitchen, pool hall, and event space.

Where is this bar & pub located?

The property is located at 233 W Monroe St Bangor, MI.

What is the asking price?

The asking price for this property is $399,900.

What are key features of this property?

This property features: Dining room and bar seating for more than 160 guests; Full commercial kitchen; Banquet and meeting areas, plus a pool hall