Restaurant and Bar with Banquet
For Sale
$399,900
233 W Monroe Street, Bangor, MI 49013
Food-and-beverage facility with a commercial kitchen, Class C liquor license, pool hall, and flexible gathering areas.
Property Size6,438 SF
Days on Market16
Property Features for 233 W Monroe Street
General Information
Standard status
Active
Size
6,438 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Liquor License
Yes
Taxes and HOA fees
Annual Taxes
$2,573
Building Details
Building Size
6,438 SF
Year Built
1940
Buildings
3
Stories
1
Units
3
Listing Agency:
Jaqua REALTORS
(269) 214-1257
Listed By:
Amy O'Sullivan · License #6506040161
(269) 214-1257
Source:
Buyatthelake
Added: Aug 9
Changed: Aug 23
Last Checked: Aug 24 at 3:09PM
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.
Built in 1940, this restaurant property includes a dining room, bar, full commercial kitchen, banquet and meeting areas, and a pool hall. Seating accommodates more than 160 guests, supporting both regular service and larger gatherings. A Class C liquor license is included, and the partial basement provides additional storage space.
The property is located at 233 W Monroe St in Bangor, along the M-43 corridor. Its configuration combines food-and-beverage service areas with event, recreation, and storage components in one commercial facility.
The property is located at 233 W Monroe St in Bangor, along the M-43 corridor. Its configuration combines food-and-beverage service areas with event, recreation, and storage components in one commercial facility.
Key Highlights
- Seating for more than 160 guests across the dining room and bar
- Full commercial kitchen for continued food‑and‑beverage operations
- Class C liquor license included
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
$33,252
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
8.32%
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%
$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
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
$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 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%
$665,040
Cap Rate 7%
$475,029
Cap Rate 9%
$369,467
Alternative Uses
Best Use
Specialty Retail
$1.06M
$930.8K – $1.24M
NOI $74,467 @ 7.0% cap · market cap 18.62%
Second Best
Industrial
$475.0K
$415.7K – $554.2K
NOI $33,252 @ 7.0% cap · market cap 8.32%
Theoretical Best
Multifamily LT 5
$79.60M
$69.65M – $92.87M
NOI $5,572,334 @ 7.0% cap · market cap 1,393.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Liquor license
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
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 - Food-and-beverage facility with a commercial kitchen, Class C liquor license, pool hall, and flexible gathering areas.
Where is this conventional restaurant located?
The property is located at 233 W Monroe Street 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: Seating for more than 160 guests across the dining room and bar; Full commercial kitchen for continued food‑and‑beverage operations; Class C liquor license included
