Restaurant Building with
For Sale
$399,900
233 W Monroe Street, Bangor, MI 49013
Fully equipped facility includes a commercial kitchen, banquet space, pool hall, and Class C liquor license.
Property Size6,438 SF
Days on Market24
Property Features for 233 W Monroe Street
General Information
Standard status
Active
Size
6,438 SF
Property subtype
Commercial
Additional Details
Business Included
Yes
Highway Access
Yes
Equipment Included
Yes
Taxes and HOA fees
Annual Taxes
$2,573
Amenities
banquet and meeting space
pool hall
storage
Building Details
Building Size
6,438 SF
Year Built
1940
Units
3
Listing Agency:
Jaqua REALTORS
(269) 214-1257
Listed By:
Amy O'Sullivan · License #6506040161
(269) 214-1257
Source:
Carolbollo
Added: Aug 7
Changed: Aug 29
Last Checked: Aug 29 at 4:40PM
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.
Located at 233 W Monroe Street in Bangor, this restaurant property includes a dining room, bar, full commercial kitchen, banquet and meeting areas, and a pool hall. Seating capacity exceeds 160 guests, supporting a range of food, beverage, and event uses. A Class C liquor license is included, and the building also offers a partial basement for storage.
Built in 1940, the property fronts the M-43 corridor. Its existing restaurant improvements and varied interior spaces provide an established framework for continued food and beverage operations.
Built in 1940, the property fronts the M-43 corridor. Its existing restaurant improvements and varied interior spaces provide an established framework for continued food and beverage operations.
Key Highlights
- Restaurant and bar seating for more than 160 guests
- Full commercial kitchen with dining and bar areas
- Banquet and meeting space 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
Turnkey business
Opportunity
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Fully equipped facility includes a commercial kitchen, banquet space, pool hall, and Class C liquor license.
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: Restaurant and bar seating for more than 160 guests; Full commercial kitchen with dining and bar areas; Banquet and meeting space included
