Wolf Lake Tavern
For Sale
$299,900
27 S Wolf Lake Rd, Muskegon, MI 49442
Open-plan bar venue with a large parking area and recently upgraded walk-in cooler refrigeration.
Property Size1,944 SF
Price / SF$154.27
Days on Market9
Property Features for 27 S Wolf Lake Rd
General Information
Standard status
Active
Size
1,944 SF
Property subtype
Other
Zoning
C1
Additional Details
Business Included
Yes
Listing Agency:
Nexes Realty, Inc.
Listed By:
William Carlston · License #6506021186
(231) 759-3671
Source:
Carwm.resimplifi
Added: Sep 1
Changed: Sep 8
Last Checked: Sep 8 at 4:48AM
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 Nexes Realty, Inc.
Investment Insights
Based on property information with market context.
Wolf Lake Tavern is a 1,944-square-foot bar property built in 1940. The interior features an open layout suited to dancing, pool leagues, group gatherings, and other social activities. A walk-in cooler received new refrigeration equipment in 2025, adding a recent equipment improvement to the property.
The tavern is located at 27 S Wolf Lake Road in Muskegon, Michigan, within walking distance of Wolf Lake. The property also includes a large parking lot for customer use.
The tavern is located at 27 S Wolf Lake Road in Muskegon, Michigan, within walking distance of Wolf Lake. The property also includes a large parking lot for customer use.
Key Highlights
- 1,944‑square‑foot bar property built in 1940
- Open interior layout supports dancing, pool leagues, and gatherings
- New refrigeration equipment installed on the walk‑in cooler in 2025
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
$21,622
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
7.21%
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%
$432,440
$432.4K
Cap Rate 7%
$308,886
$308.9K
Cap Rate 9%
$240,244
$240.2K
Market Conditions
NOI Build-Up for 1,944 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
$30.1K $15.48/SF
− Vacancy
−$1.3K −$0.65/SF
EGI
$28.8K $14.83/SF
− OpEx
−$7.2K −$3.71/SF
NOI
$21.6K $11.12/SF
Area
Muskegon County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
25.00%
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%
$432,440
Cap Rate 7%
$308,886
Cap Rate 9%
$240,244
Alternative Uses
Best Use
Specialty Retail
$308.9K
$270.3K – $360.4K
NOI $21,622 @ 7.0% cap · market cap 7.21%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$18.26M
$15.97M – $21.30M
NOI $1,277,932 @ 7.0% cap · market cap 426.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
53
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49442, MI
45,342
Population
17,759
Households
2.6
Avg Household Size
37
Median Age
11%
College-Educated
87%
High-School Grad
41.0 sq mi
ZIP Area
1,106
Density / Sq Mi
$50,069
Median Household Income
$33,257
Median Earnings
$889
Median Rent
$116,100
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.
Similar Off Market Nearby
- Wolf Lake Tavern — 27 S Wolf Lake Rd, Muskegon, MI 49442
Frequently Asked Questions
What type of property is this?
Bar & Pub - Open-plan bar venue with a large parking area and recently upgraded walk-in cooler refrigeration.
Where is this bar & pub located?
The property is located at 27 S Wolf Lake Rd Muskegon, MI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1,944‑square‑foot bar property built in 1940; Open interior layout supports dancing, pool leagues, and gatherings; New refrigeration equipment installed on the walk‑in cooler in 2025
