Building Details

Building Size 5,356 SF

Listing Agency: RE/MAX

Listed By: Bradley Argall · License #6506048978 Show Phone

Source: Remaxcommercial

Added: Sep 18, 2025 Changed: Sep 5 Last Checked: Oct 5 at 2:59PM

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Investment Insights

Based on property information with market context.

Located in downtown Negaunee, this property features Jackson’s Pit, a fully operational restaurant and bar. The business includes a Class C liquor license, Sunday Sales, and an additional bar license suitable for outdoor events. The property is situated in the City of Negaunee’s Social District, benefiting from increased visibility and foot traffic. The second floor contains five residential rental units, providing passive income. The property is a mixed-use building with both commercial and residential components. The building size is 5356 square feet. The property is suitable for entrepreneurs looking to own a restaurant or investors seeking a mixed-use property.

Key Highlights

• Turnkey restaurant and bar (Jackson’s Pit) with established business and loyal customer base.
• Includes valuable Class C liquor license, Sunday Sales permit, and additional bar license for outdoor events.
• Located in Negaunee's revitalized downtown Social District, benefiting from high visibility and foot traffic.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$65,731

Cap Rate

8.76%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,314,620 $1.3M

Cap Rate 7%

$939,014 $939.0K

Cap Rate 9%

$730,344 $730.3K

Market Conditions

NOI Build-Up for 5,356 SF

Gross rent

$96.4K $18.00/SF

− Vacancy

−$2.5K −$0.47/SF

EGI

$93.9K $17.53/SF

− OpEx

−$28.2K −$5.26/SF

NOI

$65.7K $12.27/SF

Area

Marquette County, MI

Vacancy

2.60%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,314,620

Cap Rate 7%

$939,014

Cap Rate 9%

$730,344

Alternative Uses

Best Use

Specialty Retail

$1.06M

$927.3K – $1.24M (±1% cap)

NOI $74,182 @ 7.0% cap · market cap 9.89%

Second Best

Retail

$939.0K

$821.6K – $1.10M (±1% cap)

NOI $65,731 @ 7.0% cap · market cap 8.76%

Theoretical Best

Office A

$1.58M

$1.38M – $1.84M (±1% cap)

NOI $110,419 @ 7.0% cap · market cap 14.72%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Jackson's Pit Gourmet ... Bar & Pub

Suggested Use

Top Pick Law Firm Building Supply Auto Repair Shop Auto Parts Store Parking Lot & Garage Grocery & Convenience 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.

Location Intelligence

Trade Area within ½ mile

184

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 49866, MI

8,259

Population

3,723

Households

2.2

Avg Household Size

41

Median Age

34%

College-Educated

96%

High-School Grad

201.3 sq mi

ZIP Area

41

Density / Sq Mi

$83,433

Median Household Income

$47,467

Median Earnings

$900

Median Rent

$191,700

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

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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Similar Off Market Nearby

• Barr's Bar — 511 Iron St, Negaunee, MI 49866
• Tino's Bar and Pizza — 220 Iron St, Negaunee, MI 49866
• Jackson's Pit Gourmet Grill & Bar — 305 Iron St, Negaunee, MI 49866
• Smarty's Saloon — 212 Iron St, Negaunee, MI 49866
• Upper Peninsula Brewing Company — 342 Rail St, Negaunee, MI 49866

Frequently Asked Questions

What type of property is this?

Bar & Pub - Established restaurant and bar with five rental units in Negaunee.

Where is this bar & pub located?

The property is located at 305 Iron Street Negaunee, MI.

What is the asking price?

The asking price for this property is $750,000.

What are key features of this property?

This property features: Turnkey restaurant and bar (Jackson’s Pit) with established business and loyal customer base.; Includes valuable Class C liquor license, Sunday Sales permit, and additional bar license for outdoor events.; Located in Negaunee's revitalized downtown Social District, benefiting from high visibility and foot traffic.