Mixed-Use Pub with
For Sale
$579,000
31 Trimountain Avenue, South Range, MI 49965
COMMERCIAL - South Range, MI
Property Size3,552 SF
Lot Size0.39 Acres
Price / SF$163.01
Days on Market103
Property Features for 31 Trimountain Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Zoning description
Commercial
Parking features
Parking Lot, Off Street
Patio and Porch features
Patio
Exterior features
Deck/Patio
Subdivision
Town of South Range
Lot features
Main Street, Utilities Above Ground, Utilities Underground
Standard status
Active
Size
3,552 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5004
Utilities
Heating system
Pellet Stove, Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1900
Roof type
Asphalt
Listing Agency:
COLDWELL BANKER SCHMIDT REALTORS
(906) 225-5992
Listed By:
MELISSA MAKI · License #6506043229
(906) 231-0694
Added: May 11
Changed: Aug 4
Last Checked: Aug 21 at 3:06PM
MLS# 50207188
Copyright © 2026 Upper Peninsula Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This fully renovated mixed-use commercial building features a pub on the main floor and a spacious three-bedroom, two-full-bath apartment above. The pub includes a kitchen designed for standard bar fare and offers seating for about 70 people, along with entertainment amenities including a shuffleboard table, pool table, and electronic dart board. A liquor license is included, and the bar has been retained during renovations to preserve a nostalgic ambiance. The basement provides ample storage and on-site laundry.
The property is located at 31 Trimountain Avenue in South Range, and it sits right behind Trail 3, which draws outdoor enthusiasts throughout the year. The current owners are retiring, and showings are limited due to business hours and the presence of tenants or guests.
On the commercial side, the pub is turn-key for an operator seeking a ready-to-run neighborhood bar environment, while the upstairs apartment supports short-term rental use as described in the listing.
The property is located at 31 Trimountain Avenue in South Range, and it sits right behind Trail 3, which draws outdoor enthusiasts throughout the year. The current owners are retiring, and showings are limited due to business hours and the presence of tenants or guests.
On the commercial side, the pub is turn-key for an operator seeking a ready-to-run neighborhood bar environment, while the upstairs apartment supports short-term rental use as described in the listing.
Key Highlights
- Commercial building with a pub on the main floor and a 3‑bedroom, 2 full‑bath apartment above
- Entire building has been completely renovated with modern amenities
- Pub includes liquor license, kitchen for standard bar fare, and seating for about 70
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
$34,119
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
5.89%
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%
$682,380
$682.4K
Cap Rate 7%
$487,414
$487.4K
Cap Rate 9%
$379,100
$379.1K
Market Conditions
NOI Build-Up for 3,552 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
$55.4K $15.60/SF
− Vacancy
−$9.9K −$2.79/SF
EGI
$45.5K $12.81/SF
− OpEx
−$11.4K −$3.20/SF
NOI
$34.1K $9.61/SF
Area
Houghton County, MI
Vacancy
17.90%
Lease Rate
$15.60 /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%
$682,380
Cap Rate 7%
$487,414
Cap Rate 9%
$379,100
Alternative Uses
Best Use
Apartment 5plus
$38.23M
$33.45M – $44.60M
NOI $2,676,006 @ 7.0% cap · market cap 462.18%
Second Best
Specialty Retail
$487.4K
$426.5K – $568.7K
NOI $34,119 @ 7.0% cap · market cap 5.89%
Theoretical Best
Multifamily LT 5
$43.92M
$38.43M – $51.24M
NOI $3,074,391 @ 7.0% cap · market cap 530.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
73
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49965, MI
465
Population
560
Households
0.8
Avg Household Size
57
Median Age
25%
College-Educated
89%
High-School Grad
191.9 sq mi
ZIP Area
2
Density / Sq Mi
$77,604
Median Household Income
$47,708
Median Earnings
$222,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Range Lounge — 44969 Baltic Ave, South Range, MI 49963
- 1902 Tap and Grill — 23 Trimountain Ave, South Range, MI 49963
Frequently Asked Questions
What type of property is this?
Bar & Pub - Renovated commercial building with a pub and an upstairs three-bedroom, two-bath unit used as a short-term rental.
Where is this bar & pub located?
The property is located at 31 Trimountain Avenue South Range, MI.
What is the asking price?
The asking price for this property is $579,000.
What are key features of this property?
This property features: Commercial building with a pub on the main floor and a 3‑bedroom, 2 full‑bath apartment above; Entire building has been completely renovated with modern amenities; Pub includes liquor license, kitchen for standard bar fare, and seating for about 70
