Waterfront Fine Dining
For Sale
Contact for pricing
3136 MILITARY ST, Port Huron, MI 48060
Established waterfront fine dining and bar with three levels, decks, boat slips, and on-site rental units.
Property Size7,183 SF
Price / SF$348.04
Days on Market1405
Property Features for 3136 MILITARY ST
General Information
Standard status
Active
Size
7,183 SF
Property subtype
Multifamily, Land
Zoning
C-1
Additional Details
Business Included
Yes
Multifamily Units
3
Listing Agency:
Real Estate Masters
(810) 987-8600
Listed By:
Jeff Hedberg · License #6502115900
Source:
Crexi
Added: Oct 3, 2022
Changed: Jul 10
Last Checked: Aug 6 at 11:30AM
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 Real Estate Masters
Investment Insights
Based on property information with market context.
This established fine dining restaurant and bar offers three levels of dining with water access, along with outdoor decks on both the upper and lower levels. The site includes new kitchen equipment and is supported by an on-water facility configured with eight boat wells, four boat hoists, and eight slips, providing docking options for guests. In addition to the restaurant, there are three residential rental units on site.
The property is located at 3136 MILITARY ST in Port Huron, overlooking the St. Clair River. The offering also notes that there is currently plenty of parking available on both water and land, supporting guest arrivals for dining and events. The property is zoned C-1.
For prospective buyers, this is a mixed-use setup combining a waterfront dining operation with on-site residential rentals. The combination of multiple dining levels, deck space, and on-water docking may appeal to operators seeking a hospitality concept centered on river views. Showings require proof of funds or a letter of line of credit and/or commercial lender pre-approval.
The property is located at 3136 MILITARY ST in Port Huron, overlooking the St. Clair River. The offering also notes that there is currently plenty of parking available on both water and land, supporting guest arrivals for dining and events. The property is zoned C-1.
For prospective buyers, this is a mixed-use setup combining a waterfront dining operation with on-site residential rentals. The combination of multiple dining levels, deck space, and on-water docking may appeal to operators seeking a hospitality concept centered on river views. Showings require proof of funds or a letter of line of credit and/or commercial lender pre-approval.
Key Highlights
- Established waterfront fine dining/bar overlooking the St. Clair River
- Includes 8 boat wells, 4 boat hoists, and 8 boat slips
- Three levels of dining with water access, plus upper and lower outdoor decks
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
$99,487
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
3.98%
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%
$1,989,740
$2.0M
Cap Rate 7%
$1,421,243
$1.4M
Cap Rate 9%
$1,105,411
$1.1M
Market Conditions
NOI Build-Up for 7,183 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
$136.2K $18.96/SF
− Vacancy
−$3.5K −$0.49/SF
EGI
$132.6K $18.47/SF
− OpEx
−$33.2K −$4.62/SF
NOI
$99.5K $13.85/SF
Area
St. Clair County, MI
Vacancy
2.60%
Lease Rate
$18.96 /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%
$1,989,740
Cap Rate 7%
$1,421,243
Cap Rate 9%
$1,105,411
Alternative Uses
Best Use
Multifamily LT 5
$5.40M
$4.72M – $6.30M
NOI $377,996 @ 7.0% cap · market cap 15.12%
Second Best
Apartment 5plus
$4.97M
$4.35M – $5.80M
NOI $348,049 @ 7.0% cap · market cap 13.92%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
221
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48060, MI
39,775
Population
18,066
Households
2.2
Avg Household Size
39
Median Age
17%
College-Educated
89%
High-School Grad
20.7 sq mi
ZIP Area
1,921
Density / Sq Mi
$51,342
Median Household Income
$32,017
Median Earnings
$1,005
Median Rent
$152,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established waterfront fine dining and bar with three levels, decks, boat slips, and on-site rental units.
Where is this conventional restaurant located?
The property is located at 3136 MILITARY ST Port Huron, MI.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Established waterfront fine dining/bar overlooking the St. Clair River; Includes 8 boat wells, 4 boat hoists, and 8 boat slips; Three levels of dining with water access, plus upper and lower outdoor decks
