Turnkey Pizza
For Sale
$525,000
3263 E Colby Street, Whitehall, MI 49461
COMMERCIAL - Whitehall, MI
Property Size3,300 SF
Price / SF$159.09
Days on Market510
Property Features for 3263 E Colby Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Interior features
Broadband
Elementary school district
Whitehall
Middle school district
Whitehall
High school district
Whitehall
Directions
Take US 31 to Colby Street, head west on Colby, then turn south at the blinking light.
Subdivision
Muskegon County - M
Standard status
Active
APN
61-03-027-200-0017-00
Size
3,300 SF
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Floors in Building
1
Number of units
3
Building materials
Concrete, Brick
Roof type
Metal
Listing Agency:
Town Square Real Estate Group
(231) 730-1658
Listed By:
Christopher Wenk · License #6501435305
(231) 327-4697
Added: Apr 4, 2025
Changed: Aug 5
Last Checked: Aug 26 at 3:06AM
MLS# 25013490
Copyright © 2026 Michigan Regional Information Center, LLC. 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 turnkey pizza restaurant is being offered as an operating business. The sale includes the business, equipment, and goodwill; the real estate is not included. The concept features a spacious dining area and a fully equipped kitchen, designed to support daily restaurant operations.
Located in Whitehall, Michigan, the restaurant is described as being conveniently just off a major highway. The property is positioned in a thriving commercial area surrounded by an active mix of businesses.
For a buyer looking for a ready-to-run food service operation, this offering centers on continued operation as a pizza restaurant. Because the sale is structured around the business, equipment, and goodwill (with the real estate excluded), it may be a strong fit for owner-operators and experienced operators who want to step into an established, community-focused restaurant without a transition from a bare build-out.
Located in Whitehall, Michigan, the restaurant is described as being conveniently just off a major highway. The property is positioned in a thriving commercial area surrounded by an active mix of businesses.
For a buyer looking for a ready-to-run food service operation, this offering centers on continued operation as a pizza restaurant. Because the sale is structured around the business, equipment, and goodwill (with the real estate excluded), it may be a strong fit for owner-operators and experienced operators who want to step into an established, community-focused restaurant without a transition from a bare build-out.
Key Highlights
- Established pizza restaurant operating since 1970 (business sale)
- Sale includes the business, equipment, and goodwill; real estate is not included
- Concrete and brick construction with a metal roof
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
$36,704
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
6.99%
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%
$734,080
$734.1K
Cap Rate 7%
$524,343
$524.3K
Cap Rate 9%
$407,822
$407.8K
Market Conditions
NOI Build-Up for 3,300 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
$51.1K $15.48/SF
− Vacancy
−$2.1K −$0.65/SF
EGI
$48.9K $14.83/SF
− OpEx
−$12.2K −$3.71/SF
NOI
$36.7K $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%
$734,080
Cap Rate 7%
$524,343
Cap Rate 9%
$407,822
Alternative Uses
Best Use
Specialty Retail
$524.3K
$458.8K – $611.7K
NOI $36,704 @ 7.0% cap · market cap 6.99%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$30.99M
$27.12M – $36.16M
NOI $2,169,329 @ 7.0% cap · market cap 413.21%
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
194
Businesses Nearby
7k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 82%
Electronics 18%
BIGGBY COFFEE
Dining
6,064 visits/mo
0.2 miles
Verizon
Electronics
1,323 visits/mo
0.2 miles
Demographics for 49461, MI
9,295
Population
4,220
Households
2.2
Avg Household Size
47
Median Age
30%
College-Educated
97%
High-School Grad
43.2 sq mi
ZIP Area
215
Density / Sq Mi
$80,495
Median Household Income
$42,249
Median Earnings
$874
Median Rent
$245,600
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 - Turnkey pizza restaurant with a spacious dining area and fully equipped kitchen, offered with business and equipment.
Where is this conventional restaurant located?
The property is located at 3263 E Colby Street Whitehall, MI.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Established pizza restaurant operating since 1970 (business sale); Sale includes the business, equipment, and goodwill; real estate is not included; Concrete and brick construction with a metal roof
