Established Bar & Restaurant For
For Sale
Contact for pricing
3508 18th Street, Wayland, MI 49348
Turnkey bar and restaurant with strong repeat business.
Property Size5,384 SF
Price / SF$222.88
Days on Market169
Property Features for 3508 18th Street
General Information
Standard status
Active
Size
5,384 SF
Property subtype
Business for Sale, Retail
Zoning
Medium Density Residential
Investment Type
Owner/User
Building Details
Year Built
1973
Buildings
1
Stories
1
Units
1
Listing Agency:
Callander Commercial
(269) 930-1679
Listed By:
Stephanie Wiltgen · License #6505341805
Source:
Crexi
Added: Feb 24
Changed: Aug 10
Last Checked: Aug 11 at 12:14PM
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 Callander Commercial
Investment Insights
Based on property information with market context.
This is an opportunity to purchase an established bar and restaurant located 3 miles west of US-131 in Wayland. The property benefits from seasonal traffic from Sandy Pines Resort during the summer and snowmobilers using the Allegan County Trail in the winter. Loyal local customers contribute to weekday revenue. The business features live entertainment infrastructure, established dinner specials, and an experienced staff, supporting repeat business. The property size is 5384 square feet.
Key Highlights
- Established, cash‑flowing bar & restaurant.
- Turnkey acquisition with brand equity and community roots.
- Consistent seasonal volume from summer resort traffic and winter snowmobilers.
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
$59,883
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
4.99%
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%
$1,197,660
$1.2M
Cap Rate 7%
$855,471
$855.5K
Cap Rate 9%
$665,367
$665.4K
Market Conditions
NOI Build-Up for 5,384 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
$83.3K $15.48/SF
− Vacancy
−$3.5K −$0.65/SF
EGI
$79.8K $14.83/SF
− OpEx
−$20.0K −$3.71/SF
NOI
$59.9K $11.12/SF
Area
Allegan 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%
$1,197,660
Cap Rate 7%
$855,471
Cap Rate 9%
$665,367
Alternative Uses
Best Use
Specialty Retail
$855.5K
$748.5K – $998.1K
NOI $59,883 @ 7.0% cap · market cap 4.99%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$50.56M
$44.24M – $58.99M
NOI $3,539,293 @ 7.0% cap · market cap 294.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49348, MI
14,989
Population
5,629
Households
2.7
Avg Household Size
36
Median Age
23%
College-Educated
94%
High-School Grad
65.7 sq mi
ZIP Area
228
Density / Sq Mi
$79,267
Median Household Income
$41,955
Median Earnings
$1,123
Median Rent
$247,200
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Hilliards Corner Lounge — 3508 18th St, Wayland, MI 49348
Frequently Asked Questions
What type of property is this?
Bar & Pub - Turnkey bar and restaurant with strong repeat business.
Where is this bar & pub located?
The property is located at 3508 18th Street Wayland, MI.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Established, cash‑flowing bar & restaurant.; Turnkey acquisition with brand equity and community roots.; Consistent seasonal volume from summer resort traffic and winter snowmobilers.
