Drive-Through Restaurant with
For Sale
$345,000
3510 W Cadillac Drive, Farwell, MI 48622
COM/IND/BUS OPP, Farwell, MI
Property Size1,612 SF
Lot Size0.97 Acres
Price / SF$214.02
Days on Market141
Property Features for 3510 W Cadillac Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Parking features
Off Street, Parking Lot
Subdivision
Mets and Bounds
Lot features
Main Street, Rural, Cleared
Standard status
Active
Size
1,612 SF
Lot size
0.97 Acres
Taxes and HOA fees
Tax Year
2024
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Private
Amenities
security cameras
alarm system
exterior building and parking lot lighting
outdoor accessible restrooms
employee restroom
new well
natural gas heat
central air conditioning
makeup air unit
fire suppression system
Building Details
Year built
2001
Roof type
Shingle
Listing Agency:
CONDELL WONDER LAND
(989) 539-2771
Listed By:
TROY CONDELL · License #6504204982
(989) 578-9630
Added: Apr 28
Changed: Sep 13
Last Checked: Sep 15 at 5:06AM
MLS# 50205631
Copyright © 2026 Clare Gladwin Board 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.
The 1,612-square-foot restaurant building was constructed in 2001 on a 0.97-acre parcel. Its layout includes a 29-by-27-foot dining room with seating for over 50 guests, a 14-by-20-foot kitchen updated in 2025, an 8-by-7-foot prep office, and an 8-by-7-foot storage room. A 5-by-21-foot freezer and storage area contains a 3-door refrigerator and 3-door freezer. The property also has a drive-thru window with an outdoor menu board, four picnic tables, accessible exterior restrooms, and an employee restroom.
Located on M-115 just west of Farwell and near the US-10 expressway exit, the property includes a lighted street sign and a 25+ car blacktop circle driveway with space for trailer and RV parking. Exterior and parking lot lighting, security cameras, and an alarm system are included. Building systems include natural gas heat, central air, a makeup air unit, and a fire suppression system. The sale includes the existing fixtures and equipment; inventory is negotiated separately.
Located on M-115 just west of Farwell and near the US-10 expressway exit, the property includes a lighted street sign and a 25+ car blacktop circle driveway with space for trailer and RV parking. Exterior and parking lot lighting, security cameras, and an alarm system are included. Building systems include natural gas heat, central air, a makeup air unit, and a fire suppression system. The sale includes the existing fixtures and equipment; inventory is negotiated separately.
Key Highlights
- 1,612‑square‑foot restaurant on 0.97 acres, built in 2001
- 14‑by‑20‑foot kitchen updated in 2025
- Drive‑thru window with outdoor menu board
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
$21,273
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
6.17%
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%
$425,460
$425.5K
Cap Rate 7%
$303,900
$303.9K
Cap Rate 9%
$236,367
$236.4K
Market Conditions
NOI Build-Up for 1,612 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
$30.0K $18.60/SF
− Vacancy
−$1.6K −$1.00/SF
EGI
$28.4K $17.60/SF
− OpEx
−$7.1K −$4.40/SF
NOI
$21.3K $13.20/SF
Area
Detroit, MI
Vacancy
5.40%
Lease Rate
$18.60 /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%
$425,460
Cap Rate 7%
$303,900
Cap Rate 9%
$236,367
Alternative Uses
Best Use
Specialty Retail
$303.9K
$265.9K – $354.6K
NOI $21,273 @ 7.0% cap · market cap 6.17%
Second Best
Industrial
$112.0K
$98.0K – $130.7K
NOI $7,840 @ 7.0% cap · market cap 2.27%
Theoretical Best
Office A
$355.6K
$311.2K – $414.9K
NOI $24,893 @ 7.0% cap · market cap 7.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Explore this area
Business Placement
Demographics for 48622, MI
6,364
Population
3,213
Households
2
Avg Household Size
47
Median Age
18%
College-Educated
93%
High-School Grad
86.1 sq mi
ZIP Area
74
Density / Sq Mi
$57,500
Median Household Income
$36,019
Median Earnings
$754
Median Rent
$123,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Drive through restaurant - Freestanding diner includes updated kitchen equipment, a drive-thru window, outdoor seating, and on-site parking.
Where is this drive through restaurant located?
The property is located at 3510 W Cadillac Drive Farwell, MI.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: 1,612‑square‑foot restaurant on 0.97 acres, built in 2001; 14‑by‑20‑foot kitchen updated in 2025; Drive‑thru window with outdoor menu board
