Building Details

Year Built 1960

Listing Agency: Eggerding Inc., Arthur K.

Listed By: Brynadette Powell · License #6501358745 Show Phone

Source: Katie-k

Added: Sep 7 Changed: Oct 11 Last Checked: Oct 7 at 4:42PM

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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 Eggerding Inc., Arthur K.

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Investment Insights

Based on property information with market context.

This conventional restaurant property includes the business name and restaurant equipment, providing a complete physical and operational offering. The 1,374-square-foot property was built in 1960 and has remained under the same ownership for more than 20 years. New flooring is noted for 11/24/25.

Located at 370 N State St in Sparta, Michigan, the property is associated with a restaurant that has longstanding local recognition and a connection to the military community. The offering includes the real estate, equipment, and established name, creating a single acquisition opportunity for continued restaurant use.

Key Highlights

• 1,374‑square‑foot conventional restaurant property
• Restaurant equipment and established business name included
• Same ownership for more than 20 years

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$15,282

Cap Rate

3.22%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$305,640 $305.6K

Cap Rate 7%

$218,314 $218.3K

Cap Rate 9%

$169,800 $169.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,374 SF

Gross rent

$21.3K $15.48/SF

− Vacancy

−$893 −$0.65/SF

EGI

$20.4K $14.83/SF

− OpEx

−$5.1K −$3.71/SF

NOI

$15.3K $11.12/SF

Area

Kent 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 Rate 5%

$305,640

Cap Rate 7%

$218,314

Cap Rate 9%

$169,800

Alternative Uses

Best Use

Specialty Retail

$218.3K

$191.0K – $254.7K (±1% cap)

NOI $15,282 @ 7.0% cap · market cap 3.22%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$245.7K

$215.0K – $286.7K (±1% cap)

NOI $17,202 @ 7.0% cap · market cap 3.63%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Maxine's Family Restaurant Restaurant

Suggested Use

Top Pick Real Estate Agency Law Firm Parking Lot & Garage Skin Care Clinic Grocery & Convenience Store Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

220

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 49345, MI

13,734

Population

5,074

Households

2.7

Avg Household Size

39

Median Age

28%

College-Educated

93%

High-School Grad

52.2 sq mi

ZIP Area

263

Density / Sq Mi

$84,918

Median Household Income

$44,051

Median Earnings

$968

Median Rent

$261,400

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - Established restaurant property with included equipment, business name, and a long operating history under consistent ownership.

Where is this conventional restaurant located?

The property is located at 370 N State St Sparta, MI.

What is the asking price?

The asking price for this property is $474,000.

What are key features of this property?

This property features: 1,374‑square‑foot conventional restaurant property; Restaurant equipment and established business name included; Same ownership for more than 20 years