370 N State Street Sparta, MI 49345
COMMERCIAL - Sparta, MI
Property Features for 370 N State Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Bathrooms
- 1
- Rooms
- Bathroom 1
- Interior features
- Broadband
- Standard status
- Active
- APN
- 41-05-14-301-002
- Size
- 1,374 SF
- Lot size
- 0.51 Acres
Taxes and HOA fees
- Tax Year
- 2022
- Tax Description
- COM 596 FT W OF NW COR OF MI LL & MARK STS TH N TO S LINE O F GT RR R/W TH W TO W LINE OF SEC TH S TO N LINE OF MA
- Tax Annual Amount
- 3063
Utilities
- Heating system
- Forced Air
- Cooling system
- Wall Unit(s), Central Air
Building Details
- Year built
- 1960
- Floors in Building
- 1
- Number of units
- 1
- Building materials
- Vinyl Siding
- Roof type
- Composition
Listing agent Brynadette Powell License #6501358745 (616) 835-2624
Listing office Eggerding Inc., Arthur K. 3345 Remembrance Rd. NW, MI (616) 453-7655
Listing date Dec 11, 2023
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Investment Insights
Based on property information with market context.
Key Highlights
- Established restaurant with over 20 years of dedicated ownership.
- Includes all equipment and the business's name.
- Strong local roots and cherished by the military community.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $21.3k | $15.48 |
| − Vacancy | −$893 | −$0.65 |
| EGI | $20.4k | $14.83 |
| − OpEx | −$5.1k | −$3.71 |
| NOI | $15.3k | $11.12 |
