Restaurant with Included
For Sale
$474,000
370 N State Street, Sparta, MI 49345
Commercial Sale, Sparta, MI
Property Size1,374 SF
Lot Size0.51 Acres
Price / SF$344.98
Days on Market994
Property Features for 370 N State Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Interior features
Broadband
Elementary school district
Sparta
Middle school district
Sparta
High school district
Sparta
Directions
Alpine to Sparta Ave. North to Mark St. Sign on Main Road. Corner of Mark St. and Sparta Ave.
Subdivision
Grand Rapids - G
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
Legal 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
Utilities
Heating system
Forced Air
Cooling system
Central Air, Wall Unit(s)
Building Details
Year built
1960
Floors in Building
1
Number of units
1
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
Eggerding Inc., Arthur K.
(616) 453-7655
Listed By:
Brynadette Powell · License #6501358745
(616) 835-2624
Added: Dec 11, 2023
Changed: Aug 30
Last Checked: Aug 31 at 6:06PM
MLS# 23144570
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 conventional restaurant property includes the building, existing equipment, and the established business name. The approximately 1,374-square-foot building was constructed in 1960 and features a bathroom, broadband service, vinyl siding, a composition roof, forced-air heat, and central air conditioning supplemented by wall units. New flooring is noted for 11/24/25.
Set on 0.51 acres at 370 N State Street in Sparta, Michigan, the property is identified by postal code 49345 in Kent County. The restaurant has remained under the same ownership for over 20 years, providing an established operating history for a new owner. A possible land contract is also noted as a transaction option.
Set on 0.51 acres at 370 N State Street in Sparta, Michigan, the property is identified by postal code 49345 in Kent County. The restaurant has remained under the same ownership for over 20 years, providing an established operating history for a new owner. A possible land contract is also noted as a transaction option.
Key Highlights
- 1,374‑square‑foot conventional restaurant building
- 0.51‑acre property at 370 N State Street, Sparta, MI 49345
- Equipment and established business name included
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
$15,282
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
3.22%
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%
$305,640
$305.6K
Cap Rate 7%
$218,314
$218.3K
Cap Rate 9%
$169,800
$169.8K
Market Conditions
NOI Build-Up for 1,374 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
$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 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%
$305,640
Cap Rate 7%
$218,314
Cap Rate 9%
$169,800
Alternative Uses
Best Use
Specialty Retail
$218.3K
$191.0K – $254.7K
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
NOI $17,202 @ 7.0% cap · market cap 3.63%
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
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established restaurant property with equipment and business name included in the sale.
Where is this conventional restaurant located?
The property is located at 370 N State Street 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 building; 0.51‑acre property at 370 N State Street, Sparta, MI 49345; Equipment and established business name included
