Drive-Through Restaurant
For Sale
$459,000
376 N 3rd Avenue, Fruitport, MI 49415
One-level restaurant building with multiple bathrooms and city water and sewer, featuring long-standing drive-through use.
Property Size2,184 SF
Days on Market49
Property Features for 376 N 3rd Avenue
General Information
Standard status
Active
Size
2,184 SF
Total Parking Spaces
34
Property subtype
Commercial
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$4,625
Building Details
Building Size
2,184 SF
Year Built
1975
Year Renovated
2025
Buildings
1
Units
1
Listing Agency:
Coldwell Banker Woodland Schmidt Grand Haven
(616) 638-1117
Listed By:
Mark D Gleason · License #6502367595
(616) 638-1117
Source:
Eliterealtymi
Added: Jul 5
Changed: Aug 8
Last Checked: Aug 21 at 1:26PM
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 Coldwell Banker Woodland Schmidt Grand Haven
Investment Insights
Based on property information with market context.
This one-level commercial building is set up for restaurant operations, with multiple bathrooms and city water and sewer services. The exterior was recently painted in 2025, providing an updated exterior appearance for a new tenant or owner. The property also maintains a long-standing drive-through use, which can support continued quick-service concepts.
The building is located at 376 N 3rd Avenue in Fruitport, Michigan. While the property’s recent updates are exterior-focused, the core site configuration supports food service use and drive-through activity.
For buyers or operators looking for a ready-to-market food service location, the drive-through configuration and existing restaurant-oriented improvements provide a practical foundation for a restaurant, cafe, or other food service concept. The presence of multiple bathrooms and city water and sewer are operationally relevant for daily use. Additionally, the building’s history as the former “Burger Crest Restaurant” may provide useful local recognition for a new brand establishing itself at the site.
The building is located at 376 N 3rd Avenue in Fruitport, Michigan. While the property’s recent updates are exterior-focused, the core site configuration supports food service use and drive-through activity.
For buyers or operators looking for a ready-to-market food service location, the drive-through configuration and existing restaurant-oriented improvements provide a practical foundation for a restaurant, cafe, or other food service concept. The presence of multiple bathrooms and city water and sewer are operationally relevant for daily use. Additionally, the building’s history as the former “Burger Crest Restaurant” may provide useful local recognition for a new brand establishing itself at the site.
Key Highlights
- One‑level commercial restaurant building built in 1975
- Multiple bathrooms and city water and sewer
- Drive‑through use has been long‑standing and remains a viable option
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
$24,291
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
5.29%
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%
$485,820
$485.8K
Cap Rate 7%
$347,014
$347.0K
Cap Rate 9%
$269,900
$269.9K
Market Conditions
NOI Build-Up for 2,184 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
$33.8K $15.48/SF
− Vacancy
−$1.4K −$0.65/SF
EGI
$32.4K $14.83/SF
− OpEx
−$8.1K −$3.71/SF
NOI
$24.3K $11.12/SF
Area
Muskegon 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%
$485,820
Cap Rate 7%
$347,014
Cap Rate 9%
$269,900
Alternative Uses
Best Use
Specialty Retail
$347.0K
$303.6K – $404.9K
NOI $24,291 @ 7.0% cap · market cap 5.29%
Second Best
—
—
no second resolved use
Theoretical Best
Hotel Hospitality
$20.51M
$17.95M – $23.93M
NOI $1,435,701 @ 7.0% cap · market cap 312.79%
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
236
Businesses Nearby
86k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 63%
Dining 24%
Home Improvements & Furnishings 13%
Wesco
Shops & Services
28,795 visits/mo
0.3 miles
McDonald's
Dining
17,776 visits/mo
0.1 miles
Wesco
Shops & Services
11,337 visits/mo
0.2 miles
Tractor Supply Co.
Home Improvements & Furnishings
11,254 visits/mo
0.2 miles
Dollar General
Shops & Services
7,773 visits/mo
0.3 miles
Demographics for 49415, MI
6,618
Population
2,566
Households
2.6
Avg Household Size
43
Median Age
23%
College-Educated
94%
High-School Grad
27.6 sq mi
ZIP Area
240
Density / Sq Mi
$77,140
Median Household Income
$40,776
Median Earnings
$1,113
Median Rent
$230,600
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?
Drive through restaurant - One-level restaurant building with multiple bathrooms and city water and sewer, featuring long-standing drive-through use.
Where is this drive through restaurant located?
The property is located at 376 N 3rd Avenue Fruitport, MI.
What is the asking price?
The asking price for this property is $459,000.
What are key features of this property?
This property features: One‑level commercial restaurant building built in 1975; Multiple bathrooms and city water and sewer; Drive‑through use has been long‑standing and remains a viable option
