Drive-Through Restaurant
For Sale
$459,000
376 N 3rd Avenue, Fruitport, MI 49415
COMMERCIAL - Fruitport, MI
Property Size2,184 SF
Lot Size0.57 Acres
Price / SF$210.16
Days on Market217
Property Features for 376 N 3rd Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
V-B
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bathroom 3
Parking
34
Elementary school district
Fruitport
Middle school district
Fruitport
High school district
Fruitport
Directions
Main St through Fruitport to 3rd Ave.
Subdivision
Muskegon County - M
Standard status
Active
APN
41-150-003-0007-00
Size
2,184 SF
Lot size
0.57 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Legal on File
Tax Annual Amount
4625
Legal Description
Legal on File
Utilities
Utilities
Phone Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1975
Number of units
1
Building materials
Block
Roof type
Rubber
Listing Agency:
Coldwell Banker Woodland Schmidt Grand Haven
(616) 844-9000
Listed By:
Mark D Gleason · License #6502367595
(616) 638-1117
Added: Jan 13
Changed: Aug 4
Last Checked: Aug 18 at 4:06PM
MLS# 26002028
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 single-level commercial restaurant building is available for sale and includes multiple bathrooms plus city water and sewer. The exterior was recently painted in 2025, providing an updated curb appearance.
The property is set up with a long-standing drive-through use that can support future food service operations. It previously operated as the Burger Crest Restaurant, giving the building established local recognition.
With its existing restaurant-oriented improvements and straightforward layout, the property offers a practical foundation for a restaurant, cafe, or other food service concept.
The property is set up with a long-standing drive-through use that can support future food service operations. It previously operated as the Burger Crest Restaurant, giving the building established local recognition.
With its existing restaurant-oriented improvements and straightforward layout, the property offers a practical foundation for a restaurant, cafe, or other food service concept.
Key Highlights
- One‑level former landmark restaurant building in Fruitport
- Block construction with forced‑air heating and central air cooling
- Roof is rubber; exterior recently painted in 2025
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
Location Intelligence
Trade Area within ½ mile
210
Businesses Nearby
86k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 63%
Dining 24%
Home Improvements & Furnishings 13%
Wesco
Shops & Services
28,795 visits/mo
0.4 miles
McDonald's
Dining
17,776 visits/mo
0.3 miles
Wesco
Shops & Services
11,337 visits/mo
0.4 miles
Tractor Supply Co.
Home Improvements & Furnishings
11,254 visits/mo
0.4 miles
Dollar General
Shops & Services
7,773 visits/mo
0.5 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?
Conventional restaurant - Single-story restaurant building with multiple bathrooms, city water and sewer, and a long-standing drive-through use.
Where is this conventional 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 former landmark restaurant building in Fruitport; Block construction with forced‑air heating and central air cooling; Roof is rubber; exterior recently painted in 2025
