Drive-Through Restaurant
For Sale
$459,000
376 N 3rd Avenue, Fruitport, MI 49415
Single-story layout includes multiple bathrooms and city water and sewer service.
Property Size2,184 SF
Days on Market36
Property Features for 376 N 3rd Avenue
General Information
Standard status
Active
Size
2,184 SF
Property subtype
Commercial
Site & Location
Drive-Thru
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$4,625
Building Details
Building Size
2,184 SF
Year Built
1975
Buildings
1
Stories
2184
Units
1
Listing Agency:
Coldwell Banker Woodland Schmidt Grand Haven
(616) 638-1117
Listed By:
Mark D Gleason · License #6502367595
Source:
Erareardonrealty
Added: Jul 27
Changed: Aug 29
Last Checked: Aug 30 at 5:46PM
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.
Built in 1975, this single-story commercial restaurant building includes multiple bathrooms and city water and sewer connections. The exterior received a new coat of paint in 2025, updating the property’s appearance while retaining its established restaurant configuration.
Located at 376 N 3rd Avenue in Fruitport Village, Michigan, the site has a history of drive-through restaurant use. The building formerly housed Burger Crest Restaurant, providing a documented connection to the local food-service market. Its existing configuration can support continued restaurant operations or adaptation for another food-service concept, subject to applicable approvals.
Located at 376 N 3rd Avenue in Fruitport Village, Michigan, the site has a history of drive-through restaurant use. The building formerly housed Burger Crest Restaurant, providing a documented connection to the local food-service market. Its existing configuration can support continued restaurant operations or adaptation for another food-service concept, subject to applicable approvals.
Key Highlights
- Established drive‑through restaurant use
- Single‑story commercial building constructed in 1975
- Multiple bathrooms 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
$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
Yes
Utilities to site
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 - Single-story layout includes multiple bathrooms and city water and sewer service.
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: Established drive‑through restaurant use; Single‑story commercial building constructed in 1975; Multiple bathrooms included
