Drive-Through Restaurant
For Sale
$459,000
376 N 3rd Avenue, Fruitport, MI 49415
Commercial Sale, Fruitport, MI
Property Size2,184 SF
Lot Size0.57 Acres
Price / SF$210.16
Days on Market245
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 3, Bathroom 2, Bathroom 1
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: Sep 14
Last Checked: Sep 15 at 9:06AM
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 2,184-square-foot, single-level commercial building occupies a 0.57-acre site and is configured for food-service use. The property includes three bathrooms, central air, forced-air heating, a rubber roof, block construction, and phone service availability. Municipal water and sewer serve the building, and the exterior received new paint in 2025.
A drive-through use has been established at the site for many years, providing an existing operational feature for future restaurant or other food-service concepts. Built in 1975, the property is located in Fruitport, Michigan, and the seller would consider a lease arrangement.
A drive-through use has been established at the site for many years, providing an existing operational feature for future restaurant or other food-service concepts. Built in 1975, the property is located in Fruitport, Michigan, and the seller would consider a lease arrangement.
Key Highlights
- 2,184‑square‑foot commercial building on 0.57 acres
- Established drive‑through use at the site
- Three bathrooms within the single‑level building
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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Single-level food-service property with multiple bathrooms and municipal water and sewer.
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: 2,184‑square‑foot commercial building on 0.57 acres; Established drive‑through use at the site; Three bathrooms within the single‑level building
