Turn-Key Restaurant Building For
For Sale
$499,000
Pending
4018 CORUNNA Rd, Flint, MI 48532
Remodeled restaurant building with high traffic location and ample parking.
Property Size3,500 SF
Lot Size0.67 Acres
Days on Market165
Property Features for 4018 CORUNNA Rd
General Information
Standard status
Pending
Size
3,500 SF
Lot size
0.67 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,600
Building Details
Building Size
3,500 SF
Year Built
1983
Listing Agency:
Keller Williams First
(810) 813-7260
Listed By:
Bahia M Jarrah · License #6501324031
(810) 813-7260
Source:
Elliman
Added: Mar 12
Changed: Aug 17
Last Checked: Aug 22 at 10:56AM
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 Keller Williams First
Investment Insights
Based on property information with market context.
This attractive stone and brick building, constructed in 1983 and completely remodeled in 2020, offers 3,500 square feet of space on a 0.68-acre lot. Previously operated as a family-owned restaurant for over 40 years, it features two dining areas, a banquet room, a granite bar, and seating for over 100 patrons. The property benefits from a location on a high-traffic road with 124 feet of frontage and convenient access to I-75, I-69, and US-23. Asphalt parking provides ample space for at least 40 vehicles. The restaurant has a long-standing reputation and a consistent clientele, with a large take-out business.
Key Highlights
- Turnkey restaurant building with established reputation and consistent clientele
- High‑traffic location with 124 ft frontage and easy access to I‑75, I‑69 & US‑23
- Recently remodeled in 2020 with 2 dining areas, banquet room, and granite bar
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
$31,034
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
6.22%
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%
$620,680
$620.7K
Cap Rate 7%
$443,343
$443.3K
Cap Rate 9%
$344,822
$344.8K
Market Conditions
NOI Build-Up for 3,500 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
$50.4K $14.40/SF
− Vacancy
−$9.0K −$2.58/SF
EGI
$41.4K $11.82/SF
− OpEx
−$10.3K −$2.96/SF
NOI
$31.0K $8.87/SF
Area
Genesee County, MI
Vacancy
17.90%
Lease Rate
$14.40 /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%
$620,680
Cap Rate 7%
$443,343
Cap Rate 9%
$344,822
Alternative Uses
Best Use
Specialty Retail
$443.3K
$387.9K – $517.2K
NOI $31,034 @ 7.0% cap · market cap 6.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$736.5K
$644.4K – $859.2K
NOI $51,554 @ 7.0% cap · market cap 10.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
336
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48532, MI
19,247
Population
9,093
Households
2.1
Avg Household Size
43
Median Age
19%
College-Educated
88%
High-School Grad
16.0 sq mi
ZIP Area
1,203
Density / Sq Mi
$58,118
Median Household Income
$34,361
Median Earnings
$929
Median Rent
$157,300
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 - Remodeled restaurant building with high traffic location and ample parking.
Where is this conventional restaurant located?
The property is located at 4018 CORUNNA Rd Flint, MI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Turnkey restaurant building with established reputation and consistent clientele; High‑traffic location with 124 ft frontage and easy access to I‑75, I‑69 & US‑23; Recently remodeled in 2020 with 2 dining areas, banquet room, and granite bar
