Drive-Through Restaurant
For Sale
$399,900
4221 Grand Haven Road, Norton Shores, MI 49441
Commercial Sale, Norton Shores, MI
Property Size2,184 SF
Lot Size0.73 Acres
Price / SF$183.10
Days on Market121
Property Features for 4221 Grand Haven Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
C-2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Basement
Parking
30
Elementary school district
Mona Shores
Middle school district
Mona Shores
High school district
Mona Shores
Directions
Seaway Drive to Grand Haven Rd 1/2 mile
Standard status
Active
APN
27-602-000-0089-00
Size
2,184 SF
Lot size
0.73 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CITY OF NORTON SHORES MC COMBS NO 2 LOT 89 EXC N 147 FT TH'OF
Tax Annual Amount
6579
Legal Description
CITY OF NORTON SHORES MC COMBS NO 2 LOT 89 EXC N 147 FT TH'OF
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1967
Number of units
2
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Greenridge Realty White Lake
(231) 893-4444
Listed By:
Charlie Brown · License #6502127212
(231) 855-0296
Added: May 12
Changed: Sep 7
Last Checked: Sep 9 at 5:06PM
MLS# 26022384
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 restaurant property combines indoor dining with traditional drive-in service in a 2,184-square-foot building. The sale includes the kitchen equipment and appliances, supporting continued restaurant operations or a change in concept. The building dates to 1967 and includes two bathrooms and a basement. Wood siding, a composition roof, forced-air heating, and central air conditioning are part of the existing improvements.
The property occupies 0.73 acres at 4221 Grand Haven Road in Norton Shores, Michigan. Cable service is available, and the site provides a physical setting for an established restaurant format with both interior and vehicle-oriented customer service components.
The property occupies 0.73 acres at 4221 Grand Haven Road in Norton Shores, Michigan. Cable service is available, and the site provides a physical setting for an established restaurant format with both interior and vehicle-oriented customer service components.
Key Highlights
- 2,184‑square‑foot restaurant building
- 0.73‑acre property at 4221 Grand Haven Road
- Indoor dining and traditional drive‑in service
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
6.07%
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
Ottawa 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 6.07%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$27.16M
$23.76M – $31.69M
NOI $1,901,104 @ 7.0% cap · market cap 475.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
151
Businesses Nearby
24k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 75%
Dining 25%
BP
Shops & Services
7,450 visits/mo
0.1 miles
Family Dollar
Shops & Services
7,100 visits/mo
0.1 miles
Pizza Hut
Dining
4,392 visits/mo
0.1 miles
Shell
Shops & Services
3,738 visits/mo
0.1 miles
SUBWAY
Dining
1,626 visits/mo
0.1 miles
Demographics for 49441, MI
36,886
Population
16,491
Households
2.2
Avg Household Size
43
Median Age
28%
College-Educated
94%
High-School Grad
21.7 sq mi
ZIP Area
1,700
Density / Sq Mi
$65,235
Median Household Income
$38,132
Median Earnings
$1,080
Median Rent
$194,000
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 - Includes indoor dining, drive-in service, and kitchen equipment for continued restaurant use.
Where is this drive through restaurant located?
The property is located at 4221 Grand Haven Road Norton Shores, MI.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 2,184‑square‑foot restaurant building; 0.73‑acre property at 4221 Grand Haven Road; Indoor dining and traditional drive‑in service
