Iconic Restaurant and Bowling
430 & 422 N 5th Street Roscommon, MI 48653
430 & 422 N 5th Street, Roscommon, MI, 48653
$1,500,000
For Sale
$1,500,000
Established restaurant, banquet rooms, bar, and bowling alley.
Property Size14,392 SF
Price / SF$104.22
Days on Market581
Property Features for 430 & 422 N 5th Street
General Information
- Standard status
- Active
- Size
- 14,392 SF
- Property subtype
- Commercial/Industrial
Building Details
- Year Built
- 1956
Listing Agency
COLDWELL BANKER SCHMIDT REALTORS-HL
(989) 429-3100
Listed by
RUTH CLEMENS · License #6506043271
(989) 429-3100
Source
Exitrealty
Added: Dec 12, 2024 Checked: Jul 16 at 7:03 am
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 SCHMIDT REALTORS-HL
Investment Insights
Based on property information with market context.
This property, known as the Iconic Fred's Restaurant of Roscommon, features a large dining room, a well-appointed kitchen, banquet rooms, and a lounge with a bar. It also includes a billiards corner and an additional 7,000 square feet with 8 bowling lanes. Established in 1956, Fred's was renovated and expanded in 1980 to its current size, which accommodates a seating capacity of over 200. In 2008, new owners completed a remodel, including a makeover of the bowling alley area with state-of-the-art bowling lanes and equipment. The business has grown to be well-established with excellent cash flow. The property is located in the Heart of Northern Michigan, offering four seasons of outdoor activities in a popular resort and recreation area. The total property size is 14,392 square feet. The property is suitable for conventional restaurants, sports and entertainment venues, bars, and pubs.
Key Highlights
- Well‑established restaurant with excellent cash flow.
- Includes a fully equipped kitchen, dining room, banquet rooms, and lounge with bar.
- Features a modern, remodeled bowling alley with state‑of‑the‑art equipment.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $202.1k | $14.04 |
| − Vacancy | −$56.0k | −$3.89 |
| EGI | $146.1k | $10.15 |
| − OpEx | −$36.5k | −$2.54 |
| NOI | $109.6k | $7.61 |
14,392 SF · lease $14.04/SF/yr · vacancy 27.70% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.57M
$1.37M – $1.83M
NOI $109,569 @ 7.0% cap · market cap 7.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.37M
$2.07M – $2.76M
NOI $165,796 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Fred's of Roscommon
Catering Service
Similar For Sale Nearby
FAQs
What type of property is this?
Conventional restaurant - Established restaurant, banquet rooms, bar, and bowling alley.
Where is this conventional restaurant located?
The property is located at 430 & 422 N 5th Street Roscommon, MI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Well‑established restaurant with excellent cash flow.; Includes a fully equipped kitchen, dining room, banquet rooms, and lounge with bar.; Features a modern, remodeled bowling alley with state‑of‑the‑art equipment.
