Profitable Bar with
For Sale
$739,900
4512 E M 21, Corunna, MI 48817
Fully equipped bar with dining, dance floor, and outdoor area.
Property Size4,510 SF
Lot Size4.00 Acres
Days on Market255
Property Features for 4512 E M 21
General Information
Standard status
Active
Size
4,510 SF
Lot size
4.00 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,352
Building Details
Building Size
4,510 SF
Year Built
1960
Listing Agency:
MBA Real Estate Services
(810) 678-9298
Listed By:
Robert Condie · License #6501417622
(810) 678-9298
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 8
Last Checked: Aug 8 at 12:39PM
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 MBA Real Estate Services
Investment Insights
Based on property information with market context.
This is a fully functional and profitable bar ready for new ownership. The property includes a large, fully stocked bar, a kitchen, and a large dining area. It also features a permitted dance floor and DJ booth, pool tables, gaming machines, and an outdoor area. An upstairs office contains security equipment, a balcony overlooking the parking lot, and a full bathroom with shower. The bar is staffed, equipped, and currently operating, presenting an opportunity to add personal touches and potentially increase profitability. The sale includes all existing equipment and fixtures. The property is located in Caledonia Charter Township, Shiawassee, MI.
Key Highlights
- Fully functional and profitable bar ready for immediate operation.
- Includes all equipment, staff, and inventory.
- Features a large, fully stocked bar, kitchen, and dining area.
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
$46,818
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
6.33%
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%
$936,360
$936.4K
Cap Rate 7%
$668,829
$668.8K
Cap Rate 9%
$520,200
$520.2K
Market Conditions
NOI Build-Up for 4,510 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
$69.8K $15.48/SF
− Vacancy
−$2.9K −$0.65/SF
EGI
$66.9K $14.83/SF
− OpEx
−$20.1K −$4.45/SF
NOI
$46.8K $10.38/SF
Area
Shiawassee County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
30.00%
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%
$936,360
Cap Rate 7%
$668,829
Cap Rate 9%
$520,200
Alternative Uses
Best Use
Retail
$668.8K
$585.2K – $780.3K
NOI $46,818 @ 7.0% cap · market cap 6.33%
Second Best
Specialty Retail
$647.1K
$566.2K – $755.0K
NOI $45,298 @ 7.0% cap · market cap 6.12%
Theoretical Best
Office A
$859.8K
$752.4K – $1.00M
NOI $60,189 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
13
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48817, MI
5,714
Population
2,513
Households
2.3
Avg Household Size
45
Median Age
16%
College-Educated
96%
High-School Grad
58.9 sq mi
ZIP Area
97
Density / Sq Mi
$57,468
Median Household Income
$39,300
Median Earnings
$879
Median Rent
$164,200
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?
Bar & Pub - Fully equipped bar with dining, dance floor, and outdoor area.
Where is this bar & pub located?
The property is located at 4512 E M 21 Corunna, MI.
What is the asking price?
The asking price for this property is $739,900.
What are key features of this property?
This property features: Fully functional and profitable bar ready for immediate operation.; Includes all equipment, staff, and inventory.; Features a large, fully stocked bar, kitchen, and dining area.
