Restaurant Unit with Central
For Sale
$125,000
4514 Lake Street, Bridgman, MI 49106
Commercial Sale, Bridgman, MI
Property Size763 SF
Price / SF$163.83
Days on Market95
Property Features for 4514 Lake Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Elementary school district
Bridgman
Middle school district
Bridgman
High school district
Bridgman
Standard status
Active
APN
11565000000100
Size
763 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
Unit 1 Monogram Condominium
Legal Description
Unit 1 Monogram Condominium
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Wall Unit(s), Central Air
Building Details
Year built
1988
Floors in Building
1
Number of units
1
Building materials
Block, Brick
Listing Agency:
Wright Properties
Listed By:
Kerry M Wright · License #6506043362
(269) 369-4640
Added: Jun 10
Changed: Sep 7
Last Checked: Sep 11 at 11:06PM
MLS# 26028357
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 763-square-foot restaurant unit is currently configured for diner use and occupies one of three units within the building. The property includes a bathroom, forced-air heating, central air conditioning, and a wall-mounted cooling unit. Block and brick construction dates to 1988.
Located at 4514 Lake Street in Bridgman, Michigan, the unit also has cable availability. The offering is for the individual restaurant space; the full building, including all three units, is marketed separately.
Located at 4514 Lake Street in Bridgman, Michigan, the unit also has cable availability. The offering is for the individual restaurant space; the full building, including all three units, is marketed separately.
Key Highlights
- 763‑square‑foot restaurant unit currently used as a diner
- One of three units in the building
- Forced‑air heating with central air and wall unit cooling
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
$8,486
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
6.79%
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%
$169,720
$169.7K
Cap Rate 7%
$121,229
$121.2K
Cap Rate 9%
$94,289
$94.3K
Market Conditions
NOI Build-Up for 763 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
$11.8K $15.48/SF
− Vacancy
−$496 −$0.65/SF
EGI
$11.3K $14.83/SF
− OpEx
−$2.8K −$3.71/SF
NOI
$8.5K $11.12/SF
Area
Berrien 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%
$169,720
Cap Rate 7%
$121,229
Cap Rate 9%
$94,289
Alternative Uses
Best Use
Specialty Retail
$121.2K
$106.1K – $141.4K
NOI $8,486 @ 7.0% cap · market cap 6.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$160.6K
$140.5K – $187.3K
NOI $11,239 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
229
Businesses Nearby
18k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 73%
Dining 27%
Speedway
Shops & Services
5,565 visits/mo
0.4 miles
Dollar General
Shops & Services
4,317 visits/mo
0.5 miles
SUBWAY
Dining
3,841 visits/mo
0.1 miles
United Federal Credit Union
Shops & Services
2,261 visits/mo
0.1 miles
Super Wash
Shops & Services
1,340 visits/mo
0.2 miles
Demographics for 49106, MI
4,822
Population
2,472
Households
2
Avg Household Size
48
Median Age
30%
College-Educated
96%
High-School Grad
14.7 sq mi
ZIP Area
328
Density / Sq Mi
$75,064
Median Household Income
$40,108
Median Earnings
$1,139
Median Rent
$243,400
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?
Conventional restaurant - Commercial restaurant space with forced-air heating and a bathroom in a three-unit building.
Where is this conventional restaurant located?
The property is located at 4514 Lake Street Bridgman, MI.
What is the asking price?
The asking price for this property is $125,000.
What are key features of this property?
This property features: 763‑square‑foot restaurant unit currently used as a diner; One of three units in the building; Forced‑air heating with central air and wall unit cooling
