Restaurant Diner Space in Multi-Unit
For Sale
Contact for pricing
4518 Lake Street, Bridgman, MI 49106
859 sq ft restaurant/diner unit for sale, positioned as one of three spaces within the same building.
Property Size859 SF
Price / SF$157.16
Days on Market63
Property Features for 4518 Lake Street
General Information
Standard status
Active
Size
859 SF
Property subtype
Retail
Building Details
Year Built
1988
Year Renovated
2020
Buildings
1
Units
1
Listing Agency:
Evergreen Real Estate
(269) 369-4640
Listed By:
Kerry Wright · License #6506043362
Source:
Crexi
Added: Jun 10
Changed: Aug 8
Last Checked: Aug 10 at 12:41PM
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 Evergreen Real Estate
Investment Insights
Based on property information with market context.
This offering is a restaurant/diner space totaling 859 square feet and currently operating as a food service use. The unit is one of three separate units in the building, giving it a defined commercial footprint for a buyer or operator seeking an established restaurant/diner configuration.
The property is located at 4518 Lake Street in Bridgman, Michigan (49106). As part of a three-unit structure, ownership includes a slice of a multi-tenant building, with the option to acquire additional neighboring space depending on interest.
For buyers, this can be a straightforward way to acquire a ready-to-use restaurant/diner property rather than starting from scratch. For prospective operators, the current use supports continuity, while the fact that the building contains three units may also appeal to those who want to manage within a smaller commercial mix. The listing remarks also reference a separate MLS listing for the purchase of the entire building, which includes all three units, providing flexibility for buyers considering a larger ownership position.
The property is located at 4518 Lake Street in Bridgman, Michigan (49106). As part of a three-unit structure, ownership includes a slice of a multi-tenant building, with the option to acquire additional neighboring space depending on interest.
For buyers, this can be a straightforward way to acquire a ready-to-use restaurant/diner property rather than starting from scratch. For prospective operators, the current use supports continuity, while the fact that the building contains three units may also appeal to those who want to manage within a smaller commercial mix. The listing remarks also reference a separate MLS listing for the purchase of the entire building, which includes all three units, providing flexibility for buyers considering a larger ownership position.
Key Highlights
- 859 sq ft restaurant/diner space currently in use
- Unit is one of three spaces in the same building
- Year built: 1988
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
$9,554
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
7.08%
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%
$191,080
$191.1K
Cap Rate 7%
$136,486
$136.5K
Cap Rate 9%
$106,156
$106.2K
Market Conditions
NOI Build-Up for 859 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
$13.3K $15.48/SF
− Vacancy
−$558 −$0.65/SF
EGI
$12.7K $14.83/SF
− OpEx
−$3.2K −$3.71/SF
NOI
$9.6K $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%
$191,080
Cap Rate 7%
$136,486
Cap Rate 9%
$106,156
Alternative Uses
Best Use
Specialty Retail
$136.5K
$119.4K – $159.2K
NOI $9,554 @ 7.0% cap · market cap 7.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$180.8K
$158.2K – $210.9K
NOI $12,653 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
100
Businesses Nearby
5k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
SUBWAY
Dining
3,841 visits/mo
0.5 miles
Pizza Hut
Dining
1,064 visits/mo
0.5 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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Lydia's Down Home Cooking — 9804 Red Arrow Hwy, Bridgman, MI 49106
Frequently Asked Questions
What type of property is this?
Breakfast & diner - 859 sq ft restaurant/diner unit for sale, positioned as one of three spaces within the same building.
Where is this breakfast & diner located?
The property is located at 4518 Lake Street Bridgman, MI.
What is the asking price?
The asking price for this property is $135,000.
What are key features of this property?
This property features: 859 sq ft restaurant/diner space currently in use; Unit is one of three spaces in the same building; Year built: 1988
