Commercial Kitchen Catering
For Sale
$501,000
5556 M-21, Saint Johns, MI 48879
COMMERCIAL - St Johns, MI
Property Size4,250 SF
Lot Size20.00 Acres
Price / SF$117.88
Days on Market149
Property Features for 5556 M-21
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Parking features
Parking Lot
Exterior features
Aluminum, Block, Steel
Lot features
Freestanding
Directions
W on M-21 from US-127.
Subdivision
Clinton
Standard status
Active
Size
4,250 SF
Lot size
20.00 Acres
Taxes and HOA fees
Tax Description
THE E 25 ACRES OF N 1/2 OF W 1/2 OF NE 1/4 OF SEC 17 T7N R1W, EXC THE E 5 ACRES THEREOF. PER DOCUMENT #5047360, NO DIVISION RIGHTS GRANTED.
Legal Description
THE E 25 ACRES OF N 1/2 OF W 1/2 OF NE 1/4 OF SEC 17 T7N R1W, EXC THE E 5 ACRES THEREOF. PER DOCUMENT #5047360, NO DIVISION RIGHTS GRANTED.
Utilities
Water source
Private
Amenities
pole barn
Building Details
Building materials
Frame
Roof type
Metal, Membrane
Listing Agency:
CENTURY 21 LEE-MAC REALTY
(989) 463-6085
Listed By:
Bob Fall · License #6506049037
(989) 737-3927
Added: Mar 25
Changed: Aug 4
Last Checked: Aug 20 at 9:06PM
MLS# 1943211
Copyright © 2026 Northern Great Lakes Realtors MLS. 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 versatile commercial property is currently operating as a catering business and is equipped with a commercial kitchen, bar, and spacious dining area, supported by two bathrooms. The building is a frame structure with aluminum, block, and steel exterior features, and it includes a metal and membrane roof. On the site, a 40x60 pole barn provides additional storage or operational flexibility, while parking is available in a dedicated parking lot.
Set on 20 acres on highly traveled M-21 in St. Johns, the property balances hospitality space with land. About 15 acres are described as tillable, and 10 wooded acres are noted for privacy, recreation, and natural beauty.
Recent improvements include a new roof in 2023, new rooftop HVAC units in 2023, and a new drain field in 2026. The water source is listed as private, supporting a range of possible event and food-service continuity or expansion plans.
Set on 20 acres on highly traveled M-21 in St. Johns, the property balances hospitality space with land. About 15 acres are described as tillable, and 10 wooded acres are noted for privacy, recreation, and natural beauty.
Recent improvements include a new roof in 2023, new rooftop HVAC units in 2023, and a new drain field in 2026. The water source is listed as private, supporting a range of possible event and food-service continuity or expansion plans.
Key Highlights
- Nearly 5,000 sq. ft. catering facility with commercial kitchen, bar, and spacious dining area
- 20 acres total, with approximately 15 tillable acres and 10 wooded acres
- Highly traveled M‑21 visibility in St. Johns
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
$23,562
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
4.70%
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%
$471,240
$471.2K
Cap Rate 7%
$336,600
$336.6K
Cap Rate 9%
$261,800
$261.8K
Market Conditions
NOI Build-Up for 4,250 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
$38.3K $9.00/SF
− Vacancy
−$4.6K −$1.08/SF
EGI
$33.7K $7.92/SF
− OpEx
−$10.1K −$2.38/SF
NOI
$23.6K $5.54/SF
Area
Clinton County, MI
Vacancy
12.00%
Lease Rate
$9.00 /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%
$471,240
Cap Rate 7%
$336,600
Cap Rate 9%
$261,800
Alternative Uses
Best Use
Specialty Retail
$668.4K
$584.9K – $779.9K
NOI $46,791 @ 7.0% cap · market cap 9.34%
Second Best
Industrial
$336.6K
$294.5K – $392.7K
NOI $23,562 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$865.1K
$756.9K – $1.01M
NOI $60,554 @ 7.0% cap · market cap 12.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Explore this area
Business Placement
Demographics for 48879, MI
17,980
Population
7,521
Households
2.4
Avg Household Size
42
Median Age
23%
College-Educated
95%
High-School Grad
191.3 sq mi
ZIP Area
94
Density / Sq Mi
$78,845
Median Household Income
$46,934
Median Earnings
$884
Median Rent
$215,100
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?
Commercial kitchen - Operating catering facility with a commercial kitchen, bar, and dining area on M-21 with on-site parking and a large pole barn.
Where is this commercial kitchen located?
The property is located at 5556 M-21 Saint Johns, MI.
What is the asking price?
The asking price for this property is $501,000.
What are key features of this property?
This property features: Nearly 5,000 sq. ft. catering facility with commercial kitchen, bar, and spacious dining area; 20 acres total, with approximately 15 tillable acres and 10 wooded acres; Highly traveled M‑21 visibility in St. Johns
