Gutted Restaurant Building and
5575 Paw Paw Lake Road Coloma, MI 49038
5575 Paw Paw Lake Road, Coloma, MI, 49038
$647,000
For Sale
$647,000
Historic former restaurant is gutted and ready for redevelopment, with furnished cottage, garage, and five parking spaces.
Property Size2,000 SF
Price / SF$323.50
Days on Market261
Property Features for 5575 Paw Paw Lake Road
General Information
- Standard status
- Active
- Size
- 2,000 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1920
Listing agency
WRE Sales LLC
(269) 767-1720
Listed by
Gina Johnston-Small · License #6501428177
(269) 767-1720
Source
Phgrealty
Added: Nov 4, 2025 Updated: Jul 22 at 10:10PM Checked: Jul 21 at 12:55AM
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 WRE Sales LLC
Investment Insights
Based on property information with market context.
This historic property includes a well-known former restaurant building that was originally opened in 1943, rebuilt in 1988, and expanded in 1995. The building is now completely gutted and ready for a new buildout, with plans available for two separate units of 1,000+ sq. ft. each.
The sale also includes a fully furnished 2-bedroom, 1-bath cottage with a spacious 2.5-car garage and extra storage. Five parking spaces are included, and the property offers views of Paw Paw Lake. The property is located at 5575 Paw Paw Lake Road in Coloma Charter Township, Michigan, across the street from Presidents Landing, which is also available for sale.
The sale also includes a fully furnished 2-bedroom, 1-bath cottage with a spacious 2.5-car garage and extra storage. Five parking spaces are included, and the property offers views of Paw Paw Lake. The property is located at 5575 Paw Paw Lake Road in Coloma Charter Township, Michigan, across the street from Presidents Landing, which is also available for sale.
Key Highlights
- Historic former restaurant opened in 1943, rebuilt in 1988, expanded in 1995; building is now completely gutted and ready for redevelopment
- Plans available for two separate 1,000+ sq. ft. units within the former restaurant building
- Includes a fully furnished 2‑bedroom, 1‑bath cottage
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 | $31.0k | $15.48 |
| − Vacancy | −$1.3k | −$0.65 |
| EGI | $29.7k | $14.83 |
| − OpEx | −$7.4k | −$3.71 |
| NOI | $22.2k | $11.12 |
2,000 SF · lease $15.48/SF/yr · vacancy 4.20% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$317.8K
$278.1K – $370.8K
NOI $22,245 @ 7.0% cap · market cap 3.44%
Second Best
Office B
$314.8K
$275.4K – $367.2K
NOI $22,033 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$420.9K
$368.3K – $491.0K
NOI $29,460 @ 7.0% cap · market cap 4.55%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Conventional restaurants
Similar For Sale Nearby
FAQs
What type of property is this?
Conventional restaurant - Historic former restaurant is gutted and ready for redevelopment, with furnished cottage, garage, and five parking spaces.
Where is this conventional restaurant located?
The property is located at 5575 Paw Paw Lake Road Coloma, MI.
What is the asking price?
The asking price for this property is $647,000.
What are key features of this property?
This property features: Historic former restaurant opened in 1943, rebuilt in 1988, expanded in 1995; building is now completely gutted and ready for redevelopment; Plans available for two separate 1,000+ sq. ft. units within the former restaurant building; Includes a fully furnished 2‑bedroom, 1‑bath cottage
