Waterfront Tavern &
For Sale
$2,250,000
600 Fishermans Road, St Joseph, MI 49085
Operational waterfront tavern with indoor dining, outdoor seating overlooking the St. Joseph River, and liquor license included.
Property Size6,000 SF
Days on Market17
Property Features for 600 Fishermans Road
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Commercial
Additional Details
Business Included
Yes
Liquor License
Yes
Taxes and HOA fees
Annual Taxes
$13,075
Amenities
outdoor seating
cigar bar
dedicated smoking room
private boat slips
Building Details
Building Size
6,000 SF
Year Built
1950
Buildings
4
Units
1
Listing Agency:
Realty Executives Instant Equity
(269) 208-8996
Listed By:
Jill Golden · License #6501424803
(269) 208-8996
Source:
Eliterealtymi
Added: Jul 27
Changed: Aug 8
Last Checked: Aug 12 at 12:05PM
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 Realty Executives Instant Equity
Investment Insights
Based on property information with market context.
This waterfront tavern and restaurant includes a full-service restaurant and bar with both interior dining and outdoor seating overlooking the St. Joseph River. The property also features a premium cigar bar and a dedicated smoking room.
The sale includes the real estate, the building, and the liquor license. In addition, six private boat slips are included, supporting on-water use during peak boating season.
For those looking to assume immediate operations, the business and equipment can be purchased for $250,000.
The sale includes the real estate, the building, and the liquor license. In addition, six private boat slips are included, supporting on-water use during peak boating season.
For those looking to assume immediate operations, the business and equipment can be purchased for $250,000.
Key Highlights
- Operational full‑service restaurant and bar with interior dining and outdoor seating overlooking the St. Joseph River
- Liquor license included in the sale
- Premium cigar bar with a dedicated smoking room
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
$66,734
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
2.97%
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%
$1,334,680
$1.3M
Cap Rate 7%
$953,343
$953.3K
Cap Rate 9%
$741,489
$741.5K
Market Conditions
NOI Build-Up for 6,000 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
$92.9K $15.48/SF
− Vacancy
−$3.9K −$0.65/SF
EGI
$89.0K $14.83/SF
− OpEx
−$22.2K −$3.71/SF
NOI
$66.7K $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%
$1,334,680
Cap Rate 7%
$953,343
Cap Rate 9%
$741,489
Alternative Uses
Best Use
Specialty Retail
$953.3K
$834.2K – $1.11M
NOI $66,734 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $88,379 @ 7.0% cap · market cap 3.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
755
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49085, MI
24,047
Population
11,468
Households
2.1
Avg Household Size
44
Median Age
49%
College-Educated
97%
High-School Grad
24.1 sq mi
ZIP Area
998
Density / Sq Mi
$101,763
Median Household Income
$58,316
Median Earnings
$1,099
Median Rent
$287,300
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?
Conventional restaurant - Operational waterfront tavern with indoor dining, outdoor seating overlooking the St. Joseph River, and liquor license included.
Where is this conventional restaurant located?
The property is located at 600 Fishermans Road St Joseph, MI.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Operational full‑service restaurant and bar with interior dining and outdoor seating overlooking the St. Joseph River; Liquor license included in the sale; Premium cigar bar with a dedicated smoking room
