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    Established Restaurant and Bar Opportunity Title is generated by Realmo AI

    616 Main Street, Norway, MI 49870

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    Claim this Listing
    For Sale
    $350,000

    COMMERCIAL - Norway, MI

    Property size:
    9,132 SF
    Lot size:
    0.24 Acres
    Price / SF:
    $38/SF
    Added:
    Mar 26, 2026
    Days on Market:
    57
    Last Refresh:
    May 21 at 7:06 pm

    Property Features for 616 Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Parking Lot, Off Street
    Security features
    Security Lighting
    Exterior features
    Security Lighting
    Standard status
    Active
    Size
    9,132 SF
    Lot size
    0.24 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    6306

    Utilities

    Heating system
    Oil
    Cooling system
    Central Air, Exhaust Fan (Cooling)
    Water source
    Public

    Building Details

    Year built
    1947
    Roof type
    Rubber

    We can help!

    Listing Contact
    CARRIE TORETTA-PARTELLO

    Listing agent CARRIE TORETTA-PARTELLO License #6501298751

    Listing office COLDWELL BANKER REAL ESTATE GROUP 217 E Hughitt Street, Pembine, MI

    Listing date Mar 26, 2026

    MLS# 50202691

    Copyright © 2026 Upper Peninsula Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Established restaurant and bar with loyal local customer base.
    • Unique bowling alley lanes offer potential for diverse revenue streams.
    • Versatile space can host private parties up to 100 guests.
    • Homemade, from‑scratch menu is a popular draw.
    • Includes a full bar.
    • Located in a welcoming small‑town community.

    Overview

    This is an opportunity to own a well-established restaurant and bar in Norway, MI. Known for its homemade menu, this local spot features daily specials and a welcoming atmosphere. The property offers more than just a dining area, including a full bar. The building was originally a bowling alley, and the lanes are still installed, creating a unique opportunity to reimagine the space. With room for additional seating, entertainment, or recreation, the possibilities are endless. The bowling area could be converted into a cornhole venue, pool table lounge, arcade, or expanded dining space to attract new customers and events. This venue can host private parties of up to 100 guests and provides space for meetings, social clubs, community groups, and special events. The property is located in a welcoming small-town community with local support. The property size is 9132 square feet on a lot of 0.24 acres.
    Location Intelligence

    Current Use by Public Records

    Mike's On Main Restaurant

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Kaya’s Krazy Klub — 605 Walnut St, Norway, MI 49870
    • Mister Mom's — 1009 Main St, Norway, MI 49870
    • Knight Owl — 1035 Main St, Norway, MI 49870

    Location Insight

    • Map
    • Local Demand
    City
    Norway
    County
    Dickinson
    State
    Michigan
    Longitude
    -87.907099
    Latitude
    45.786742

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    FAQs

    What type of property is this?
    Bar & Pub - Well-established restaurant and bar with expansion potential in Norway, MI.
    Where is this bar & pub located?
    The property is located at 616 Main Street Norway, MI.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: Established restaurant and bar with loyal local customer base.; Unique bowling alley lanes offer potential for diverse revenue streams.; Versatile space can host private parties up to 100 guests.
    (906) 396-4985
    We can help!
    Listing Contact
    CARRIE TORETTA-PARTELLO
    Real Estate License ID: 6501298751
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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