Building Details

Building Size 1,568 SF

Listing Agency: Coldwell Banker Fairbairn Realty

Listed By: Craig Wilson Show Phone

Source: Patobrien

Added: Aug 10 Changed: Sep 26 Last Checked: Oct 4 at 2:35PM

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Investment Insights

Based on property information with market context.

This restaurant property occupies a corner lot along the Crooked River and includes a dock with 75 feet of waterfront. The existing restaurant setup provides a foundation for continued food-service use or another waterfront-oriented business concept. B-1 zoning is in place.

The property fronts US 31, where traffic averages 15,000 cars daily, and sits within downtown Alanson near coffee shops, restaurants, and stores. Crooked River connects to the 41-mile Inland Waterway system, providing boating access through northern Michigan waterways. The separately offered property at 6261 East St. may provide additional frontage and expansion potential.

Key Highlights

• 75' of Crooked River waterfront with dock included
• B‑1 zoning with an existing restaurant setup
• Corner‑lot position on US 31 with 15,000 cars daily

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$13,265

Cap Rate

3.45%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$265,300 $265.3K

Cap Rate 7%

$189,500 $189.5K

Cap Rate 9%

$147,389 $147.4K

Market Conditions

NOI Build-Up for 1,568 SF

Gross rent

$18.8K $12.00/SF

− Vacancy

−$1.1K −$0.72/SF

EGI

$17.7K $11.28/SF

− OpEx

−$4.4K −$2.82/SF

NOI

$13.3K $8.46/SF

Area

Emmet County, MI

Vacancy

6.00%

Lease Rate

$12.00 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$265,300

Cap Rate 7%

$189,500

Cap Rate 9%

$147,389

Alternative Uses

Best Use

Specialty Retail

$189.5K

$165.8K – $221.1K (±1% cap)

NOI $13,265 @ 7.0% cap · market cap 3.45%

Second Best

—

—

no second resolved use

Theoretical Best

Warehouse

$354.9K

$310.5K – $414.0K (±1% cap)

NOI $24,840 @ 7.0% cap · market cap 6.45%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Conventional restaurants

Suggested Use

Top Pick HVAC Service Big Box & Wholesale Store Building Supply Real Estate Agency Auto Repair Shop Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

15,000 VPD

Traffic count

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

144

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 49706, MI

5,062

Population

2,893

Households

1.7

Avg Household Size

42

Median Age

22%

College-Educated

92%

High-School Grad

58.5 sq mi

ZIP Area

87

Density / Sq Mi

$63,573

Median Household Income

$37,105

Median Earnings

$943

Median Rent

$208,500

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this conventional restaurants located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - Restaurant property with river frontage, a dock, corner-lot positioning, and B-1 zoning in a walkable downtown setting.

Where is this conventional restaurant located?

The property is located at 6229 East Street Alanson, MI.

What is the asking price?

The asking price for this property is $385,000.

What are key features of this property?

This property features: 75' of Crooked River waterfront with dock included; B‑1 zoning with an existing restaurant setup; Corner‑lot position on US 31 with 15,000 cars daily