Waterfront Restaurant
New
For Sale
$385,000
6229 East Street, Alanson, MI 49706
COMMERCIAL - Alanson, MI
Property Size1,568 SF
Lot Size0.40 Acres
Price / SF$245.54
Days on Market2
Property Features for 6229 East Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B-1
Basement
Crawl Space
Subdivision
T35N, R4W
Directions
On US 31 driving north through Alanson. Turn onto East St and go east. Listing is immediately on the left. Located on the corner.
Standard status
Active
APN
41-17-10-300-085
Size
1,568 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Description
COM AT W 1/4 COR OF SEC, TH S87 30'E TO E LN OF HWY 31 FOR POB, TH S28 10'W ALG SD HWY 86.65 FT TO N LN OF EAST ST, TH S55 39'54
Legal Description
COM AT W 1/4 COR OF SEC, TH S87 30'E TO E LN OF HWY 31 FOR POB, TH S28 10'W ALG SD HWY 86.65 FT TO N LN OF EAST ST, TH S55 39'54
Utilities
Water source
Well
Water front
1
Amenities
dock
Building Details
Floors in Building
1
Listing Agency:
Coldwell Banker Fairbairn Realty · Coldwell Banker Real Estate
(231) 548-9336
Listed By:
Craig R. Wilson
(231) 548-9336
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 5:06PM
MLS# 201842051
Copyright © 2026 Water Wonderland Board 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.
Investment Insights
Based on property information with market context.
This 1,568-square-foot commercial property occupies a 0.4-acre corner lot and is currently configured as a restaurant. The site includes 75 feet of Crooked River waterfront, a dock, and well water. B-1 zoning supports its established commercial setting, while the river frontage adds a distinctive component for continued restaurant use or another waterfront-oriented business.
The property is located at 6229 East Street in downtown Alanson, along US 31, where traffic averages 15,000 cars daily. Crooked River connects to the 41mi Inland Waterway system, providing direct boating access through northern Michigan’s waterways. Coffee shops, restaurants, and stores are within walking distance in the downtown district.
The property is located at 6229 East Street in downtown Alanson, along US 31, where traffic averages 15,000 cars daily. Crooked River connects to the 41mi Inland Waterway system, providing direct boating access through northern Michigan’s waterways. Coffee shops, restaurants, and stores are within walking distance in the downtown district.
Key Highlights
- 75' of Crooked River waterfront with dock included
- 1,568 SF restaurant‑configured commercial property
- 0.4‑acre corner lot in downtown Alanson
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
$13,265
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
3.45%
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%
$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
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
$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 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%
$265,300
Cap Rate 7%
$189,500
Cap Rate 9%
$147,389
Alternative Uses
Best Use
Specialty Retail
$189.5K
$165.8K – $221.1K
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
NOI $24,840 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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 - B-1 commercial property with a dock, river access, and a corner-lot position in downtown Alanson.
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; 1,568 SF restaurant‑configured commercial property; 0.4‑acre corner lot in downtown Alanson
