Historic Downtown Restaurant
For Sale
$324,000
Pending
635 S Saginaw St, Flint, MI 48502
Three-level historic building includes a restaurant kitchen, bar, office space, and basement storage with a loading dock.
Property Size2,987 SF
Days on Market85
Property Features for 635 S Saginaw St
General Information
Standard status
Pending
Size
2,987 SF
Taxes and HOA fees
Annual Taxes
$4,857
Listing Agency:
J McLeod Realty Inc
Listed By:
Nancy Fritz · License #6502102591
(989) 871-4567
Source:
Exprealty
Added: Jun 16
Changed: Sep 4
Last Checked: Sep 8 at 1:00PM
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 J McLeod Realty Inc
Investment Insights
Based on property information with market context.
This historic multi-level commercial building offers versatile space for restaurant, hospitality, and other downtown uses. The main level includes the restaurant’s kitchen, dining areas, and bar. The second level provides office space along with additional areas currently used for private gatherings and entertaining. The basement adds valuable storage and operational space and includes a loading dock to support deliveries and back-of-house access.
Located along S. Saginaw Street in Downtown Flint, the property is positioned near restaurants, businesses, entertainment venues, cultural attractions, residential developments, and major employers within the central business district. The building is currently home to Cork on Saginaw, operating as an established restaurant and wine bar.
With three levels of functional space plus a loading dock and basement support areas, the property is well suited for an owner-operator seeking an existing hospitality layout or for an adaptive reuse approach within a downtown core.
Located along S. Saginaw Street in Downtown Flint, the property is positioned near restaurants, businesses, entertainment venues, cultural attractions, residential developments, and major employers within the central business district. The building is currently home to Cork on Saginaw, operating as an established restaurant and wine bar.
With three levels of functional space plus a loading dock and basement support areas, the property is well suited for an owner-operator seeking an existing hospitality layout or for an adaptive reuse approach within a downtown core.
Key Highlights
- Three‑level historic commercial building with YearBuilt 1920 at 635 S. Saginaw Street in downtown Flint
- Basement includes storage/operational space plus a loading dock for deliveries and access
- Main level features restaurant kitchen, dining areas, and bar space
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
$26,485
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
8.17%
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%
$529,700
$529.7K
Cap Rate 7%
$378,357
$378.4K
Cap Rate 9%
$294,278
$294.3K
Market Conditions
NOI Build-Up for 2,987 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
$43.0K $14.40/SF
− Vacancy
−$7.7K −$2.58/SF
EGI
$35.3K $11.82/SF
− OpEx
−$8.8K −$2.96/SF
NOI
$26.5K $8.87/SF
Area
Genesee County, MI
Vacancy
17.90%
Lease Rate
$14.40 /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%
$529,700
Cap Rate 7%
$378,357
Cap Rate 9%
$294,278
Alternative Uses
Best Use
Specialty Retail
$378.4K
$331.1K – $441.4K
NOI $26,485 @ 7.0% cap · market cap 8.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$628.5K
$550.0K – $733.3K
NOI $43,998 @ 7.0% cap · market cap 13.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,762
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48502, MI
1,478
Population
228
Households
6.5
Avg Household Size
29
Median Age
11%
College-Educated
77%
High-School Grad
0.5 sq mi
ZIP Area
2,956
Density / Sq Mi
$55,700
Median Household Income
$9,434
Median Earnings
$886
Median Rent
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Three-level historic building includes a restaurant kitchen, bar, office space, and basement storage with a loading dock.
Where is this conventional restaurant located?
The property is located at 635 S Saginaw St Flint, MI.
What is the asking price?
The asking price for this property is $324,000.
What are key features of this property?
This property features: Three‑level historic commercial building with YearBuilt 1920 at 635 S. Saginaw Street in downtown Flint; Basement includes storage/operational space plus a loading dock for deliveries and access; Main level features restaurant kitchen, dining areas, and bar space
