Restaurant with Expansion
For Sale
$99,900
Pending
644 E Huron River Drive, Belleville, MI 48111
COMMERCIAL - Belleville, MI
Property Size240 SF
Lot Size0.17 Acres
Days on Market95
Property Features for 644 E Huron River Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Subdivision
Huron Park Sub
Lot features
Main Street
Standard status
Pending
APN
31-087-04-0028-003
Size
240 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
1216
Utilities
Water source
Public
Building Details
Year built
1965
Listing Agency:
RE/MAX Eclipse · RE/MAX International
(586) 262-2000
Listed By:
Paul Fujimoto · License #6501363914
(313) 930-4699
Added: May 7
Changed: Aug 4
Last Checked: Aug 9 at 2:06PM
MLS# 50206683
Copyright © 2026 Multiple Listing Service MiRealSource. 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 conventional restaurant property at 644 E. Huron River Drive includes a 240-square-foot building dating to 1965. The site previously operated as an ice cream shop and is offered in its current as-is condition. Public water serves the property.
The sale also includes a vacant lot at 604 E. Huron River Drive, creating additional land for parking, expansion, or a new building. The primary parcel measures 0.17 acres. The buyer will be responsible for obtaining a certificate of occupancy, and the transaction remains subject to probate approval.
The sale also includes a vacant lot at 604 E. Huron River Drive, creating additional land for parking, expansion, or a new building. The primary parcel measures 0.17 acres. The buyer will be responsible for obtaining a certificate of occupancy, and the transaction remains subject to probate approval.
Key Highlights
- 240‑square‑foot restaurant building constructed in 1965
- Former ice cream shop at 644 E. Huron River Drive
- Sale includes vacant lot at 604 E. Huron River Drive
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
$3,110
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
3.11%
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%
$62,200
$62.2K
Cap Rate 7%
$44,429
$44.4K
Cap Rate 9%
$34,556
$34.6K
Market Conditions
NOI Build-Up for 240 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
$4.3K $18.00/SF
− Vacancy
−$173 −$0.72/SF
EGI
$4.1K $17.28/SF
− OpEx
−$1.0K −$4.32/SF
NOI
$3.1K $12.96/SF
Area
Wayne County, MI
Vacancy
4.00%
Lease Rate
$18.00 /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%
$62,200
Cap Rate 7%
$44,429
Cap Rate 9%
$34,556
Alternative Uses
Best Use
Specialty Retail
$44.4K
$38.9K – $51.8K
NOI $3,110 @ 7.0% cap · market cap 3.11%
Second Best
Retail
$32.5K
$28.4K – $37.9K
NOI $2,274 @ 7.0% cap · market cap 2.28%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
147
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48111, MI
44,055
Population
19,406
Households
2.3
Avg Household Size
40
Median Age
27%
College-Educated
92%
High-School Grad
66.9 sq mi
ZIP Area
659
Density / Sq Mi
$74,125
Median Household Income
$42,194
Median Earnings
$1,162
Median Rent
$239,400
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 - Former dessert shop with a separate vacant lot for added parking, expansion, or future construction.
Where is this conventional restaurant located?
The property is located at 644 E Huron River Drive Belleville, MI.
What is the asking price?
The asking price for this property is $99,900.
What are key features of this property?
This property features: 240‑square‑foot restaurant building constructed in 1965; Former ice cream shop at 644 E. Huron River Drive; Sale includes vacant lot at 604 E. Huron River Drive
