Listing Agency: KW Platinum p***@philgrosso.com Show Phone

Listed By: Michael Frank · License #6502118179 Show Phone

Source: Exprealty

Added: Oct 6 Changed: Oct 19 Last Checked: Oct 19 at 12:18PM

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Investment Insights

Based on property information with market context.

This St. Clair River restaurant includes approximately 3,600 square feet of space, with indoor seating for approximately 150 and a patio for approximately 100. An enclosed tiki bar seats 24 and has heaters. The 110-foot-by-15-foot dock adds dining space and contains six boat wells. A full commercial kitchen is equipped with newer appliances, including an ice machine, stove, grill and fryers. Improvements include new flooring in the bar and dining room, 10 flat-screen TVs and an updated men’s restroom.

The property occupies a 110-foot-by-600-foot parcel on the St. Clair River, with views of passing freighters and the Canadian shoreline. On-site parking accommodates approximately 90 vehicles.

Key Highlights

• Approximately 3,600 square feet on a 110‑foot‑by‑600‑foot parcel
• Indoor seating for approximately 150, plus patio seating for approximately 100
• 110‑foot‑by‑15‑foot dock with six boat wells

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$49,861

Cap Rate

5.55%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$997,220 $997.2K

Cap Rate 7%

$712,300 $712.3K

Cap Rate 9%

$554,011 $554.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,600 SF

Gross rent

$68.3K $18.96/SF

− Vacancy

−$1.8K −$0.49/SF

EGI

$66.5K $18.47/SF

− OpEx

−$16.6K −$4.62/SF

NOI

$49.9K $13.85/SF

Area

St. Clair County, MI

Vacancy

2.60%

Lease Rate

$18.96 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$997,220

Cap Rate 7%

$712,300

Cap Rate 9%

$554,011

Alternative Uses

Best Use

Specialty Retail

$712.3K

$623.3K – $831.0K (±1% cap)

NOI $49,861 @ 7.0% cap · market cap 5.55%

Second Best

—

—

no second resolved use

Theoretical Best

Multifamily LT 5

$2.71M

$2.37M – $3.16M (±1% cap)

NOI $189,445 @ 7.0% cap · market cap 21.07%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

AJ's Salt Docks Restaurant

Suggested Use

Top Pick Real Estate Agency Computer & Electronic Repair (Bike/Boat/Book/etc) Store Travel Agency Restaurant Hotel & Motel

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

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

14

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 48039, MI

7,485

Population

3,701

Households

2

Avg Household Size

46

Median Age

20%

College-Educated

92%

High-School Grad

23.0 sq mi

ZIP Area

325

Density / Sq Mi

$76,304

Median Household Income

$42,715

Median Earnings

$879

Median Rent

$170,800

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

Frequently Asked Questions

What type of property is this?

Conventional restaurant - Indoor dining, a heated enclosed bar, outdoor seating and boat wells serve a range of waterfront guests.

Where is this conventional restaurant located?

The property is located at 7493 River Rd Cottrellville, MI.

What is the asking price?

The asking price for this property is $899,000.

What are key features of this property?

This property features: Approximately 3,600 square feet on a 110‑foot‑by‑600‑foot parcel; Indoor seating for approximately 150, plus patio seating for approximately 100; 110‑foot‑by‑15‑foot dock with six boat wells