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    Turn-Key Restaurant with Living Quarters Title is generated by Realmo AI

    7515 S U.S 31 Highway, Alanson, MI 49706

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    Claim this Listing
    New
    For Sale
    $699,000

    COMMERCIAL - Alanson, MI

    Property size:
    5,317 SF
    Price / SF:
    $131/SF
    Added:
    May 28, 2026
    Days on Market:
    2
    Last Refresh:
    May 29 at 8:06 pm

    Property Features for 7515 S U.S 31 Highway

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    B-1
    Parking features
    Parking Lot
    Basement
    Block, Partial, Crawl Space, Full
    Standard status
    Active
    APN
    41-17-10-301-014, 012, and 015
    Size
    5,317 SF

    Taxes and HOA fees

    Tax Description
    VILLAGE OF ALANSON, BLK 7, LOT 4. SECTION 10, T35N, R4W. VILLAGE OF ALANSON, BLK 7, LOT 3. SECTION 10, T35N, R4W. VILLAGE OF ALANSON, BLK 7, S 1/2 OF LOTS 9, 10 & 11. SECTION 10, T35N, R4W.

    Utilities

    Water source
    Well

    Building Details

    Floors in Building
    2
    Building materials
    Block

    We can help!

    Listing Contact
    Craig R. Wilson
    Craig R. Wilson

    Listing agent Craig R. Wilson

    Listing office Coldwell Banker Fairbairn Realty 7569 US 31 S, Alanson, MI

    Listing date May 28, 2026

    MLS# 201840394

    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.

    HighLights

    • Turn‑key restaurant with Resort Liquor License included.
    • Exceptional highway visibility (15,300 cars daily).
    • Fully equipped with bar, dining room, and party room.
    • Living quarters upstairs for owner/staff.
    • Includes two additional lots for expansion.
    • Newer furnace, AC (including kitchen), electrical, and kitchen equipment.

    Overview

    This turn-key restaurant, known as BOBS PLACE, offers a piece of Northern Michigan history. The property features exceptional highway visibility, with an average of 15,300 cars passing daily. The fully equipped establishment includes a complete bar area, a spacious dining room, and a back room suitable for hosting parties. Living quarters are located upstairs, making it ideal for owner occupancy or staff housing. Basement storage is also available. Recent upgrades include a newer furnace and AC unit, including an air-conditioned kitchen, as well as electrical system upgrades and newer kitchen equipment. The sale includes a Resort Liquor License and two additional lots that offer expansion possibilities for outdoor seating or parking. The property size is 5317 square feet. Inventory is included. The zoning is B-1. The property is located in Alanson, MI, near the Crooked River.

    Local Financial Insights For Specialty Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $63.8k $12.00
    − Vacancy −$3.8k −$0.72
    EGI $60.0k $11.28
    − OpEx −$15.0k −$2.82
    NOI $45.0k $8.46
    5,317 SF · lease $12.00/SF/yr · vacancy 6.00% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $642.6K
    $562.3K – $749.7K (±1% cap)
    NOI $44,982 @ 7.0% cap · market cap 6.44%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Warehouse
    $1.20M
    $1.05M – $1.40M (±1% cap)
    NOI $84,230 @ 7.0% cap · market cap 12.05%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    Map

    City
    Alanson
    County
    Emmet
    State
    Michigan
    Longitude
    -84.788049
    Latitude
    45.441813

    FAQs

    What type of property is this?
    Conventional restaurant - Fully equipped restaurant with living space and expansion potential.
    Where is this conventional restaurant located?
    The property is located at 7515 S U.S 31 Highway Alanson, MI.
    What is the asking price?
    The asking price for this property is $699,000.
    What are key features of this property?
    This property features: Turn‑key restaurant with Resort Liquor License included.; Exceptional highway visibility (15,300 cars daily).; Fully equipped with bar, dining room, and party room.
    (231) 548-9336
    We can help!
    Listing Contact
    Craig R. Wilson
    Craig R. Wilson
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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