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    Turn-Key Restaurant with Living Quarters

    7515 S U.S 31 Highway Alanson, MI 49706

    Claim this Listing
    For Sale
    $699,000

    COMMERCIAL - Alanson, MI

    Property size:
    5,317 SF
    Price / SF:
    $131.47/SF
    Added:
    May 28, 2026
    Days on Market:
    48
    Last Refresh:
    Jul 14 at 3:06 am

    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
    Full, Partial, Crawl Space, Block
    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

    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.

    Investment Insights

    Based on property information with market context.

    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.

    Key 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.

    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 Analytics

    Property Profile Location Intelligence

    Current Use by Public Records

    Conventional restaurants

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    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.
    Contact an agent
    (231) 548-9336
    We can help!
    Contact an agent
    Craig R. Wilson
    Craig R. Wilson
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