Restaurant Space with
For Sale
$1,595,000
755 Michigan St NE, Grand Rapids, MI 49503
Turnkey restaurant property with on-site parking, outdoor seating, FF&E, and a liquor license.
Property Size2,885 SF
Price / SF$552.86
Days on Market285
Property Features for 755 Michigan St NE
General Information
Standard status
Active
Size
2,885 SF
Property subtype
Retail
Zoning
TBA
Restaurant
Patio
Yes
Equipment Included
Yes
Liquor License
Yes
Additional Details
Furnished
Yes
Building Details
Year Built
2013
Listing Agency:
Advantage Commercial Real Estate
(616) 802-2608
Listed By:
Murphy Wynsma · License #6501452085
(616) 802-2608
Source:
Carwm.resimplifi
Added: Nov 17, 2025
Changed: Aug 28
Last Checked: Aug 29 at 5:56AM
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 Advantage Commercial Real Estate
Investment Insights
Based on property information with market context.
This 2,885-square-foot restaurant property was built in 2013 and includes a contemporary buildout, indoor seating, an outdoor patio, on-site parking, FF&E, and a liquor license. The existing configuration can accommodate either fast-casual or full-service restaurant operations, with seating extending between interior and exterior areas.
The property is located at 755 Michigan St NE in Grand Rapids, near the city’s Medical Mile. Its street-facing position places the restaurant along Michigan Street, with nearby co-tenancy that includes The Toasted Pickle, The Friesian, 7 Monks Taproom, Jimmy John’s, Walgreens, Taco Bell, and McDonald’s. Zoning is listed as TBA.
The property is located at 755 Michigan St NE in Grand Rapids, near the city’s Medical Mile. Its street-facing position places the restaurant along Michigan Street, with nearby co-tenancy that includes The Toasted Pickle, The Friesian, 7 Monks Taproom, Jimmy John’s, Walgreens, Taco Bell, and McDonald’s. Zoning is listed as TBA.
Key Highlights
- 2,885‑square‑foot restaurant property built in 2013
- Outdoor patio with indoor and exterior seating capability
- On‑site parking included
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
$46,867
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
2.94%
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%
$937,340
$937.3K
Cap Rate 7%
$669,529
$669.5K
Cap Rate 9%
$520,744
$520.7K
Market Conditions
NOI Build-Up for 2,885 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
$65.8K $22.80/SF
− Vacancy
−$3.3K −$1.14/SF
EGI
$62.5K $21.66/SF
− OpEx
−$15.6K −$5.42/SF
NOI
$46.9K $16.25/SF
Area
Grand Rapids, MI
Vacancy
5.00%
Lease Rate
$22.80 /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%
$937,340
Cap Rate 7%
$669,529
Cap Rate 9%
$520,744
Alternative Uses
Best Use
Specialty Retail
$669.5K
$585.8K – $781.1K
NOI $46,867 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
937
Businesses Nearby
142k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 60%
Shops & Services 22%
Apparel 6%
Groceries 5%
McDonald's
Dining
36,543 visits/mo
0.4 miles
Circle K
Shops & Services
21,217 visits/mo
0.3 miles
Wendy's
Dining
16,215 visits/mo
0.4 miles
Taco Bell
Dining
15,532 visits/mo
0.4 miles
Checkers
Dining
9,057 visits/mo
0.5 miles
Demographics for 49503, MI
39,344
Population
19,017
Households
2.1
Avg Household Size
30
Median Age
44%
College-Educated
88%
High-School Grad
7.3 sq mi
ZIP Area
5,390
Density / Sq Mi
$61,734
Median Household Income
$36,694
Median Earnings
$1,207
Median Rent
$224,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turnkey restaurant property with on-site parking, outdoor seating, FF&E, and a liquor license.
Where is this conventional restaurant located?
The property is located at 755 Michigan St NE Grand Rapids, MI.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: 2,885‑square‑foot restaurant property built in 2013; Outdoor patio with indoor and exterior seating capability; On‑site parking included
