Tip Top Deluxe Bar &
New
For Sale
$1,475,000
760 Butterworth Street, Grand Rapids, MI 49504
Two-story venue includes an active bar, live music space, office, and green room.
Property Size4,641 SF
Days on Market2
Property Features for 760 Butterworth Street
General Information
Standard status
Active
Size
4,641 SF
Property subtype
Commercial
Zoning
Commercial Improved
Additional Details
Business Included
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,009
Building Details
Building Size
4,641 SF
Year Built
1920
Buildings
1
Stories
4641
Units
2
Tenancy
Single
Listing Agency:
Greenridge Realty (EGR)
(616) 458-3655
Listed By:
Giuseppe Lupis
Source:
Irishhillsfivestarhomes
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 12 at 3:26AM
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 Greenridge Realty (EGR)
Investment Insights
Based on property information with market context.
Tip Top Deluxe Bar & Grill occupies a two-story commercial building constructed in 1920. The ground level is configured for bar service and live music, while the upper floor contains an office and green room. The property includes a Class C liquor license and an established schedule of national and local performances.
Located at 760 Butterworth Street SW in Grand Rapids, the venue is described as highly walkable and sits near the downtown Amphitheater and major bus lines. Commercial Improved zoning supports the existing bar and entertainment use and is also identified for potential multifamily conversion or boutique mixed-use development.
Located at 760 Butterworth Street SW in Grand Rapids, the venue is described as highly walkable and sits near the downtown Amphitheater and major bus lines. Commercial Improved zoning supports the existing bar and entertainment use and is also identified for potential multifamily conversion or boutique mixed-use development.
Key Highlights
- Two‑story commercial building constructed in 1920
- Active bar and live music venue on the main floor
- Second floor includes an office and green room
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
$75,393
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
5.11%
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%
$1,507,860
$1.5M
Cap Rate 7%
$1,077,043
$1.1M
Cap Rate 9%
$837,700
$837.7K
Market Conditions
NOI Build-Up for 4,641 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
$105.8K $22.80/SF
− Vacancy
−$5.3K −$1.14/SF
EGI
$100.5K $21.66/SF
− OpEx
−$25.1K −$5.42/SF
NOI
$75.4K $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%
$1,507,860
Cap Rate 7%
$1,077,043
Cap Rate 9%
$837,700
Alternative Uses
Best Use
Specialty Retail
$1.08M
$942.4K – $1.26M
NOI $75,393 @ 7.0% cap · market cap 5.11%
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
Single-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
634
Businesses Nearby
5k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Little Caesars Pizza
Dining
4,961 visits/mo
0.4 miles
Demographics for 49504, MI
41,249
Population
18,830
Households
2.2
Avg Household Size
33
Median Age
39%
College-Educated
90%
High-School Grad
11.1 sq mi
ZIP Area
3,716
Density / Sq Mi
$68,326
Median Household Income
$41,138
Median Earnings
$1,145
Median Rent
$222,600
Median Home Value
Questions? Ask Rey
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Similar Off Market Nearby
- Tip Top Deluxe Bar & Grill — 760 Butterworth St SW, Grand Rapids, MI 49504
- The Tin Can — 206 Cesar E. Chavez Ave SW, Grand Rapids, MI 49503
- Grand Woods Lounge — 77 Cesar E. Chavez Ave SW, Grand Rapids, MI 49503
- Intersection Lounge — 133 grandville ave sw, grand rapids, mi 49503
- Founders Brewing Co — 235 Cesar E. Chavez Ave SW, Grand Rapids, MI 49503
Frequently Asked Questions
What type of property is this?
Bar & Pub - Two-story venue includes an active bar, live music space, office, and green room.
Where is this bar & pub located?
The property is located at 760 Butterworth Street Grand Rapids, MI.
What is the asking price?
The asking price for this property is $1,475,000.
What are key features of this property?
This property features: Two‑story commercial building constructed in 1920; Active bar and live music venue on the main floor; Second floor includes an office and green room
