Tip Top Deluxe Bar &
For Sale
$1,750,000
760 Butterworth Street SW, Grand Rapids, MI 49504
Iconic Grand Rapids bar and grill with expansion potential.
Property Size8,217 SF
Price / SF$212.97
Days on Market142
Property Features for 760 Butterworth Street SW
General Information
Standard status
Active
Size
8,217 SF
Property subtype
Commercial
Lease Term
Cash, Conventional
Taxes and HOA fees
Annual Taxes
$5,629
Building Details
Building Size
8,217 SF
Year Built
1920
Units
2
Listing Agency:
Greenridge Realty (EGR)
(616) 443-4821
Listed By:
Giuseppe Lupis
(616) 443-4821
Source:
Sabudarealty
Added: Apr 7
Changed: Aug 23
Last Checked: Aug 26 at 9:24AM
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.
This rare commercial opportunity features three parcels, including the Tip Top Deluxe Bar & Grill, an established music venue with a Class C liquor license. The two-story building at 760 Butterworth St SW houses the bar and music venue on the main floor, with the second floor offering versatile space currently configured as an office and green room. The portfolio includes 767 Emperor St, a rented residential property generating income. Additionally, 763 Emperor St is a fully paved, commercially zoned lot currently used for overflow parking, offering expansion potential. The property is located in a high-growth corridor, exceptionally walkable and near the new downtown Amphitheater and major bus lines. With Commercial Improved zoning, the property is suitable for multi-family conversions or mixed-use projects. The location has a bike score of 64, indicating it is bikeable, a walk score of 69, indicating it is somewhat walkable, and a transit score of 38, indicating some transit options are available. This portfolio offers a versatile, income-producing development opportunity.
Key Highlights
- Turn‑key bar and music venue (Tip Top Deluxe) with Class C liquor license and established live music schedule.
- Includes three parcels: active bar/venue, rented residential property (income stream), and paved commercially zoned lot (expansion potential).
- Strategic location in a high‑growth corridor, walkable, and near the downtown Amphitheater and bus lines.
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
$133,485
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
7.63%
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%
$2,669,700
$2.7M
Cap Rate 7%
$1,906,929
$1.9M
Cap Rate 9%
$1,483,167
$1.5M
Market Conditions
NOI Build-Up for 8,217 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
$187.3K $22.80/SF
− Vacancy
−$9.4K −$1.14/SF
EGI
$178.0K $21.66/SF
− OpEx
−$44.5K −$5.42/SF
NOI
$133.5K $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%
$2,669,700
Cap Rate 7%
$1,906,929
Cap Rate 9%
$1,483,167
Alternative Uses
Best Use
Specialty Retail
$1.91M
$1.67M – $2.22M
NOI $133,485 @ 7.0% cap · market cap 7.63%
Second Best
Mixed Use
$1.30M
$1.13M – $1.51M
NOI $90,716 @ 7.0% cap · market cap 5.18%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
- Founders Brewing Co — 235 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
Frequently Asked Questions
What type of property is this?
Bar & Pub - Iconic Grand Rapids bar and grill with expansion potential.
Where is this bar & pub located?
The property is located at 760 Butterworth Street SW Grand Rapids, MI.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Turn‑key bar and music venue (Tip Top Deluxe) with Class C liquor license and established live music schedule.; Includes three parcels: active bar/venue, rented residential property (income stream), and paved commercially zoned lot (expansion potential).; Strategic location in a high‑growth corridor, walkable, and near the downtown Amphitheater and bus lines.
