Waterfront Restaurant/Bar
For Sale
$2,390,000
971 W Savidge St, Spring Lake, MI 49456
Premier waterfront restaurant/bar with outdoor seating in Spring Lake, MI.
Property Size6,766 SF
Lot Size2.00 Acres
Price / SF$353.24
Days on Market190
Property Features for 971 W Savidge St
General Information
Standard status
Active
Size
6,766 SF
Lot size
2.00 Acres
Building Details
Year Built
1997
Listing Agency:
Core Realty Partners LLC
Listed By:
Bryan D Bench · License #6501293444
(231) 578-2508
Source:
Katie-k
Added: Mar 31
Changed: Oct 2
Last Checked: Oct 5 at 9:38PM
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 Core Realty Partners LLC
Investment Insights
Based on property information with market context.
This high-profile, 7,000-square-foot waterfront restaurant and bar is available for purchase in Spring Lake, Michigan. The turn-key property features a full kitchen and bar, with an indoor seating capacity of 260. An expansive 150-seat outdoor deck area overlooks the Grand River channel, which leads to Spring Lake. Situated on a 2+ acre site, the property includes over 90 parking spaces. It is located at the west end of the primary commercial corridor, M-104/Savidge Street, in the Village of Spring Lake. Constructed in 1997, the building was the original location of Ole' Boys Brewhouse, which operated successfully for 25 years. The premises includes a Resort Class-C liquor license and Brew Pub license. Neighboring properties consist of three marinas and residential condominium hospitality developments. The Spring Lake-Grand Haven area experiences a significant influx of tourism, offering immediate potential to accommodate the upcoming summer season.
Key Highlights
- Premier waterfront restaurant/bar location on the Grand River channel in Spring Lake, MI.
- Turn‑key, 7,000 SF space with full kitchen and bar, ready for immediate operation.
- Expansive outdoor deck with 150 seats overlooking the water.**
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$75,254
Cap Rate
3.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,505,080
$1.5M
Cap Rate 7%
$1,075,057
$1.1M
Cap Rate 9%
$836,156
$836.2K
Market Conditions
NOI Build-Up for 6,766 SF
Gross rent
$104.7K $15.48/SF
− Vacancy
−$4.4K −$0.65/SF
EGI
$100.3K $14.83/SF
− OpEx
−$25.1K −$3.71/SF
NOI
$75.3K $11.12/SF
Area
Ottawa County, MI
Vacancy
4.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,505,080
Cap Rate 7%
$1,075,057
Cap Rate 9%
$836,156
Alternative Uses
Best Use
Specialty Retail
$1.08M
$940.7K – $1.25M
NOI $75,254 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$84.14M
$73.62M – $98.16M
NOI $5,889,593 @ 7.0% cap · market cap 246.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
266
Businesses Nearby
3k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 100%
Holiday Inn Grand Haven-Spring Lake
Hotels & Casinos
2,514 visits/mo
0.0 miles
Demographics for 49456, MI
19,727
Population
9,776
Households
2
Avg Household Size
45
Median Age
47%
College-Educated
98%
High-School Grad
25.3 sq mi
ZIP Area
780
Density / Sq Mi
$85,807
Median Household Income
$50,887
Median Earnings
$1,184
Median Rent
$294,500
Median Home Value
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Market
Vacancy Rate% for Retail in Midwest region
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Similar Off Market Nearby
- Jackson Street pub — 510 Jackson St, Grand Haven, MI 49417
- The Paisley Pig Gastropub — 501 Miller Dr, Grand Haven, MI 49417
- Stan's Bar — 208 W Savidge St, Spring Lake, MI 49456
- fuel bar + refuge — 228 W Savidge St, Spring Lake, MI 49456
Frequently Asked Questions
What type of property is this?
Bar & Pub - Premier waterfront restaurant/bar with outdoor seating in Spring Lake, MI.
Where is this bar & pub located?
The property is located at 971 W Savidge St Spring Lake, MI.
What is the asking price?
The asking price for this property is $2,390,000.
What are key features of this property?
This property features: Premier waterfront restaurant/bar location on the Grand River channel in Spring Lake, MI.; Turn‑key, **7,000 SF space with full kitchen and bar, ready for immediate operation.**; Expansive outdoor deck with 150 seats overlooking the water.**
