Waterfront Restaurant/Bar
For Sale
$2,650,000
971 W Savidge St, Spring Lake, MI 49456
Premier waterfront restaurant/bar with outdoor seating in Spring Lake, MI.
Property Size7,000 SF
Lot Size2.24 Acres
Price / SF$378.57
Days on Market140
Property Features for 971 W Savidge St
General Information
Standard status
Active
Size
7,000 SF
Lot size
2.24 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$41,893
Building Details
Year Built
1997
Units
1
Listing Agency:
Core Realty Partners LLC
(231) 578-2508
Listed By:
Bryan D Bench · License #6505385692
(231) 578-2508
Source:
Elliman
Added: Mar 31
Changed: Aug 7
Last Checked: Aug 17 at 6:30AM
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 = 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
$77,857
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%
$1,557,140
$1.6M
Cap Rate 7%
$1,112,243
$1.1M
Cap Rate 9%
$865,078
$865.1K
Market Conditions
NOI Build-Up for 7,000 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
$108.4K $15.48/SF
− Vacancy
−$4.6K −$0.65/SF
EGI
$103.8K $14.83/SF
− OpEx
−$26.0K −$3.71/SF
NOI
$77.9K $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 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%
$1,557,140
Cap Rate 7%
$1,112,243
Cap Rate 9%
$865,078
Alternative Uses
Best Use
Specialty Retail
$1.11M
$973.2K – $1.30M
NOI $77,857 @ 7.0% cap · market cap 2.94%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$87.05M
$76.17M – $101.55M
NOI $6,093,283 @ 7.0% cap · market cap 229.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Stan's Bar — 208 W Savidge St, Spring Lake, MI 49456
- Jackson Street pub — 510 Jackson St, Grand Haven, MI 49417
- fuel bar + refuge — 228 W Savidge St, Spring Lake, MI 49456
- The Paisley Pig Gastropub — 501 Miller Dr, Grand Haven, MI 49417
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 $2,650,000.
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.**
