Waterfront Restaurant with Outdoor
For Sale
$2,650,000
971 W Savidge Street, Spring Lake, MI 49456
Commercial Sale, Spring Lake, MI
Property Size6,766 SF
Lot Size2.24 Acres
Price / SF$391.66
Days on Market185
Property Features for 971 W Savidge Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Bathroom 1
Interior features
Broadband
Elementary school district
Spring Lake
Middle school district
Spring Lake
High school district
Spring Lake
Directions
Situated in the Village of Spring Lake at the west end of Savidge Street (aka M-104) at the water's edge.
Standard status
Active
APN
70-03-16-476-018
Size
6,766 SF
Lot size
2.24 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Attached
Tax Annual Amount
41893
Legal Description
Attached
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Water front features
Lake
Water front
1
Building Details
Year built
1997
Floors in Building
1
Number of units
1
Building materials
Brick, Stone
Listing Agency:
Core Realty Partners LLC
(231) 375-5273
Listed By:
Bryan D Bench · License #6501293444
(231) 578-2508
Added: Mar 26
Changed: Sep 16
Last Checked: Sep 26 at 5:06AM
MLS# 26012089
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This approximately 6,766-square-foot restaurant occupies a 2.24-acre waterfront site and was constructed in 1997. The turn-key premises includes a full kitchen, bar, indoor dining for up to 260 guests, and a 150-seat outdoor deck oriented toward the Grand River channel and Spring Lake. Brick and stone construction, forced-air heating, central air, and broadband are also included.
The property provides more than 90 parking spaces and sits along M-104/Savidge Street at the western end of Spring Lake’s primary commercial corridor. Nearby properties include three marinas and residential condominium hospitality developments. The premises include a Resort Class-C liquor license and Brew Pub license, supporting restaurant, bar, and brewing operations.
The property provides more than 90 parking spaces and sits along M-104/Savidge Street at the western end of Spring Lake’s primary commercial corridor. Nearby properties include three marinas and residential condominium hospitality developments. The premises include a Resort Class-C liquor license and Brew Pub license, supporting restaurant, bar, and brewing operations.
Key Highlights
- 6,766 SF restaurant on a 2.24‑acre waterfront site
- 150‑seat outdoor deck overlooking the Grand River channel toward Spring Lake
- Indoor seating capacity for 260 guests
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
$75,254
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
2.84%
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%
$1,505,080
$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
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
$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 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%
$1,505,080
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 2.84%
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 222.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
266
Businesses Nearby
3k
Monthly Visits Nearby
Balanced
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turn-key restaurant with a full kitchen, bar, indoor dining, and outdoor seating overlooking the lake.
Where is this conventional restaurant located?
The property is located at 971 W Savidge Street 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: 6,766 SF restaurant on a 2.24‑acre waterfront site; 150‑seat outdoor deck overlooking the Grand River channel toward Spring Lake; Indoor seating capacity for 260 guests
