Waterfront Restaurant and
For Sale
$2,650,000
971 W Savidge Street, Spring Lake, MI 49456
Turn-key restaurant and bar with full kitchen, indoor seating, and a large outdoor deck overlooking the Grand River channel.
Property Size6,766 SF
Lot Size2.00 Acres
Price / SF$378.57
Days on Market37
Property Features for 971 W Savidge Street
General Information
Standard status
Active
Size
6,766 SF
Total Parking Spaces
90
Lot size
2.00 Acres
Property subtype
Commercial
Additional Details
Business Included
Yes
Liquor License
Yes
Taxes and HOA fees
Annual Taxes
$41,893
Building Details
Building Size
6,766 SF
Year Built
1997
Buildings
1
Units
1
Listing Agency:
Core Realty Partners LLC
(231) 578-2508
Listed By:
Bryan D Bench · License #6505385692
(231) 578-2508
Source:
Eliterealtymi
Added: Jul 19
Changed: Aug 24
Last Checked: Aug 24 at 12:44PM
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 turn-key waterfront restaurant and bar offering includes a full kitchen and bar, with indoor seating capacity for 260 guests and an expansive outdoor deck area sized for 150 seats. The property sits on a 2+ acre site with 90+ parking spaces, supporting day-to-day operations and peak season demand. The existing building was constructed in 1997 and is described as the original location of Ole' Boys Brewhouse, which operated for 25 years.
The site is located at the west end of the primary commercial corridor at M-104/Savidge Street in the Village of Spring Lake. The premises includes a Resort Class-C liquor license and a Brew Pub license, and is positioned near three marinas and residential condominium hospitality developments.
The combination of a full-service kitchen, dedicated bar area, substantial indoor capacity, and significant outdoor deck seating is designed to support a restaurant-bar concept on a waterfront setting during high-visibility tourism periods.
The site is located at the west end of the primary commercial corridor at M-104/Savidge Street in the Village of Spring Lake. The premises includes a Resort Class-C liquor license and a Brew Pub license, and is positioned near three marinas and residential condominium hospitality developments.
The combination of a full-service kitchen, dedicated bar area, substantial indoor capacity, and significant outdoor deck seating is designed to support a restaurant-bar concept on a waterfront setting during high-visibility tourism periods.
Key Highlights
- 7,000 SF waterfront restaurant/bar built in 1997 with full kitchen and bar.
- Indoor seating for 260 plus a 150‑seat outdoor deck overlooking the Grand River channel.
- 2+ acre site with 90+ parking spaces on the west end of M‑104/Savidge Street commercial corridor.
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
$103,300
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
3.90%
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%
$2,066,000
$2.1M
Cap Rate 7%
$1,475,714
$1.5M
Cap Rate 9%
$1,147,778
$1.1M
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
$151.2K $21.60/SF
− Vacancy
−$3.6K −$0.52/SF
EGI
$147.6K $21.08/SF
− OpEx
−$44.3K −$6.32/SF
NOI
$103.3K $14.76/SF
Area
Ottawa County, MI
Vacancy
2.40%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$2,066,000
Cap Rate 7%
$1,475,714
Cap Rate 9%
$1,147,778
Alternative Uses
Best Use
Industrial
$1.48M
$1.29M – $1.72M
NOI $103,300 @ 7.0% cap · market cap 3.90%
Second Best
Specialty Retail
$1.11M
$973.2K – $1.30M
NOI $77,857 @ 7.0% cap · market cap 2.94%
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
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
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
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Turn-key restaurant and bar with full kitchen, indoor seating, and a large outdoor deck overlooking the Grand River channel.
Where is this bar & pub 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: 7,000 SF waterfront restaurant/bar built in 1997 with full kitchen and bar.; Indoor seating for 260 plus a 150‑seat outdoor deck overlooking the Grand River channel.; 2+ acre site with 90+ parking spaces on the west end of M‑104/Savidge Street commercial corridor.
