Waterfront Bar with
New
For Sale
$325,000
9724 Pearl Beach Boulevard, Algonac, MI 48001
Established commercial venue beside a public fishing pier, with a full service kitchen and on-site living space.
Property Size4,400 SF
Days on Market4
Property Features for 9724 Pearl Beach Boulevard
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Commercial
Zoning
Commercial
Restaurant
Equipment Included
Yes
Liquor License
Yes
Additional Details
Business Included
Yes
Building Details
Building Size
4,400 SF
Year Built
1900
Listing Agency:
RE/MAX Advisors
(586) 805-8511
Listed By:
Catherine Baker · License #6501336049
Source:
Irishhillsfivestarhomes
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 11:08AM
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 RE/MAX Advisors
Investment Insights
Based on property information with market context.
This waterfront bar and restaurant includes the real estate, operating business, Johnnie Lega's name, liquor license, and building contents. The property has seating for 100+ patrons, a historic bar top with stools, two restrooms, two furnaces, and two A/C units. Its 23x12 commercial kitchen is equipped with industrial refrigeration, freezers, fryers, a grill, griddle, soup station, dishwasher, and two walk-in coolers.
An approximately 2,000 sq ft apartment above the bar includes three bedrooms. The property is next to the public fishing pier on The North Channel in Pearl Beach, with ample parking and an option to purchase or lease the adjoining waterfront lot. Commercial zoning applies.
An approximately 2,000 sq ft apartment above the bar includes three bedrooms. The property is next to the public fishing pier on The North Channel in Pearl Beach, with ample parking and an option to purchase or lease the adjoining waterfront lot. Commercial zoning applies.
Key Highlights
- Waterfront bar and restaurant next to the public fishing pier on The North Channel
- Sale includes the operating business, real estate, Johnnie Lega's name, liquor license, and building contents
- Seating for 100+ patrons with historic bar top, stools, tables, chairs, and glassware
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
$25,780
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
7.93%
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%
$515,600
$515.6K
Cap Rate 7%
$368,286
$368.3K
Cap Rate 9%
$286,444
$286.4K
Market Conditions
NOI Build-Up for 4,400 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
$39.6K $9.00/SF
− Vacancy
−$2.8K −$0.63/SF
EGI
$36.8K $8.37/SF
− OpEx
−$11.0K −$2.51/SF
NOI
$25.8K $5.86/SF
Area
St. Clair County, MI
Vacancy
7.00%
Lease Rate
$9.00 /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%
$515,600
Cap Rate 7%
$368,286
Cap Rate 9%
$286,444
Alternative Uses
Best Use
Specialty Retail
$870.6K
$761.8K – $1.02M
NOI $60,941 @ 7.0% cap · market cap 18.75%
Second Best
Industrial
$368.3K
$322.3K – $429.7K
NOI $25,780 @ 7.0% cap · market cap 7.93%
Theoretical Best
Multifamily LT 5
$3.31M
$2.89M – $3.86M
NOI $231,544 @ 7.0% cap · market cap 71.24%
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
52
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48001, MI
11,721
Population
5,787
Households
2
Avg Household Size
50
Median Age
18%
College-Educated
94%
High-School Grad
19.0 sq mi
ZIP Area
617
Density / Sq Mi
$64,538
Median Household Income
$35,987
Median Earnings
$921
Median Rent
$250,000
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
- Johnnie Lega's Restaurant & Tavern — 9724 Pearl Beach Blvd, Algonac, MI 48001
- Club Capri — 6343 Dyke Rd, Algonac, MI 48001
Frequently Asked Questions
What type of property is this?
Bar & Pub - Established commercial venue beside a public fishing pier, with a full service kitchen and on-site living space.
Where is this bar & pub located?
The property is located at 9724 Pearl Beach Boulevard Algonac, MI.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Waterfront bar and restaurant next to the public fishing pier on The North Channel; Sale includes the operating business, real estate, Johnnie Lega's name, liquor license, and building contents; Seating for 100+ patrons with historic bar top, stools, tables, chairs, and glassware
