Waterfront Bar and
For Sale
Under Contract
$325,000
9724 Pearl Beach Boulevard, Clay, MI 48001
COM/IND/BUS OPP, Clay, MI
Property Size4,400 SF
Lot Size0.38 Acres
Price / SF$73.86
Days on Market174
Property Features for 9724 Pearl Beach Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Parking features
Parking Lot
Patio and Porch features
Patio
Exterior features
Deck/Patio
Lot features
Corner Lot, Dead End, Main Street
Subdivision
Clay Twp (74011)
Standard status
Active Under Contract
APN
144250044000
Size
4,400 SF
Lot size
0.38 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
4009
Utilities
Heating system
Forced Air
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1900
Roof type
Flat
Listing Agency:
RE/MAX Advisors · RE/MAX International
(586) 725-1900
Listed By:
Catherine Baker · License #6501336049
(586) 805-8511
Added: Mar 16
Changed: Sep 1
Last Checked: Sep 5 at 11:06AM
MLS# 50201722
Copyright © 2026 Multiple Listing Service MiRealSource. 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 waterfront bar and restaurant includes the business, the real estate, the Johnnie Lega’s name, liquor license, and all contents of the building, providing a turnkey operation. The bar includes a historic bar top and stools, with seating for 100+ patrons supported by tables, chairs, and glassware. A fully equipped commercial kitchen measures 23x12 and includes large industrial freezers and refrigerators, fryers, grill, griddle, soup station, industrial dishwasher, and two walk-in coolers. The property has two restrooms, two furnaces, and two A/C units. Above the bar is a spacious apartment of approximately 2,000 square feet with three bedrooms, suited for an owner-operator or on-site management, with potential for additional rental use.
Located in historic Pearl Beach at 9724 Pearl Beach Boulevard in Clay, Michigan, the property sits directly next to the public fishing pier along the North Channel. The listing also notes an option to purchase or lease the adjacent waterfront lot, which may support expansion or future development.
For operators seeking a hands-on location, the combination of high-capacity dining areas, a working commercial kitchen, liquor license, and on-site living space is built for immediate continuity. For buyers and brokers, the inclusion of the name, license, and equipment helps reduce transition friction while keeping the property positioned for restaurant and bar use on a waterfront corridor.
Located in historic Pearl Beach at 9724 Pearl Beach Boulevard in Clay, Michigan, the property sits directly next to the public fishing pier along the North Channel. The listing also notes an option to purchase or lease the adjacent waterfront lot, which may support expansion or future development.
For operators seeking a hands-on location, the combination of high-capacity dining areas, a working commercial kitchen, liquor license, and on-site living space is built for immediate continuity. For buyers and brokers, the inclusion of the name, license, and equipment helps reduce transition friction while keeping the property positioned for restaurant and bar use on a waterfront corridor.
Key Highlights
- Iconic waterfront bar & restaurant in historic Pearl Beach, directly next to the public fishing pier on the North Channel
- Includes the business, real estate, Johnnie Lega's name, liquor license, and all building contents
- Bar seats 100+ patrons and includes a fully equipped 23x12 commercial kitchen and industrial refrigeration
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
Apartment 5plus
$3.05M
$2.67M – $3.55M
NOI $213,200 @ 7.0% cap · market cap 65.60%
Second Best
Specialty Retail
$870.6K
$761.8K – $1.02M
NOI $60,941 @ 7.0% cap · market cap 18.75%
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 - Turnkey bar and restaurant with a fully equipped kitchen and an on-site multi-bedroom apartment above.
Where is this bar & pub located?
The property is located at 9724 Pearl Beach Boulevard Clay, 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: Iconic waterfront bar & restaurant in historic Pearl Beach, directly next to the public fishing pier on the North Channel; Includes the business, real estate, Johnnie Lega's name, liquor license, and all building contents; Bar seats 100+ patrons and includes a fully equipped 23x12 commercial kitchen and industrial refrigeration
