Mixed-Use Building with Restaurant
For Sale
$1,450,000
109 & 111 Bridge, Charlevoix, MI 49720
COMMERCIAL - Charlevoix, MI
Property Size5,656 SF
Price / SF$256.36
Days on Market49
Property Features for 109 & 111 Bridge
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Elementary school district
Charlevoix
Middle school district
Charlevoix
High school district
Charlevoix
Directions
Downtown Charlevoix on Bridge Street
Subdivision
Charlevoix City
Standard status
Active
APN
052-242-005-00, 006-0
Size
5,656 SF
Taxes and HOA fees
Tax Description
DDA 1984 C1 COM 84 FT N OF SE COR OF BLK 2 TH N 28 FT TH W 137.75 FT TH S 28 FT TH E 137.75 FT TO PO
Legal Description
DDA 1984 C1 COM 84 FT N OF SE COR OF BLK 2 TH N 28 FT TH W 137.75 FT TH S 28 FT TH E 137.75 FT TO PO
Utilities
Utilities
Cable Available
Heating system
Natural Gas
Building Details
Building materials
Concrete
Listing Agency:
Berkshire Hathaway HomeServices Real Estate
(231) 547-9905
Listed By:
Austen Lobenherz
(231) 675-4474
Added: Jul 2
Changed: Aug 4
Last Checked: Aug 19 at 7:06AM
MLS# 477336
Copyright © 2026 Northern Michigan MLS. 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 mixed-use building features a fully occupied ground level operated by The Happy Troll Restaurant under a solid five-year lease. The upper level includes two one-bedroom residential condos, each with a private balcony. The property also has rear alley parking.
The building is located on Bridge Street in downtown Charlevoix, positioned directly on US-31. Public remarks note over 15,000 vehicles passing daily during peak summer months, with prominent Bridge Street frontage.
Additional asset details mentioned include a Class C liquor license. The combination of retail/restaurant income and residential units provides multiple streams of revenue within a single downtown property.
The building is located on Bridge Street in downtown Charlevoix, positioned directly on US-31. Public remarks note over 15,000 vehicles passing daily during peak summer months, with prominent Bridge Street frontage.
Additional asset details mentioned include a Class C liquor license. The combination of retail/restaurant income and residential units provides multiple streams of revenue within a single downtown property.
Key Highlights
- 5,656‑SF mixed‑use building at 107 & 111 Bridge Street in Downtown Charlevoix, MI
- Direct US‑31 frontage with over 15,000 vehicles passing daily during peak summer months
- Ground level fully occupied by The Happy Troll Restaurant under a solid five‑year lease
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
$67,802
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
4.68%
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%
$1,356,040
$1.4M
Cap Rate 7%
$968,600
$968.6K
Cap Rate 9%
$753,356
$753.4K
Market Conditions
NOI Build-Up for 5,656 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
$96.4K $17.04/SF
− Vacancy
−$6.0K −$1.06/SF
EGI
$90.4K $15.98/SF
− OpEx
−$22.6K −$4.00/SF
NOI
$67.8K $11.99/SF
Area
Charlevoix County, MI
Vacancy
6.20%
Lease Rate
$17.04 /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%
$1,356,040
Cap Rate 7%
$968,600
Cap Rate 9%
$753,356
Alternative Uses
Best Use
Specialty Retail
$968.6K
$847.5K – $1.13M
NOI $67,802 @ 7.0% cap · market cap 4.68%
Second Best
Apartment 5plus
$662.1K
$579.3K – $772.4K
NOI $46,345 @ 7.0% cap · market cap 3.20%
Theoretical Best
Office A
$1.14M
$1.00M – $1.34M
NOI $80,143 @ 7.0% cap · market cap 5.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49720, MI
9,127
Population
6,236
Households
1.5
Avg Household Size
52
Median Age
38%
College-Educated
97%
High-School Grad
95.5 sq mi
ZIP Area
96
Density / Sq Mi
$76,127
Median Household Income
$41,563
Median Earnings
$985
Median Rent
$265,100
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Mixed-use building on US-31 with a ground-floor restaurant under lease and two residential condos above.
Where is this conventional restaurant located?
The property is located at 109 & 111 Bridge Charlevoix, MI.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: 5,656‑SF mixed‑use building at 107 & 111 Bridge Street in Downtown Charlevoix, MI; Direct US‑31 frontage with over 15,000 vehicles passing daily during peak summer months; Ground level fully occupied by The Happy Troll Restaurant under a solid five‑year lease
