Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    10235 Front St Empire, MI 49630
    Property profile & analytics

    10235 Front St Empire, MI 49630

    View on Map
    • Land
    • 8,247 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 10235 Front St

    Property size
    8,247 SF
    Property type
    Land
    Property subtype
    Hospitality properties

    Description

    This exceptional investment opportunity encompasses two thriving, full-service restaurants in the charming beach town of Empire, Michigan. Located on the southeast corner of Front and Lake Streets, this property includes the well-established Joe's Friendly Tavern and the Empire Village Inn. Both restaurants boast a rich history and loyal clientele, comprised of both local residents and seasonal visitors to this beautiful area within the Sleeping Bear Dunes National Lakeshore. The Friendly Tavern offers 100 indoor seats and a recently added 90-seat patio, while the Village Inn features 90 indoor seats with additional outdoor seating. The sale includes all business assets, Class C & SDM liquor licenses, and the real estate itself. The combined properties total 8,247 square feet and are situated in a high-traffic area that sees over a million visitors annually. This presents a unique chance to acquire a profitable, turnkey operation with significant growth potential in a highly desirable location. The asking price for this exceptional package is $2,995,000. The property is located at 10235 W Front Street, Empire, MI 49630. This is a rare opportunity to own and operate two successful restaurants in a prime location within Leelanau County. The strong, consistent revenue and cash flow generated by these established businesses, combined with the high volume of tourism, make this a compelling investment. The existing infrastructure and loyal customer base provide a solid foundation for continued success and potential expansion.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Empire
    County
    Leelanau
    State
    Michigan
    Longitude
    -86.0631
    Latitude
    44.8109

    Comparable in this City

    • Value Estimation by Request
      0.03 Acres

      9 Empire Hwy

      COMMERCIAL CONDOMINUIM • 0.03 Acres
      9 Empire Hwy, Empire, MI 49630
      View Details
    • Value Estimation by Request
      0.02 Acres

      28 Empire Hwy

      COMMERCIAL CONDOMINUIM • 0.02 Acres
      28 Empire Hwy, Empire, MI 49630
      View Details
    • Value Estimation by Request
      0.02 Acres

      43 Empire Hwy

      COMMERCIAL CONDOMINUIM • 0.02 Acres
      43 Empire Hwy, Empire, MI 49630
      View Details
    • Value Estimation by Request
      0.02 Acres

      19 Empire Hwy

      COMMERCIAL CONDOMINUIM • 0.02 Acres
      19 Empire Hwy, Empire, MI 49630
      View Details
    • Value Estimation by Request
      0.02 Acres

      21 Empire Hwy

      COMMERCIAL CONDOMINUIM • 0.02 Acres
      21 Empire Hwy, Empire, MI 49630
      View Details
    • Value Estimation by Request
      0.02 Acres

      52 Empire Hwy

      COMMERCIAL CONDOMINUIM • 0.02 Acres
      52 Empire Hwy, Empire, MI 49630
      View Details

    Similar Nearby for Sale

    • $223,000
      8.56 Acres

      Empire, MI Vacant Land

      8.56 acres of rolling hardwoods near Lake Michigan beaches.
      S Golden Valley Dr, Empire, MI 49630
      View Details
    • $64,900
      1.08 Acres

      Empire, MI Vacant Land Parcel

      Ideal Northern Michigan property near Lake Michigan and Sleeping Bear Dunes.
      11 W Timber Vw Trl, Empire, MI 49630
      View Details
    • $2,295,000

      Glen Lake Manor Redevelopment Opportunity

      Historic Glen Lake Manor on 5 wooded acres with frontage.
      7345 W Glenmere Rd, Empire, MI 49630
      View Details
    • $1,399,000
      125.00 Acres

      125 Acres of Leelanau Forest

      125-acre wooded property with creek near Sleeping Bear Dunes.
      00 W Beeman Rd, Empire, MI 49630
      View Details
    • $174,900
      5.17 Acres

      Leelanau County Wooded Parcel

      5-acre wooded parcel in Leelanau County, near Empire.
      3695 W Timber Ln, Empire, MI 49630
      View Details
    • $139,900
      3.73 Acres

      Wooded Parcel Near Empire Village

      Inviting 3.73-acre wooded parcel in Westview development, Empire, Michigan.
      15 S Westview Dr, Empire, MI 49630
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    10235 Front St
    Empire, MI 49630
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    10235 Front St, Empire, MI, 49630
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!