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    FOR SALE
    Turn key restaurants

    112 N State St, Freeport, MI 49325

    1,939 SF 0.2 ac lot
    Entity Owned 12-yr Hold ~ Est. High Equity
    Property ID
    US43-4462537
    Property summary
    AI-generated overview

    This exceptional 3,878 square foot industrial property located at 112 N State Street in the heart of Freeport, MI, presents a unique investment opportunity. Currently operating as a successful diner, Smelk's, this established business boasts seating for 54 patrons, featuring a comfortable atmosphere and a unique counter design that fosters interaction between diners and staff. The property includes a well-decorated dining area, a separate, well-equipped food preparation area, and ample storage space. Additional storage is available in the basement, along with a dedicated office. The sale includes most of the existing restaurant equipment (a detailed list is available upon request). Situated on a 0.3-acre lot, this property offers significant potential for continued success as a restaurant or for adaptation to other commercial uses. Its prime downtown location ensures high visibility and accessibility. The asking price for this turnkey operation is $240,000. This is a rare chance to acquire an established business with significant assets and strong potential for growth in a desirable location. Serious inquiries are encouraged.

    Property profile
    Verified
    Property type Turn key restaurants
    Use group RESTAURANT
    Total area 1,939 SF
    Lot 0.2 ac (8,712 SF)
    Zoning code C1
    APN 08-43-350-011-00
    UPID US43-4462537
    Cap rate & NOI
    Priority signal for investors
    Implied cap rate, NOI & suggested price
    Cap rate vs submarket · NOI estimate · 3 price anchors
    Implied cap rate, NOI & suggested price
    Cap vs submarket · NOI estimate · 3 price anchors
    Current use
    Occupant on record · Public records
    • Smelk's Diner Restaurant
    Value estimations
    Realmo proprietary · 4 methods
    AI Approach AI
    by Request
    CAP Approach CAP
    by Request
    Comparable Approach Comparable
    by Request
    Blend (final) Blend
    by Request
    Owner & transaction history
    Smelks Diner LLC · 12 yrs held
    Smelks Diner LLC
    since 2014
    6 recorded transactions
    2014
    $40,000
    2013
    2013
    $46,000
    2010
    $50,000
    2009
    2004
    Zoning & alternative use
    C1 · Freeport, MI
    Permitted uses
    Permitted uses
    Allowed · conditional · prohibited
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    “Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
    More about this property
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