Property profile

1938 Grand Riv Ave Okemos, MI 48864

OFF-MARKET
Turn key restaurants
Property ID
US43-1688712
9,251 SF 2.79 ac lot Built 1977
Entity Owned 10-yr Hold Absentee Owner Free & Clear
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Property summary

AI-generated overview

This exceptional 9,251-square-foot restaurant building presents a prime investment opportunity in Meridian Township's bustling commercial district. Located on a hard corner across from the Meridian Mall, this high-visibility property boasts a rich history as a successful restaurant location, previously housing establishments such as The Whaling Station, Mountain Jacks, Rio Bravo, and Old Chicago. The building, constructed in 1977, sits on a 2.79-acre lot and offers ample parking for 140+ vehicles, ensuring convenient access for patrons. The property is zoned C-2, allowing for a variety of commercial uses. The building's interior is currently vacant, providing a blank canvas for a new concept or the revitalization of a classic. With a total building size of 9,251 square feet, the space offers significant potential for a large-scale restaurant or other commercial venture. The property's high-traffic location, coupled with its substantial size and parking capacity, makes it an ideal investment for entrepreneurs seeking a prominent presence in a thriving market. The property's APN is 33-02-02-22-153-003, located in Ingham County, with a cross street of Marsh Rd. Electric power is available. The previous annual rent was $245,151, translating to a monthly rent of $20,429, and a per-square-foot rate of $26.50.

Property profile

Verified
Property type Turn key restaurants
Use group RESTAURANT
Year built 1977
Total area 9,251 SF
Lot 2.79 ac (121,358 SF)
Zoning code C-2
APN 33-02-02-22-153-003
UPID US43-1688712

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Location

1938 Grand Riv Ave Okemos, MI 48864-1702
Okemos metro Census 4903 LANSING-EAST LANSING, MI METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
$545k
CAP Approach CAP
by Request
Comparable Approach Comparable
$927k
Blend (final) Blend
$545k

Owner & transaction history

since 2016
2 recorded transactions
2016
Price N/A
2014
Price N/A

Zoning & alternative use

C-2 · Okemos, MI
Top alternative use upside
Office building $1.2M +13.5%
Medical building $1.1M +5.7%

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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