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Property profile & analytics
OFF-MARKET Estimated value $195,000
Bars & Pubs

224 Caspian Ave Caspian, MI 49915-5116

960 SF 0.17 ac lot
Entity Owned 11-yr Hold Free & Clear
Property ID
US43-3701454
Property summary
AI-generated overview

This well-established Caspian, MI bar, built in 1917, presents a unique investment opportunity. The main building, measuring 24x40 feet, boasts a 960-square-foot bar area with an inviting atmosphere, featuring newer flooring and a distinct Upper Peninsula vibe. A spacious 960-square-foot, two-bedroom apartment resides upstairs, offering additional income potential through rental. The property includes a well-organized kitchen equipped with a newer, four-year-old fryer (original cost $10,000), his and hers restrooms, and a back room with a walk-in cooler for beverage storage. A partial 10x13-foot basement houses a 15-year-old natural gas forced-air furnace and a four-year-old electric water heater. All buildings feature metal roofing. The sale includes all furniture, fixtures, and equipment, such as tables, chairs, stools, appliances, and a walk-in cooler

Property profile
Verified
Property type Bars & Pubs
Use group BAR, TAVERN
Total area 960 SF
Lot 0.17 ac (7,405 SF)
APN 051-164-006-00
UPID US43-3701454
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
  • Fuzz & Schmoos Mid City Bar & Grill Bar & Pub
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$195k
Owner & transaction history
Ls Andersen LLC · 11 yrs held
Ls Andersen LLC
since 2014
1 recorded transaction
2014
$13,200
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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