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Property profile & analytics
OFF-MARKET
Bars & Pubs
224 Caspian Ave, Caspian, MI 49915-5116
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
by Request
Owner & transaction history
Ls Andersen LLC · 11 yrs held
Ls Andersen LLC
since 2014
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Caspian submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Caspian submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Property tax & assessments
Assessed value
$20,010
Assessed 2023
Previous assessed
$18,470
+8.3% YoY
Assessed land
$20,010
Land market value
$40,020
Total market value
$40,020
Applied tax rate
51.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Bars & Pubs
Use group
BAR, TAVERN
Status
Off-Market
Heating
FORCED AIR
Stories
2
Total area
960 SF
Lot
0.17 ac (7,405 SF)
APN
051-164-006-00
UPID
US43-3701454
Jurisdiction
IRON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Heating
FORCED AIR
Stories
2
Lot
0.17 ac
Current owner
From public records · entity-resolved
Ls Andersen LLC
Entity
Free & Clear · 11 yrs held
Mailing address
PO BOX 86, GAASTRA, MI 49927-0086
Ownership since
2014
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 24, 2014
$13,200
Ls Andersen LLC
T Randal T Randal
Intrafamily Transfer
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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