Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    4512 M 21 Corunna, MI 48817

    • Turn key restaurants
    • 4,420 SF
    • 4.00 lot acres
    For Sale
    View listing
    $850,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US43-2318908
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Kooters in the Field / Restaurant

    Property Details for 4512 M 21

    Year built
    1960
    Lot size
    4.00 lot acres
    Property size
    4,420 SF
    Property type
    Turn key restaurants
    APN
    007-23-200-011-01
    APU
    72320001101

    Description

    This exceptional turnkey business opportunity presents a fully operational and profitable bar and grill located at 4512 E M 21, Corunna, MI. The 4,510 square foot building sits on a generous 4-acre lot, offering ample space for parking and potential expansion. The interior boasts a large, fully stocked bar, a well-equipped kitchen, a spacious dining area perfect for accommodating numerous patrons, and a permitted dance floor complete with a DJ booth. Entertainment options include pool tables and gaming machines, adding to the venue's appeal. An expansive outdoor area provides additional seating and ambiance. Upstairs, a private office equipped with security systems offers a balcony overlooking the parking lot and a full bathroom with a shower, presenting the possibility of converting it into a residential unit for on-site living. The business is currently staffed and equipped, ready for immediate operation. This established bar presents a significant opportunity for a new owner to implement their own strategies and further enhance profitability. The substantial size of the property and the existing infrastructure provide a solid foundation for growth and success in the Corunna market. The asking price for this thriving business is $850,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Corunna
    County
    Shiawassee
    State
    Michigan
    Longitude
    -84.0785
    Latitude
    42.9986
    CBSA code
    29620
    CBSA name
    LANSING-EAST LANSING, MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $4,350
    $0.00
    $0.00
    $159,600
    -
    $0.00
    $0.00
    $319,200

    Comparable in this City

    • Value Estimation by Request
      540 SF

      304 Mcneil St

      RESTAURANT • 540 SF
      304 Mcneil St, Corunna, MI 48817-1714
      View Details
    • Value Estimation by Request
      540 SF

      304 M-71

      Restaurants • 540 SF
      304 M-71, Corunna, MI 48817
      View Details
    • Value Estimation by Request
      2,800 SF

      445 Mcneil St

      AUTO REPAIR, GARAGE • 2,800 SF
      445 Mcneil St, Corunna, MI 48817-1752
      View Details
    • Value Estimation by Request
      8,416 SF

      Pne St

      AUTO REPAIR, GARAGE • 8,416 SF
      Pne St, Corunna, MI 48817
      View Details
    • Value Estimation by Request
      9,600 SF

      211 Shiawassee St

      RETAIL STORES (PERSONAL SERVICES) • 9,600 SF
      211 Shiawassee St, Corunna, MI 48817-1444
      View Details
    • Value Estimation by Request
      3,600 SF

      3640 M 21

      AUTO REPAIR, GARAGE • 3,600 SF
      3640 M 21, Corunna, MI 48817-9424
      View Details

    Similar Nearby for Sale

    • $850,000
      4,510 SF

      Profitable Corunna Bar & Restaurant

      Established Bar/Restaurant, High Occupancy
      4512 M 21, Corunna, MI 48817
      View Details
    • $775,000

      Profitable Bar with Potential

      Fully equipped bar with dining, dance floor, and outdoor area.
      4512 E M 21, Corunna, MI 48817
      View Details
    • $90,000
      1,650 SF

      Revitalized Commercial Gem in Corunna

      Versatile commercial property with retail, office, and residential potential.
      227 N Shiawassee St W, Corunna, MI 48817
      View Details
    • $180,000

      Mixed-Use Property with Apartment

      Mixed-use property featuring retail space and a residential apartment.
      327 N Shiawassee St, Corunna, MI 48817
      View Details
    • $150,000
      5,200 SF

      Mixed-Use Investment Opportunity, Corunna, MI

      5,200 sq ft corner lot with high visibility and income potential.
      301 N Shiawassee St, Corunna, MI 48817
      View Details
    • $100,000
      1,600 SF

      Downtown Corunna Commercial Property

      Prime downtown location with renovation potential and parking.
      229 N Shiawassee St, Corunna, MI 48817
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      109,000 SF

      East Town Plaza Retail Center

      High-traffic retail space in Corunna, MI
      2500 M 21, Corunna, MI 48817
      View Details
    • Contact for pricing
      1,012 SF

      Meijer In-Store Retail Space

      Corunna, MI: 1,012 sq ft Retail Space
      2591 M 21, Corunna, MI 48817
      View Details
    • $865 /Mo
      1,664 SF

      Turn-Key Cannabis Dispensary

      Thriving Corunna, MI Retail Space
      317 Mcdonnell St, Corunna, MI 48817
      View Details
    • $5 SF/Yr
      1,510 SF

      River Rock Building: Corunna Office Space

      Downtown Corunna office, riverfront, high traffic.
      401 Shiawassee St, Corunna, MI 48817
      View Details
    • Contact for pricing

      Office Space Available For Rent

      Office space available for rent at 115 N Shiawassee, Corunna.
      115 N Shiawassee St, Corunna, MI 48817
      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.
    4512 M 21
    Corunna, MI 48817
    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

    Google sign-in failed. Please try again or use another login method.