884 State St Oscoda, MI 48750

Property Details for 884 State St

Lot size

1.62 lot acres

Property type

Commercial real estate

APN

021T1000000750

APU

021T1000000750

Description

This exceptional turnkey restaurant opportunity in Oscoda, Michigan, presents a rare chance to acquire a well-established, profitable business. Located at 884 S State St, this 4,100 square foot Class A restaurant boasts a prime location with significant road frontage on US 23, offering excellent visibility and accessibility. The property sits on a 1.25-acre lot providing ample parking for 150 vehicles. Built in 1960 and extensively renovated in 2013, the property includes two buildings and features updated amenities such as a new roof, on-demand water heater, HVAC system, bathrooms, and electrical work. The restaurant enjoys a 100% occupancy rate as of June 19, 2023, generating a strong NOI of $150,000 and a 15.79% cap rate. With a seating capacity of 120 and a dedicated staff of 18 employees (owner will provide 60 days of paid training), this business is ready for immediate operation. The asking price is $950,000 ($231.71/sq ft). The property's strategic location near the Au Sable River, Lake Huron, marina, beaches, boat ramp, airport, condos, harbor, farmer's market, Au Sable Shoreline Park, hotels, campgrounds, and canoe rentals ensures a consistent flow of both local and tourist clientele. Included in the sale is approximately $10,000 worth of food inventory and all existing restaurant equipment. The property is zoned commercial and has a permitted zoning designation. This is a truly remarkable opportunity to own a thriving restaurant in a desirable location.