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    Elk Rapids, MI
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    Elk Rapids, MI Restaurants for Sale

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    Williamsburg, MI Kewadin, MI Rapid City, MI Traverse City, MI Alden, MI Bellaire, MI Acme, MI Suttons Bay, MI
    Remodeled Restaurant Building in Elk Rapids
    Updated: Mar 5
    Remodeled Restaurant Building in Elk Rapids

    151 River Street, Elk Rapids, MI 49629

    $1,174,000
    5,580 sqft 0.18 AC lot
    Prime 5,580 SF single‑tenant restaurant building in Downtown Elk Rapids.
    Recently remodeled with high‑end commercial kitchen and quality interior finishes.
    Welcoming outdoor patio area with seating for about 40.
    Located on River Street, offering excellent visibility and foot traffic.
    Turn‑key restaurant property with efficient back‑of‑house design.
    View details

    This listing looks promising.

    Here's a quick look at some key insights for

    151 River Street Elk Rapids, MI 49629

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    • Est. Cap Rate

      5.3%
      NOI ÷ price

    • Est. NOI

      $62K
      Annual

    • Price @ 7% Cap

      $887K
      Suggested

    • Last Sold

      Dec 2021
      $700K
    View Property Analytics
    Turn-Key Restaurant with Patio
    Updated: Oct 23, 2025
    Turn-Key Restaurant with Patio

    151 River Street Unit SourceFi, Elk Rapids, MI 49629

    Contact for pricing
    5,580 sqft
    5,580 SF single‑tenant restaurant space in Downtown Elk Rapids
    Recently remodeled interior with central air and an on‑site commercial kitchen
    Indoor layout accommodates ~100+ guests with dining room and bar seating
    Outdoor patio seating for about 40, located out front along River Street
    FF&E and liquor license available and may be negotiated separately
    View details
    Based on your search, we've compiled 10 Potential Opportunities for your consideration. Besides 2 Active listings in Elk Rapids, MI, we suggest exploring several alternatives: 4 properties in Nearby Cities, plus 4 Land Listings that present a potential for development.

    Opportunities in Nearby Cities

    Here are 4 Similar properties we found in Nearby Locations for your consideration.

    Historic Victorian Hotel with Covered Porch
    Historic Victorian Hotel with Covered Porch

    18599 Mission Road, Traverse City, MI 49686

    $4,260,000
    5,644 sqft 10.86 AC lot

    Includes 13 guest rooms and the Mission Bay Cafe, open to the public.

    View details
    Victorian Hotel with Lake Michigan Views
    Victorian Hotel with Lake Michigan Views

    18599 Mission Road, Traverse City, MI 49686

    $4,260,000
    10.00 AC lot

    Historic Victorian hotel on about 10 acres with 13 guest rooms, commercial kitchen, and a cafe open to the public.

    View details
    Downtown Alden Commercial Building
    Downtown Alden Commercial Building

    9160 Helena Rd, Alden, MI 49612

    $350,000
    0.15 AC lot

    Commercial building in downtown Alden, near Torch Lake.

    View details
    Commercial Building with Commercial Kitchen
    Commercial Building with Commercial Kitchen

    9160 Helena Road Unit SourceFi, Alden, MI 49612

    $350,000
    3,315 sqft

    Commercial building featuring oak wood floors, a commercial kitchen, restrooms, plus basement and attic storage.

    View details

    Potential Development Sites for Consideration

    Can't find the perfect fit? These Land listings present an alternative path: the potential to develop a property for your specific goals.

    Important: These AI-suggestions are a starting point, not a guarantee of permitted use. All zoning, permitting, and land use information must be independently verified by you with the appropriate local authorities before making any commitments.

    Mixed-Use Development Site with Existing Building
    Mixed-Use Development Site with Existing Building

    4160 M-72 E, Williamsburg, MI 49690

    $1,995,000
    12,259 sqft 4.35 AC lot

    Shovel-ready parcel with approved mixed-use development plans, completed utilities, and an existing commercial building.

    View details
    Corner Commercial Development Land
    Corner Commercial Development Land

    1054-1060 E Front Street, Traverse City, MI 49686

    $2,650,000
    3,726 sqft 1.24 AC lot

    C-3 zoned corner parcel at a major US-31 and Garfield Road intersection with flexible development parameters.

    View details
    Commercial Land with Existing Office Building
    Commercial Land with Existing Office Building

    1040 E Front Street, Traverse City, MI 49686

    $1,148,000
    0.63 AC lot

    Three-lot commercial parcel with an existing office building, positioned on US-31 for flexible development planning.

    View details
    Commercial Land with Existing Office
    Commercial Land with Existing Office

    1040 E Front Street, Traverse City, MI 49686

    $1,148,000
    1,864 sqft 0.63 AC lot

    0.63-acre parcel with three lots, including an existing office building and two vacant lots on US-31.

    View details

    Elk Rapids, MI Restaurants Market Trends and Statistics

    Explore 2 restaurants for sale in Elk Rapids, MI on our real estate platform. These investment opportunities span a total of 11,160 square feet of properties for sale, with an estimated market value of $1,174,000.

    Sale prices for restaurant properties in Elk Rapids, MI average $1,174,000 — offering options for a variety of budgets and business needs. Daily updated analytics ensure you stay ahead with the latest data and market trends.

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    Top Commercial Asset Segments

    Commercial property segments ranked by active listings on the market

    Conventional restaurants 3

    Demographics Overview

    Population 2,037
    Population Growth (5Y) +0.1%
    Median Household Income $74,318
    College Educated 62.2%

    High-Yield Neighborhoods for Investment

    Identify Elk Rapids submarkets with the highest inventory density on the market and evaluate the average listing prices of real estate assets

    Neighborhood Average Price
    49629 $587K

    Taxes & Financing

    Tax Rate (average for all types) 1.89%
    Property Tax per SF $21.92 per SF
    Tax Rate vs County Average 0.43 pp below county avg
    Average Loan-to-Value 65.0%

    Total CRE Inventory on Market (SF)

    Average Property Price per SF

    For-sale pricing trends across core commercial property types in Antrim County

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