884 State StOscoda, MI 48750

Property Details for 884 State St

Lot size

1.62 AC

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.

• CAP approach

  CAP return

  Valuation

  6%

  $13,690,900

  6.5%

  $12,637,800

  7%

  $11,735,100

• Comparable approach

  Method

  Valuation

  Relative Method

  $6,600,840

  Geo Method

  $6,600,840

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $24,551,400

  Retail / Commercial

  $12,654,300

  Mixed-Use / Specialty

  $12,660,000

  Hospitality / Lodging

  $9,354,440

  Office

  $12,637,800

  Institutional / Educational

  $13,179,500

  Residential Income

  $15,420,000

  Multifamily

  $18,212,200

  Automotive / Energy

  $11,296,700

  Parking / Income-Based Land

  $3,848,140

  Restaurant / Food Service

  $6,693,060

  Healthcare / Senior Housing

  $12,930,500

Location Insight

City

Oscoda

County

Iosco

State

Michigan

Latitude

44.4125

Longitude

-83.326

Property Tax & Assessments

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