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Turn Key Restaurant in Downtown Elk Rapids 151 River St 5,580 SF Retail Building Elk Rapids, MI 49629 $1,174,000 ($210.39/SF)
Investment Highlights
- Fully remodeled 5,580 SF single-tenant restaurant property in the heart of Downtown Elk Rapids.
- Includes inviting outdoor patio seating for approximately 40 guests, complementing ample indoor dining and bar space for 100+ patrons.
- Turn-key opportunity ideal for owner-operators or investors; FF&E and liquor license available for negotiation.
- Features a high-end commercial kitchen with quality interior finishes and modern equipment.
- Excellent visibility along River Street, the town's primary commercial corridor with strong pedestrian traffic.
- Turn-key opportunity ideal for owner-operators or investors; FF&E and liquor license available for negotiation.
Executive Summary
Prime 5,580 SF single-tenant restaurant building located in the heart of Downtown Elk Rapids. This recently remodeled property features a high-end commercial kitchen, quality interior finishes, and a welcoming outdoor patio area. The inside can accommodate ~100+ guests between dining room and bar seating, and a beautiful patio out front features seating for about 40 more. Positioned along River Street, the town’s main commercial corridor, it offers excellent visibility and foot traffic. The layout supports full-service dining with an efficient back-of-house design, making it ideal for an owner/operator or investor seeking a premium hospitality property. Street parking is available directly in front, with additional public parking nearby. FF&E and liquor license are available and may be negotiated separately. This is a rare opportunity to acquire a fully equipped, turn-key restaurant property with outdoor dining in one of Northern Michigan’s most desirable downtown markets. Also available for lease at $14.75/SF NNN.
Property Facts
Sale Type
Owner User
Property Type
Retail
Property Subtype
Restaurant
Building Size
5,580 SF
Building Class
C
Year Built/Renovated
1925/2023
Price
$1,174,000
Price Per SF
$210.39
Tenancy
Single
Building Height
1 Story
Building FAR
0.73
Lot Size
0.17 AC
Zoning
Commercial - Commercial Zoned District
Amenities
- Tenant Controlled HVAC
- Storage Space
- Air Conditioning
- Smoke Detector
Fairly walkable
50/100
Exceptionally drivable
100/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 05-43-010-017-00 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $581,000 |
Property Taxes
Parcel Number
05-43-010-017-00
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$581,000
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Turn Key Restaurant in Downtown Elk Rapids | 151 River St
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