151 River Street, Elk Rapids, MI 49629
N/A · Antrim County
Key Facts
Description
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.
Property Information
Property Type
Commercial Sale
Sub-Type
Hotel/Motel
Year Built
1925
Living Area
5,580 sq ft
Lot Size
0.18 acres
Lot Dimensions
~67'x114'
Days on Market
268
MLS® Listing#
1939910
Property Features
Cooling
Heating
Basement
Parking
Lot Features
Construction
Roof
Security
Sewer
Water Source
Financial Details
HOA
Yes
Assessed Value
$479,336
Parcel Number
05-43-010-017-00
Directions
West on River St from US-31 S, property will be on your left.
Affordability Calculator
$234,800
Estimated monthly payment
$6,249/mo
Principal $939,200 · Est. interest $1,310,268 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in Elk Rapids, MI
- $345,017
- Median Listing Price
- 40
- Median Days on Market
- 1,669
- Median Sq Ft
- $206
- Median Price / Sq Ft
- 1,087
- Active Listings
- This home’s price is 240% above the area median.
- Its price per sq ft is 2% above the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in Elk Rapids, MI.
Location
Points of Interest in Elk Rapids, MI
Showing the Elk Rapids area map.
Nearby Schools
Elk Rapids Schools
Elementary · 0.9 mi away
Cherryland Middle School
Secondary · 0.9 mi away
Elk Rapids Public School
Secondary · 0.9 mi away
Elk Rapids High School
Secondary · 1.0 mi away
Old Mission Peninsula School
Elementary · 5.5 mi away
Rapid City Elementary School
Elementary · 7.8 mi away
Elk Rapids Schools
Elementary · 8.6 mi away
John R Rodger Elementary School
Elementary · 11.0 mi away
Bellaire Middle & High School
Secondary · 11.4 mi away
Bellaire Elementary School
Elementary · 11.4 mi away
Traverse Bay Christian School
School · 11.9 mi away
Community Children's Center
School · 11.9 mi away
Eastern Elementary School
Elementary · 12.2 mi away
Traverse City Area Public Schools
Elementary · 12.4 mi away
Traverse City Central High School
Secondary · 12.4 mi away
Bethlehem Nursery School
Elementary · 12.8 mi away
Kitchi Minogining Tribal School
School · 12.8 mi away
Pathfinder School
School · 12.8 mi away
North Ed Career Tech
Secondary · 12.8 mi away
Traverse Bay Area Intermediate School
School · 12.8 mi away
Commute Calculator
Nearby Homes
Similar Homes Nearby
Similar Home Values
Comparable nearby listings and their asking prices.
| Address | Price | Beds | Baths | Sq Ft |
|---|---|---|---|---|
| 2647 Manitoba Court NE, Grand Rapids, MI | $825,000 | 3 | 2 | 1,500 |
| 4500 Toulouse Drive SE, Grand Rapids Charter Township, MI | $825,000 | 5 | 4 | 3,348 |
| 4500 Toulouse Drive SE, Grand Rapids, MI | $825,000 | 5 | 4 | 3,348 |
| 6869 W Harbor Drive, Elk Rapids, MI | $825,000 | 5 | 4 | 3,681 |
| 6869 W Harbor Drive, Elk Rapids Township, MI | $825,000 | 5 | 4 | 3,681 |
| 197 Leonard Street NW, Grand Rapids, MI | $829,900 | 6 | 5 | 5,407 |
Moving Cost Estimate
EXIT Agents in Elk Rapids
Listing Courtesy: Coldwell Banker Schmidt Traverse City - Cell: 231-499-0529