$368,000
Lake Odessa, MI 48849
MLS# 24039972
Status: Sold
2310 sqft
1 / 19
Property Description
Discover an exceptional business investment and management opportunity in the heart of Lake Odessa, MI. C&R's Homestyle Restaurant, in business for over a decade, is one of ''Lake O's'' most popular dining destinations, boasting a current EBITDA of over $150K, with an average 3-year EBITDA of over $130K, and an annual revenue growth of 5-10% - bringing its 2023 revenue total to over $600K. Run by a single owner-operator, plenty of expansion opportunities are available, along with a second-story unfinished apartment that is ready to renovate and lease. Extremely popular with locals, sold at a 1.75 EBITDA multiple, and with real estate listed at just $125K, this business is priced to sell to its next owner.
Details
Maps
Location Property Info
County: Ionia
Street #: 1027
Street Name: 4th
Suffix: Avenue
State: MI
Zip Code: 48849
Area: Grand Rapids - G
OfficeContract Info
Status: Sold
Current Price: $368,000
List Price: $399,000
Listing Date: 2024-07-12
General Property Info
New Construction: No
Lot Measurement: Acres
Lot Acres: 0.12
Lot Square Footage: 5401
Lot Dimensions: 44x123
Year Built: 1900
Road Frontage: 44
Mineral Rights: Unknown
Total # Units: 2
# Fin Bldg Lvls: 1
# of Diff Unit Floor Plans: 2
Total # Bldgs: 2
Total SqFt: 2310
Property Use Type: Business
Full Baths: 2
Waterfront: No
School District: Lakewood
Tax Info
Tax ID #: 101-200-000-355-01
Taxable Value: 51660
SEV: 54900
For Tax Year: 2024
Seller's Annual Property Tax: 2883.68
Tax Year: 2023
Spec Assessment & Type: none
Zoning: C
Remarks Misc
Directions: M-50 to 4th Ave, North on 4th Ave
Status Change Info
Under Contract Date: 2025-07-06
Sold Date: 2025-12-08
Sold Price: $368,000
Sold Price/SqFt: 159.31
Income and Expenses
Annual Maint ($): 6860.75
Annual Prop Ins ($): 8707.7
Annual Utilities ($): 19104.15
Gross Op Income ($): 612927.33
Net Operating Income: 96090.47
Total Actual Rent: 10915
Operating Expense: 270343.34
Business Opportunity
Bus. Only Value ($): 225000
Business Description: Restaurant
Business Name: C & R Homestyle Cafe
Equip Value ($): 49000
Gross Sales 1 Year ($): 612927.33
Gross Sales 3 Year ($): 1723990.71
Real Estate Value ($): 125000
Property Features
Property Use: Business
Uses: Restaurant
Ownership: LLC
Business Includes: Equipment; Furniture; Inventory; Real Estate
Construction Type: Block; Concrete
Exterior Material: Aluminum Siding; Brick
Roofing: Rubber; Other
Foundation: Stone
Below Grade: Basement; Full
Sewer: Public Sewer
Water: Public Water
Utilities Attached: Electricity Connected; Natural Gas Connected; Phone Connected
Util Avail at St: High Speed Internet
Heat Source: Electric; Natural Gas
Heat Type: Baseboard; Forced Air
Driveway: Gravel
Street Type: Paved; Public
Purchase Terms Avail: Assumable; Cash; Conventional
Sale Conditions: None
Possession: Close Of Escrow
Listing Office: Amplified Real Estate
Listing Agent: Steven Lambert
Last Updated: December - 08 - 2025
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