1007 Spring Street, Petoskey, MI 49770 (MLS# 24046771)

1007 Spring Street, Petoskey, MI 49770

$2,000,000
Property Type: Commercial Sale Square Footage: 6,200 Lot Size (sq. ft.): 52,708 Status: Active
Current Price: $2,000,000 List Date: 9/05/2024 Last Modified: 3/18/2025

Description

Welcome to the Southwoods pub and Grill, the premier ''GO-TO'' dining destination located in the heart of Petoskey, an upscale four-season tourist hotspot in Northern Michigan. Nestled in a competitive location fronting Spring Street (US-131 Highway), this property offers unparalleled visibility and accessibility, making it a cornerstone of the local dining scene for over 18 years. Conveniently close to local hotels, the casino, the hospital, and downtown Petoskey. Spanning 6,200 sq. ft. on a 1.2-acre lot, the interior floor plan is thoughtfully designed to accommodate a seating capacity of 140. The property includes two east-facing dining rooms, a cozy lounge area with booths, and a beautifully crafted full-service bar, perfect for hosting both locals and tourists alike.

Supplements: Adequate onsite parking ensures convenience for your patrons, while the well-designed layout offers room for future expansion, should you choose to grow this thriving business. With 45 well-trained, long-term employees, the restaurant delivers a consistent, high-quality dining experience that keeps customers coming back year after year. Whether you're looking to continue the legacy of Southwoods Family Restaurant or explore new business opportunities, this property offers a rare chance to own a successful, established business in a thriving tourist community. The combination of prime location, recent renovations, and strong local and tourist following makes this a standout investment opportunity in Northern Michigan. Seize the opportunity to own a piece of Petoskey's vibrant dining scene and capitalize on the growing demand for high-quality dining experiences in this picturesque and prosperous region.

More Information MLS# 24046771

Location Property Info

County: Emmet Street #: 1007 Street Name: Spring Suffix: Street State: MI Zip Code: 49770 Area: West Central - W

OfficeContract Info

Status: Active Current Price: $2,000,000 List Price: $2,000,000 Listing Date: 2024-09-03

General Property Info

New Construction: No Lot Measurement: Acres Lot Acres: 1.21 Lot Square Footage: 52708 Lot Dimensions: irreg Year Built: 1982 Road Frontage: 165 Year Remodeled: 2006 Total # Units: 1 # Fin Bldg Lvls: 2 Total # Bldgs: 1 Total SqFt: 6200 Property Use Type: Business Full Baths: 4 Waterfront: No School District: Petoskey

Tax Info

Tax ID #: 52-19-06-300-086 Taxable Value: 329509 SEV: 546900 For Tax Year: 2024 Annual Property Tax: 17364 Tax Year: 2024 Spec Assessment & Type: none known Zoning: B-3A

Remarks Misc

Directions: US-131 to Spring Street to Parking lot into Southwoods Bar & Grill.

Additional Details

Total Parking Spaces: 64

Waterfront Options

Water Access Y/N: No

Business Opportunity

# Full Time Employees: 25 # Part Time Employees: 20 Business Description: Restaurant Gross Sales 1 Year ($): 2808773 Real Estate Value ($): 1120000

Property Features

Property Use: Business Uses: Restaurant Ownership: Partnership Business Includes: Equipment; Furniture; Real Estate Construction Type: Frame/Wood Exterior Material: Brick; Vinyl Siding Roofing: Composition Foundation: Brick/Mortar Below Grade: Basement Additional Features: Bath Common Area; Fire Sprinkler Sewer: Public Sewer Water: Public Water Utilities Attached: Electricity Connected; Natural Gas Connected; Phone Connected Util Avail at St: Cable Available; Electricity Available; Natural Gas Available; Phone Available Heat Source: Natural Gas Heat Type: Forced Air Air Conditioning: Central Air Driveway: Asphalt Street Type: Paved Purchase Terms Avail: Cash; Conventional Docs Req Conf Agrmnt: Appraisals; Demographics; Financials Sale Conditions: None Possession: Negotiable
Listing Office: Century 21 White House Realty
Listing Agent: Tom Garner
Last Updated: March - 18 - 2025
1007 Spring Street, Petoskey, MI 49770- MLS# 24046771
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