1007 Spring Street Petoskey, MI $ 2,000,000
1007 Spring Street
$ 2,000,000
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1007 Spring Street

Petoskey, MI, 49770
$ 2,000,000
Baths4.0

Monthly Estimate*

$ 11,978

1007 Spring Street, Petoskey, MI 49770 - Image 1
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Studio

Commercial Property for sale in Petoskey, MI

for $2,000,000 with 4 full baths. This building was built in 1982 on a lot size of 1.21.

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. 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.

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Commercial Active

Price

$ 2,000,000

Bedrooms

Studio

Full Bath

4

Property Type

Commercial

Taxes

$ 17,364

Style

Business

Lot Size

1.21

Year Built

1982

Town/City

Petoskey

County/Region

Emmet

MLS | Web ID

24046771

Features
General
Sewer Public Sewer
Heating Forced Air
Cooling Central Air
Utilities Phone Available Natural Gas Available Electricity Available Cable Available Phone Connected Natural Gas Connected Electricity Connected
Possession Negotiable
Roof Composition
Construction Materials Vinyl Siding Brick
Year Built 1982
Township Petoskey City
Property SubType Business
Tax Year 2024
Business Type Restaurant
County Emmet
New Construction N
Property Type Commercial Sale
Building Features Bath Common Area Fire Sprinkler
Full Baths 4
Status Active
Directions US-131 to Spring Street to Parking lot into Southwoods Bar & Grill.
City Petoskey
High School District Petoskey
Zoning Description B-3A
NumberOfUnitsTotal 1
MLS Area West Central - W
Lot Size Units Acres
Lot Size Square Feet 52708.0
Waterfront Y/N N
Terms Conventional Cash
Land Lease Y/N N
Tax Annual Amount 17364.0
Lease Renewal Y/N N
MLS Area Minor West Central - W
Additional Parcels Y/N N
Lease Considered Y/N N
Rent Control Y/N N
Days on Market 14
Standard Status Active
Tax Assessed Value 329509
Ownership Type Partnership
Legal Description DIST:52 CITY/MUNI/TWP:CITY OF PETOSKEY SEC/TWN/RNG/MER:SEC 06 TWN 34N RNG 05W COM 2 RD N & 2 RD E OF SW COR OF E 1/2 OF
Senior Community None
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Exterior
Water Source Public
Total Parking 64.0
Inclusions Real Estate Furniture Equipment
Lot Size Area 1.21
Number of Buildings 1
Spa N
Building Area Total 6200.0
Lot Dimensions irreg
Lot Size Acres 1.21
Road Surface Type Paved
Crops Included Y/N N
Open Parking Y/N N
Horse Y/N N
Irrigation Water Rights Y/N N
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Interior
Total Stories 2
Basement (Y/N) Y
Air Conditioning Y/N Y
Heating Y/N Y
Electric On Property Y/N N
Total Baths 4
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Internal Only
Street Number 1 1007
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* Excluded Features
List By
Century 21 White House Realty

Broker

tgarner.c21@gmail.com

Email

Affordability Calculator

$13,425
Per Month
89%
11%
0%
Monthly Principal & Interest
$11,978
Monthly Property Taxes
$1,447
Monthly Home Insurance
--
Default based on a 30-year fixed rate of 5.99% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
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Nearby
4799279 Elementary School
4799278 Middle School
Unknown High School High School
Pricing History
DatePricePrice ChangeDescription
9/5/2024$2,000,000 Listed Price

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1007 Spring Street, Petoskey, MI, 49770 is a Commercial Property for sale at $2,000,000 with a lot size of 1.21. 1007 Spring Street is a studio with 4.0 baths and was built in 1982. The property's zip code is 49770 which is in Petoskey, MI