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: 9/02/2025 Last Modified: 9/15/2025

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

Cross Streets: W. Sheridan Property Sub-Type: Business Opportunity Municipality: Petoskey City

Office/Contract Info

Auction or For Sale: For Sale List Price/SqFt: 322.58 Prop Avail for Lease?: No

General Property Info

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

Tax Info

Taxable Value: 329509 SEV: 546900 For Tax Year: 2024 Seller's Annual Property Tax: 17364 Tax Year: 2024 Homestead %: 0 Spec Assessment & Type: none known Zoning: B-3A Tax ID #: 52-19-06-300-086

Remarks & Misc

Public Remarks: 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. Legal: 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

Waterfront Options

Water Access Y/N: No

Additional Details

Total Parking Spaces: 64

Street Type

Paved: 1

Property Use

Business: 1

Utilities Attached

Electricity Connected: 1 Natural Gas Connected: 1 Phone Connected: 1

Sewer

Public Sewer: 1

Water

Public Water: 1

Uses

Restaurant: 1

Construction Type

Frame/Wood: 1

Exterior Material

Brick: 1 Vinyl Siding: 1

Roofing

Composition: 1

Heat Source

Natural Gas: 1

Sale Conditions

None: 1

Ownership

Partnership: 1

Below Grade

Basement: 1

Heat Type

Forced Air: 1

Air Conditioning

Central Air: 1

Business Includes

Equipment: 1 Furniture: 1 Real Estate: 1

Additional Features

Bath Common Area: 1 Fire Sprinkler: 1

Foundation

Brick/Mortar: 1

Util Avail at St

Cable Available: 1 Electricity Available: 1 Natural Gas Available: 1 Phone Available: 1

Driveway

Asphalt: 1

Docs Req Conf Agrmnt

Appraisals: 1 Demographics: 1 Financials: 1

Purchase Terms Avail

Cash: 1 Conventional: 1

Business Opportunity

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

Possession

Negotiable: 1

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

Remarks Misc

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

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
IDX
Last Updated: September - 15 - 2025
The data relating to real estate on this web site comes in part from the Internet Data Exchange program of the MLS of MICHRIC , and site contains live data. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.