Remarks

Located at 102 N Main St, L’Anse, MI, 49946, The Village Gift Store is a charming & profitable gift shop with a coffee/smoothie bar & community lending library, nestled in the heart of downtown L’Anse. Established in 2019, this business enjoys a prime location with high visibility on Main Street, just steps away from the scenic Keweenaw Bay. The property includes 2,576 sq ft on the main floor, dedicated to retail space, a spacious basement with egress windows for potential future living space & a second floor with three 2-bedroom apartments with lake views. Built 1853, the building has been significantly renovated, including original hardwood floors, a new roof membrane (installed 8 years ago), new cabinets, countertops & new windows on the second story. The profitable business offers turn-key opportunity with all displays, shelving & real estate included in the asking price. The gift store has been open for 7 years this fall & draws customers from the entire U.P. as well as Wisconsin, Minnesota & Illinois. There are currently 38 independent artists who share the space through a unique business model that runs itself by using the artists to run the register. The only paid person who is the barista at the beverage counter. The inventory is provided by the artists who share the space, each paying $1 a day rent + 10% - 30% commission. This business model is so unique, it has been documented in a case study by Ferris State University as part of a curriculum teaching about low budget alternative business startups. The gift store was previously operated by the owners and their two daughters, indicating a smooth transition for new proprietors. The market sees a busy season through New Year's, a slight slowdown in early spring & heavy tourist traffic in Summer & Fall. There are significant growth opportunities, especially with the potential rental income from the apartments & the conversion possibilities for the basement. The gift store benefits from a walk-through connection to Café L’Anse, which the owners created as an extension of their business model. Customers flow freely between the businesses, grabbing a bite to eat in the cafe, wandering through the gift store to the beverage counter for a cappuccino & shopping while they wait for their drink. They often linger or meet with friends in the lending library/coffee lounge, which seats 36 people. The businesses are both for sale, and the owners will sell them together for $689,000. The owners are relocating, creating a unique opportunity for a new proprietor to take over this well-maintained & strategically located business. With its prime downtown location, proximity to Keweenaw Bay & the blend of historical charm & modern renovations, The Village Gift Store stands out as a rare & valuable investment. No outstanding debts or liabilities.

Details

MLS#: 50145456
Price: $399,000

Style: 1 to 4 Units,Historic
Sq Ft: 7828
Year Built: 1853

County: Baraga
Lot Size: 4125