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Keller Williams

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200 W Portage AVE, Sault Ste Marie, MI 49783

$995,000
Property Type: Commercial Square Footage: 9,254 Status: Active
Current Price: $995,000 List Date: 7/02/2025 Last Modified: 9/14/2026

Overview

Description

The iconic Palace Saloon, established in 1903 and located in the heart of downtown SSM, is now for sale! This well-established restaurant is known for its unbeatable atmosphere, long-standing reputation, and loyal customer base. Featuring a stunning original mahogany bar, cozy ambiance, and a full-service kitchen, the Palace serves up a beloved mix of Mexican and American cuisine — including time-honored recipes dating back over a century. Renowned for its chili con queso, expansive tequila bar, and oversized margaritas, this turn-key opportunity combines historic charm with strong financial potential. In addition to the thriving restaurant and bar, the property includes three updated rental units currently operating as Airbnb: a studio, a 1-bed, and a 3-bed apartment. A fourth space.....

Supplements: offers potential for conversion into another studio unit, creating even more income opportunity. Whether you're an investor or an owner-operator, this is a rare chance to take over a successful business with multiple revenue streams in one of Northern Michigan's most visited cities.

Listing Details MLS# 25-585

Contract Information

For Sale or Rent
Sale

Property Information

Type
Commercial Income
Realtor.com Type
Commercial
Present Use
Restaurant
Possible Use
Restaurant
Building SqFt
7501 & Up
Total SqFt.
9254
Lot Dimensions
64 x 104 x irregular
What's Included
Real Estate, Equip, Liqour Lic
Duplicate
No

Location Tax and Legal

Area
11 - Sault Ste. Marie (West)
Unit #/St #/Space #
200
Street Direction Pfx
W
Street Name
Portage
Street Suffix
AVE
State
MI
Zip Code
49783
County
CHIPPEWA
Tax ID
051-143-152-00 & 051-143-150-00

Directions and Remarks

Directions
On the corner of River Street and Portage Avenue.
Hot Sheet Comment
price

More Information

Property Features

Basement: Full Basement Exterior Finish: Stone Cooling: Central Air; Window Unit Extras: Employee; High Traffic Locatn; Kitchen Area; Laundry; Lounge/Bar; Living Quarters; Manager On-Site; Restaurant; Restroom; Security System Possession: Negotiable Road Surface: Black Top Roof: Flat Water: Public Showing Instructions: Appt. Only Terms: Cash; Conventional; In-house/Portfolio
Listing Office: KW Northern Michigan Properties
Listing Agent: Leah Jackson
Last Updated: September - 14 - 2026
Information deemed reliable but not guaranteed.