200 W Portage AVE, Sault Ste Marie, MI 49783 (MLS# 25-585)

200 W Portage AVE, Sault Ste Marie, MI 49783

$1,295,000

Property Type: Commercial Square Footage: 9,254 Status: Active

Current Price: $1,295,000 List Date: 7/02/2025 Last Modified: 11/13/2025

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: new

Location, Tax and Legal

School District: Sault Ste Marie
Special Assessment: Unknown

Basement

Full Basement: Yes

More Information

Extras

Employee: Yes
High Traffic Locatn: Yes
Kitchen Area: Yes
Laundry: Yes
Lounge/Bar: Yes
Living Quarters: Yes
Manager On-Site: Yes
Restaurant: Yes
Restroom: Yes
Security System: Yes

Exterior Finish

Stone: Yes

Cooling

Central Air: Yes
Window Unit: Yes

Water

Public: Yes

Sewer

City: Yes

Possession

Negotiable: Yes

Road Surface

Black Top: Yes

Roof

Flat: Yes

Terms

Cash: Yes
In-house/Portfolio: Yes
Conventional: Yes

Showing Instructions

Appt. Only: Yes

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: November - 13 - 2025

Information deemed reliable but not guaranteed.

200 W Portage AVE, Sault Ste Marie, MI 49783 (MLS# 25-585)