$1,295,000
Sault Ste Marie, MI 49783
MLS# 25-585
9254 sqft
1 / 73
Property 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.....
Details
Maps
Contract Information
Current Price: $1,295,000
List Date: 2025-06-19
List Price: $1,295,000
Status: Active
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 Size: .16 Acres
Lot Dimensions: 64 x 104 x irregular
What's Included: Real Estate, Equip, Liqour Lic
Duplicate: No
Directions and Remarks
Directions: On the corner of River Street and Portage Avenue.
Hot Sheet Comment: new
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
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
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 Office: KW Northern Michigan Properties
Listing Agent: Leah Jackson
Last Updated: November - 13 - 2025
Information deemed reliable but not guaranteed.