0000 Gratiot AveEastpointe, MI 48021

Property Details for 0000 Gratiot Ave

Year built

1990

Property size (Sq ft)

1,300 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a dual-franchise restaurant, Papa Romano's Pizza & Mr. Pita, ideally situated on high-traffic Gratiot Avenue in Eastpointe, Michigan. Established for over seven years, this turnkey operation boasts consistent annual gross revenue of approximately $300,000, offering diverse menu options catering to a wide customer base. The 1,300 square foot, single-story building, constructed in 1990 and renovated in 2023, operates under a gross lease with a fixed monthly rate of $3,300 (including triple net expenses) until January 1, 2028, with renewal options available. The sale includes $75,000 worth of existing inventory and four experienced employees. The franchisor provides comprehensive training (up to 200 hours) ensuring a smooth transition for the new owner. The business currently shows a 23% cap rate with a Net Operating Income (NOI) of $79,999, and a pro-forma cap rate of 28% with a pro-forma NOI of $79,999, indicating significant growth potential. The asking price is $80,000, with seller financing options available, including a land contract at 7% interest with a $50,000 down payment. This presents a low-risk investment with high potential for return in a prime commercial location with a strong existing customer base. The property is zoned for commercial use.

Location Insight

City

Eastpointe

County

Macomb

State

Michigan

Latitude

42.464

Longitude

-82.9589

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