3870 Elizabeth Lake RdWaterford, MI 48328

Property Details for 3870 Elizabeth Lake Rd

Year built

1971

Lot size

1.20 AC

Property size (Sq ft)

2,494 SF

Zone code

BI

Property type

Bars

Property subtype

Pubs

APN

W -13-26-153-024

APU

W1326153024

Description

This exceptional turnkey opportunity encompasses a 5,000 square foot, two-story building situated on a 1.2-acre lot in Waterford, Michigan. Built in 1971 and extensively renovated in 2021, this property boasts a single-tenant layout ideal for a restaurant or bar concept. The sale includes the real estate, the established business, and a valuable liquor license, offering a seamless transition for a new owner. The building features a walkout basement, providing ample storage and potential for expansion. With approximately 40 parking spaces and high visibility along Elizabeth Lake Road, this property benefits from a prime location in a thriving commercial area. The BI zoning allows for versatile business opportunities. This is a rare chance to acquire a well-established, profitable business with significant upside potential in a desirable market. The property's recent renovation ensures modern amenities and functionality, minimizing the need for immediate capital expenditures. The inclusion of the liquor license significantly enhances the value and potential profitability of this investment. This turnkey operation is ready for a new owner to step in and continue its success. The property's size, location, and included assets make it an attractive investment for experienced restaurateurs or savvy commercial investors seeking a high-return opportunity.

• CAP approach

  CAP return

  Valuation

  6%

  $627,606

  6.5%

  $579,328

  7%

  $537,948

• Comparable approach

  Method

  Valuation

  Relative Method

  $587,888

  Geo Method

  $587,888

• Alternative Use

  Use

  Valuation

  Residential

  $488,685

  Hospitality

  $447,633

  Educational

  $372,425

  Medical

  $385,234

  Retail

  $579,328

Location Insight

City

Waterford

County

Oakland

State

Michigan

Latitude

42.6395

Longitude

-83.3639

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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