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    Established Restaurant with Outdoor Patios Title is generated by Realmo AI

    11191 Telegraph, Erie, MI 48133

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    Claim this Listing
    For Sale
    $895,000

    Business - Erie, MI

    Type:Business
    Property size:
    5,076 SF
    Lot size:
    5.67 Acres
    Price / SF:
    $176/SF
    Added:
    Oct 31, 2024
    Days on Market:
    563
    Last Refresh:
    May 16 at 10:06 pm

    Property Features for 11191 Telegraph

    General Information

    Property type
    Commercial Sale
    Property subtype
    Business
    Parking features
    Parking Lot
    Patio and Porch features
    Patio, Deck
    Interior features
    Ceramic Floor, Reception Area, Restroom(s), Wood Floors
    Exterior features
    Deck/Patio
    Standard status
    Active
    APN
    05-005-010-00
    Size
    5,076 SF
    Lot size
    5.67 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    10232

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1998
    Flooring type
    Wood
    Building materials
    Stucco
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Steve Hudkins
    Steve Hudkins

    Listing agent Steve Hudkins License #6502110924

    Listing office Berkshire Hathaway Home Service Kee Realty 824 S. Monroe St, Monroe, MI

    Listing date Oct 31, 2024

    MLS# 50160015 Listing URL

    Copyright © 2026 Southeastern Border Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Long‑running, successful Mexican restaurant with established clientele.
    • Turn‑key ready, price includes equipment and fixtures.
    • Two outdoor patios overlooking private settings.
    • All licenses included.
    • Building has additional potential.
    • Includes parking lot.

    Overview

    This is a long-running, successful Mexican restaurant with an established clientele. The turn-key ready price includes equipment and fixtures. The 5,076 square foot building has additional potential, featuring two outdoor patios overlooking private settings. All licenses are included. The property is located in Erie, Michigan, in Monroe County, and has a lot size of 5.67 acres. The property is suitable for restaurants, retail, and turn-key restaurant businesses.

    Financial Insights

    Value Estimation Calculated for Specialty Retail

    Conservative
    $549.4K
    NOI $49,442 @ 9.00% cap · cautious / downside scenario
    Moderate
    $706.3K
    NOI $49,442 @ 7.00% cap · market / base-case scenario
    Aggressive
    $988.8K
    NOI $49,442 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.
         Calculated for Specialty Retail

    Component $ $/SF
    Gross rent $71.3k $14.04
    − Vacancy −$5.3k −$1.05
    EGI $65.9k $12.99
    − OpEx −$16.5k −$3.25
    NOI $49.4k $9.74
    5,076 SF · lease $14.04/SF/yr · vacancy 7.50% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Specialty Retail
    $706.3K
    $618.0K – $824.0K (±1% cap)
    NOI $49,442 @ 7.0% cap · market cap 5.52%
    Second Best
    Retail
    $696.7K
    $609.6K – $812.8K (±1% cap)
    NOI $48,768 @ 7.0% cap · market cap 5.45%
    Theoretical Best
    Warehouse
    $5.24M
    $4.58M – $6.11M (±1% cap)
    NOI $366,467 @ 7.0% cap · market cap 40.95%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    La Fiesta Restaurant Restaurant

    Suggested Use

    Restaurant Real Estate Agency Kitchen & Bath Showroom Plumbing Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Erie
    County
    Monroe
    State
    Michigan
    Longitude
    -83.49378
    Latitude
    41.82062

    Nearby Similar for Sale

    • $64,900

      Four-Unit Brick Property For Sale

      Four-unit brick property in prime location between Monroe and Toledo.
      10625 Telegraph Rd, ErieTownship_Monroe, MI 48133
      View Details
    • $125,000
      1,160 SF

      Downtown Erie Office Building

      Well-maintained office building ideal for medical or service business.
      9785 S DIXIE Highway, Erie Township, MI 48133
      View Details
    • $895,000
      5,076 SF

      Established Restaurant with Outdoor Patios

      Turn-key Mexican restaurant with licenses and outdoor seating.
      11191 Telegraph, Erie, MI 48133
      View Details

    FAQs

    What type of property is this?
    Restaurant - Turn-key Mexican restaurant with potential and outdoor space for sale.
    Where is this restaurant located?
    The property is located at 11191 Telegraph Erie, MI.
    What is the asking price?
    The asking price for this property is $895,000.
    What are key features of this property?
    This property features: Long‑running, successful Mexican restaurant with established clientele.; Turn‑key ready, price includes equipment and fixtures.; **Two outdoor patios overlooking private settings.**
    (734) 735-4780
    We can help!
    Listing Contact
    Steve Hudkins
    Steve Hudkins
    Real Estate License ID: 6502110924
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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