Renovated Restaurant
For Sale
Contact for pricing
Pending
101 Telegraph Rd, Waterford, MI 48328
Turnkey restaurant with recent modern renovation in high-traffic location.
Property Size1,400 SF
Days on Market190
Property Features for 101 Telegraph Rd
General Information
Standard status
Pending
Size
1,400 SF
Class
B
Property subtype
Retail
Zoning
C-2
Investment Type
Owner/User
Building Details
Year Built
1985
Year Renovated
2023
Buildings
1
Stories
1
Listing Agency:
TDG Commercial
Listed By:
Brock Bean · License #462328
Source:
Crexi
Added: Feb 11
Changed: Aug 8
Last Checked: Aug 18 at 11:37PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of TDG Commercial
Investment Insights
Based on property information with market context.
This 1,400 square foot building presents an opportunity for an owner-user or investor. It is located at the gateway between Waterford and Pontiac in a high-traffic area. The property is a second-generation restaurant that underwent a modern, comprehensive renovation in 2022/2023. Currently operating as a Lefty’s Cheesesteaks, the property features infrastructure including hoods, grease traps, and walk-ins.
Key Highlights
- High‑traffic location at the Waterford/Pontiac gateway
- Turnkey second‑generation restaurant, ready for immediate operation
- Modern, comprehensive renovation completed in 2022/2023**
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$21,138
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.30%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$422,760
$422.8K
Cap Rate 7%
$301,971
$302.0K
Cap Rate 9%
$234,867
$234.9K
Market Conditions
NOI Build-Up for 1,400 SF
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.
Gross rent
$30.2K $21.60/SF
− Vacancy
−$2.1K −$1.47/SF
EGI
$28.2K $20.13/SF
− OpEx
−$7.0K −$5.03/SF
NOI
$21.1K $15.10/SF
Area
Oakland County, MI
Vacancy
6.80%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$422,760
Cap Rate 7%
$301,971
Cap Rate 9%
$234,867
Alternative Uses
Best Use
Specialty Retail
$302.0K
$264.2K – $352.3K
NOI $21,138 @ 7.0% cap · market cap 5.30%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
640
Businesses Nearby
71k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 47%
Dining 24%
Superstores 12%
Apparel 10%
Taco Bell
Dining
9,768 visits/mo
0.1 miles
Big Lots
Superstores
8,732 visits/mo
0.4 miles
Dollar Tree
Shops & Services
8,238 visits/mo
0.4 miles
BP
Shops & Services
7,937 visits/mo
0.1 miles
Arby's
Dining
7,157 visits/mo
0.1 miles
Demographics for 48328, MI
24,178
Population
11,938
Households
2
Avg Household Size
43
Median Age
27%
College-Educated
93%
High-School Grad
8.9 sq mi
ZIP Area
2,717
Density / Sq Mi
$69,788
Median Household Income
$42,084
Median Earnings
$1,041
Median Rent
$210,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turnkey restaurant with recent modern renovation in high-traffic location.
Where is this conventional restaurant located?
The property is located at 101 Telegraph Rd Waterford, MI.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: High‑traffic location at the Waterford/Pontiac gateway; Turnkey second‑generation restaurant, ready for immediate operation; Modern, comprehensive renovation completed in 2022/2023**
