Building Details

Building Size 3,452 SF

Year Built 1951

Listing Agency: Thomas A. Duke Company

Listed By: Andrew Battersby · License #6501384188 Show Phone

Source: Thomasduke

Added: May 7 Changed: Aug 26 Last Checked: Sep 2 at 4:34PM

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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 Thomas A. Duke Company

Investment Insights

Based on property information with market context.

This for-sale restaurant property includes 3,452 SF of operating restaurant space, with MIFF&E included in the sale. The business is currently operating, providing an established setup for a buyer taking over the premises.

The property is located at 23810 Woodward Ave in Pleasant Ridge, MI, with on-site parking plus a city lot adjacent to the site. Public remarks also reference heavy traffic counts in the area.

The sale offers an all-in package approach for an incoming operator, combining a functioning restaurant with included furnishings, fixtures, and equipment and parking to support day-to-day access for patrons and staff.

Key Highlights

• 3,452 SF restaurant for sale in Pleasant Ridge, MI
• Operating restaurant with MIFF&E included in the sale
• On‑site parking included

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

$52,120

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

3.73%

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%

$1,042,400 $1.0M

Cap Rate 7%

$744,571 $744.6K

Cap Rate 9%

$579,111 $579.1K

Market Conditions

NOI Build-Up for 3,452 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

$74.6K $21.60/SF

− Vacancy

−$5.1K −$1.47/SF

EGI

$69.5K $20.13/SF

− OpEx

−$17.4K −$5.03/SF

NOI

$52.1K $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%

$1,042,400

Cap Rate 7%

$744,571

Cap Rate 9%

$579,111

Alternative Uses

Best Use

Specialty Retail

$744.6K

$651.5K – $868.7K (±1% cap)

NOI $52,120 @ 7.0% cap · market cap 3.73%

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

Romolo Bar Romana Restaurant

Suggested Use

Top Pick Daycare Center HVAC Service (Bike/Boat/Book/etc) Store Garden Center Computer & Electronic Repair Food Market

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

816

Businesses Nearby

57k

Monthly Visits Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Dining 49% Shops & Services 41% Beauty & Spa 4% Electronics 3%

Pizza Hut Dining

13,458 visits/mo 0.4 miles

Jimmy John's Dining

9,851 visits/mo 0.4 miles

Sunoco Shops & Services

9,727 visits/mo 0.1 miles

The UPS Store Shops & Services

5,874 visits/mo 0.4 miles

Chipotle Mexican Grill Dining

4,566 visits/mo 0.4 miles

Demographics for 48069, MI

2,627

Population

1,201

Households

2.2

Avg Household Size

45

Median Age

80%

College-Educated

99%

High-School Grad

0.6 sq mi

ZIP Area

4,378

Density / Sq Mi

$161,058

Median Household Income

$96,679

Median Earnings

$1,795

Median Rent

$435,500

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this conventional restaurants located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - Operating restaurant for sale with included MIFF&E, on-site parking, and an adjacent city lot.

Where is this conventional restaurant located?

The property is located at 23810 Woodward Ave Pleasant Ridge, MI.

What is the asking price?

The asking price for this property is $1,399,000.

What are key features of this property?

This property features: 3,452 SF restaurant for sale in Pleasant Ridge, MI; Operating restaurant with MIFF&E included in the sale; On‑site parking included