Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    66942 Gratiot Ave Richmond, MI 48062

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    New 20-year Wendy's sale-leaseback in prime retail location.

    Property size:
    2,045 SF
    Lot size:
    24,394.00 Acres

    Property Features for 66942 Gratiot Ave

    General Information

    Standard status
    Active
    Size
    2,045 SF
    Lot size
    24,394.00 Acres

    We can help!

    Listing Contact
    Ron Duong
    Ron Duong
    Source: Crexi

    Listing Agency: Marcus & Millichap - Orange County Listing Agent: Ron Duong

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    New Wendy's Sale-Leaseback Opportunity

    This is a brand new, 20-year Wendy’s sale-leaseback opportunity featuring a next-generation prototype store. It is an outparcel to a Kroger-anchored shopping center, situated in a prime retail location with high traffic. The property is located near the intersection of Gratiot Avenue and 31 Mile Road, where combined traffic counts exceed 28,000 cars per day. It is positioned in front of the only major grocery store within a 6-mile radius, ensuring a consistent flow of customers. The location is on the main retail corridor, in close proximity to several major retailers such as Tractor Supply, Jimmy John’s, T-Mobile, Great Clips, CVS, O’Reilly Auto Parts, Verizon, AT&T, Tropical Smoothie Café, Speedway, AutoZone, and PNC Bank. The surrounding area is affluent, with an average household income exceeding $87,000 within a 3-mile radius. The property size is 2,045 square feet and is suitable for drive-through restaurants, restaurants, retail space, and general commercial real estate purposes.
    Location Intelligence

    Current Use by Public Records

    Drive through restaurants

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Macomb
    State
    Michigan
    Longitude
    -82.735845
    Latitude
    42.794505

    Nearby Similar for Sale

    • $550,000
      4,662 SF

      Richmond Multi-Family Investment Opportunity

      Fully occupied five-unit property near Downtown Richmond.
      70190 Main St, Richmond, MI 48062
      View Details
    • $299,000
      25.41 Acres

      Richmond Vacant Land Opportunity

      25.41-acre parcel perfect for a horse ranch or hobby farm.
      00 Angling Rd, Richmond, MI 48062
      View Details
    • New
      $225,000
      Pending

      Four-Unit Multifamily Investment Opportunity

      Four units on Main Street in prime rental location.
      70550 Main St, Richmond, MI 48062
      View Details
    • $295,000
      2,050 SF

      Downtown Richmond Office Building

      Iconic office building with private parking in downtown Richmond.
      68385 Main St, Richmond, MI 48062
      View Details
    • $550,000

      Fully Occupied Multi-Family Investment

      Five-unit property near Downtown Richmond with recent updates.
      70190 Main St, Richmond, MI 48062
      View Details
    • $350,000
      2,500 SF

      Richmond Industrial Building - $350k

      Prime Richmond industrial space, high traffic area.
      35000 Division Rd, Richmond, MI 48062
      View Details
    • $925,999
      11,261 SF

      Downtown Richmond Meatpacking Business

      Thriving Meat Market & Retail Space
      68104 Main St, Richmond, MI 48062
      View Details
    • $269,999
      4,144 SF

      Richmond Industrial Building - Lease in Place

      Historic building, strong rental income, immediate return.
      68074 Main St, Richmond, MI 48062
      View Details
    • $295,000
      2,050 SF

      Richmond Industrial Property - $295K

      Iconic office building, ample parking, great location.
      68385 Main St, Richmond, MI 48062
      View Details
    • Contact for pricing
      Pending

      Four-Unit Multifamily Property on Main

      Four units in prime rental area near downtown shopping.
      70550 Main St, Richmond, MI 48062
      View Details
    • $1,200,000
      0.63 Acres

      Richmond Commercial Trio - Prime Location

      High-traffic Main Street, redevelopment potential.
      Main St, Richmond, MI 48062
      View Details
    • $1,200,000
      27,443 SF

      Richmond Main Street Trio

      High-traffic location, redevelopment potential
      68104-68074-680 Main, Richmond, MI 48062
      View Details

    FAQs

    What type of property is this?
    Drive through restaurant - New 20-year Wendy's sale-leaseback in prime retail location.
    Where is this drive through restaurant located?
    The property is located at 66942 Gratiot Ave Richmond, MI.
    What are key features of this property?
    This property features: - Brand new 20-year Wendy’s sale-leaseback; - Next gen prototype store outparcel to Kroger-anchored shopping center; - Prime retail location
    Request Owner's contact information
    66942 Gratiot Ave Richmond, MI 48062
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    66942 Gratiot Ave
    Richmond, MI 48062
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    66942 Gratiot Ave Richmond, MI 48062
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Ron Duong
    Ron Duong
    Real Estate License ID: 01438643
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!