22661 Gratiot Ave Eastpointe, MI 48021
- Commercial real estate
- 1,300 SF
Current Use by Public Records
- Papa Romano's Pizza & Mr. Pita / Pizza Delivery / Pizza Restaurant
Property Details for 22661 Gratiot Ave
- Year built
- 2000
- Property size
- 1,300 SF
- Property type
- Commercial real estate
Description
This established dual-franchise Papa Romano's Pizza & Mr. Pita in Eastpointe, MI, offers a compelling investment opportunity. Located on busy Gratiot Avenue, this turnkey operation boasts consistent annual gross revenue of $300,000 and a strong 23% cap rate (pro-forma 28%). The 1,300 square foot space, built in 2000 and renovated in 2023, is situated in a Class A building with ample parking (500 spaces). The current lease, a gross lease, runs through January 1, 2025, with renewal options available. The sale includes $75,000 in inventory and four trained employees. Seller financing is available with a $50,000 down payment and a land contract at 7% interest. The business has a Net Operating Income (NOI) of $80,000 (pro-forma $100,000). This presents a rare chance to acquire a profitable, established business with significant growth potential in a high-traffic location. The franchise has been operating successfully for over seven years, providing a proven track record and a strong foundation for continued success. The included training from the franchisor will ensure a smooth transition for the new owner. This is a truly exceptional opportunity for an owner-user seeking a high-return investment with significant upside. The business is zoned for commercial use and offers a stable, predictable income stream with the potential for revenue expansion through various marketing and operational strategies. The current occupancy is 100%.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Eastpointe
- County
- Macomb
- State
- Michigan
- Longitude
- -82.9595
- Latitude
- 42.4643
