0000 Gratiot Ave Eastpointe, MI 48021

Property Details for 0000 Gratiot Ave

Year built

1990

Property size

1,300 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a dual-franchise restaurant, Papa Romano's Pizza & Mr. Pita, ideally situated on high-traffic Gratiot Avenue in Eastpointe, Michigan. Established for over seven years, this turnkey operation boasts consistent annual gross revenue of approximately $300,000, offering diverse menu options catering to a wide customer base. The 1,300 square foot, single-story building, constructed in 1990 and renovated in 2023, operates under a gross lease with a fixed monthly rate of $3,300 (including triple net expenses) until January 1, 2028, with renewal options available. The sale includes $75,000 worth of existing inventory and four experienced employees. The franchisor provides comprehensive training (up to 200 hours) ensuring a smooth transition for the new owner. The business currently shows a 23% cap rate with a Net Operating Income (NOI) of $79,999, and a pro-forma cap rate of 28% with a pro-forma NOI of $79,999, indicating significant growth potential. The asking price is $80,000, with seller financing options available, including a land contract at 7% interest with a $50,000 down payment. This presents a low-risk investment with high potential for return in a prime commercial location with a strong existing customer base. The property is zoned for commercial use.