24935 Gratiot Ave Eastpointe, MI 48024

Property Details for 24935 Gratiot Ave

Year built

1928

Lot size

0.30 lot acres

Property size

7,138 SF

Zone code

B-3

Property type

Retail space

APN

02-14-30-226-041

APU

21430226041

Description

This exceptional 7,138 square foot retail building, situated on a 0.3-acre lot in Eastpointe, Michigan, presents a compelling investment opportunity. Located at 24935 Gratiot Avenue, this property boasts a prime location with high visibility and traffic counts exceeding 40,000 vehicles daily. The building, constructed in 1928, features 59 parking spaces and benefits from its proximity to major expressways, I-94 and I-96. Currently leased to a prominent local banquet hall under a NNN lease with minimal landlord responsibilities, the tenant recently signed a five-year lease extending to November 30, 2029, with a built-in 3% annual rent increase and a five-year renewal option. The property's strong financial performance is reflected in its $58,000 net operating income (NOI), yielding an attractive 8% capitalization rate. The asking price is $730,000, translating to $102.82 per square foot. With a substantial 5-mile population exceeding 360,000, this investment offers exceptional potential for long-term growth and stable returns. The property's APN is 02-14-30-226-041. This is a rare opportunity to acquire a well-located, income-producing retail asset in a thriving market.