Technical
Financial
Distress signals
Property profile

24850 Gratiot Ave Eastpointe, MI 48021

FOR SALE
Grocery and convenience stores
Property ID
US43-0737231
4,716 SF 0.11 ac lot Built 1947
Entity Owned 5-yr Hold Free & Clear
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Property summary

AI-generated overview

This exceptional retail property, located at 24850 Gratiot Avenue in Eastpointe, Michigan, presents a lucrative investment opportunity. Boasting 4,716 square feet of space on a 0.11-acre lot, this property is currently configured as an event hall leased to a tenant and includes a second-floor apartment. The building is zoned B3, allowing for a variety of commercial uses. The asking price is $465,000, translating to a price per square foot of $98.60. Ample parking is available with 15 spaces, and the property benefits from an easement providing shared parking lot access. Situated in Macomb County, Michigan, with a zip code of 48021, this location offers high visibility and accessibility on Gratiot Avenue. The property's current configuration and zoning provide flexibility for a range of potential uses, making it an attractive option for both investors and owner-operators seeking a high-traffic location in a thriving commercial area. The existing lease provides immediate income potential, while the second-floor apartment adds to the property's overall value and versatility. This is a rare opportunity to acquire a well-located, established commercial property in a desirable market.

Property profile

Verified
Property type Grocery and convenience stores
Use group GROCERY, SUPERMARKET
Year built 1947
Total area 4,716 SF
Lot 0.11 ac (4,617 SF)
Zoning code B-3
APN 02-14-30-230-001
UPID US43-0737231

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Hardware & Home Improvement General Contractor
  • Wedding Service

Location

24850 Gratiot Ave Eastpointe, MI 48021
Eastpointe metro Census 258100 DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
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Comparable Approach Comparable
by Request
Blend (final) Blend
$255k

Owner & transaction history

since 2020
Last sale
$230,000
3 recorded transactions
2020
Price N/A
2017
Price N/A
2010
$230,000

Zoning & alternative use

B-3 · Eastpointe, MI

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
More about this property
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