66942 Gratiot Ave, Richmond, MI 48062
- Auto shops
- 1,680 SF
- 0.65 lot acres
Current Use by Public Records
- Auto shops
Property Details for 66942 Gratiot Ave
- Year built
- 1955
- Lot size
- 0.65 lot acres
- Zone code
- B-3
- Property type
- Auto shops
- APN
- 07-06-12-227-003
- APU
- 70612227003
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Mar 27, 2026 | — | Goldengoals LLC | Wm Limited Partnership 1998 | Deed | $1.3M · First Technology Federal Cu |
| Feb 11, 2026 | — | Wm Limited Partnership 1998 | — | Deed · related | — |
| Apr 19, 2024 | — | Wm Limited Partnership 1998 | K -jay INC | Warranty Deed | — |
| Oct 24, 2002 | $400,000 | K-jay INC | Sunoco INC | Warranty Deed | — |
| — | — | K-jay INC | — | Deed Of Trust · related | $500k · Peoples Bk |
Description
This exceptional investment opportunity presents a fee-simple, 2,045 square foot Wendy's restaurant located in Richmond, Michigan. Built in 2024, this property boasts a 20-year lease (expiring August 31, 2044) with a highly-rated franchisee, Meritage Hospitality Group, one of the largest Wendy's franchisees in the country. The property is an outparcel to a Kroger-anchored shopping center, benefiting from significant traffic counts exceeding 28,000 cars daily at the intersection of Gratiot Ave and 31 Mile Rd. Situated on a 0.56-acre lot, this location enjoys high visibility and proximity to numerous other major retailers, including Tractor Supply, Jimmy John's, CVS, and more. The property features a strong Net Operating Income (NOI) of $144,000, resulting in a 5.60% cap rate. The lease is an absolute NNN (triple net) lease, meaning the tenant is responsible for all property expenses, offering investors minimal landlord responsibilities. Annual rent increases are tied to the CPI (with a 1.50% maximum), providing inflation protection. The lease includes six, five-year options, ensuring long-term income stability. The average household income within a 3-mile radius exceeds $87,000, indicating a strong and affluent market. This is a prime retail location with consistent customer flow, making it an ideal investment for passive income seekers. The property's parcel number is 07-06-12-227-003.
Value Estimations
-
AI approach
-
CAP approach
-
Comparable approach
-
Alternative Use
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Richmond
- County
- Macomb
- State
- Michigan
- Longitude
- -82.7362
- Latitude
- 42.7941
- CBSA code
- 19820
- CBSA name
- DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
