Eastpointe, MI 48021,22661 GRATIOT Avenue
Eastpointe, MI 48021,22661 GRATIOT Avenue
Eastpointe, MI 48021,22661 GRATIOT Avenue
Eastpointe, MI 48021,22661 GRATIOT Avenue
Eastpointe, MI 48021,22661 GRATIOT Avenue
Eastpointe, MI 48021,22661 GRATIOT Avenue
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 120,000
Est. payment | /mo

1,300 SqFt


Save
$ 120,000
Est. payment | /mo
Save

1,300 SqFt

Key Details

Property Type Commercial

Sub Type Business

Listing Status Active

Purchase Type For Sale

Square Footage 1,300 sqft

Price per Sqft $92

Municipality Eastpointe City

Subdivision Eastpointe City

MLS Listing ID 20240075296

Originating Board Realcomp

Year Built 2000

Property Description

This established dual franchise of Papa Romano's Pizza & Mr. Pita, located on the bustling Gratiot Avenue in Eastpointe, MI, has been serving the local community for over 30 years. Offering a diverse menu of pizzas and pita wraps, this business has built a solid reputation with a loyal customer base and generates consistent revenue. The gross annual income for both 2022 and 2023 was approximately $300,000, with 2024 year-to-date earnings already reaching $218,000, expected to match prior years by year-end. Operating costs, including a 10% royalty fee, account for 80% of gross income, yielding an estimated EBITDA of $60,000 and a Net Operating Income (NOI) of $20,400 per year.The business includes a $75,000 inventory and a franchise transfer fee of 10% of net sales, with an initial franchise fee of $4,000. The new owner will benefit from 200 hours of local training, ensuring a smooth transition. The business operates with 4 experienced employees, all willing to remain under new ownership, providing continuity for day-to-day operations.The lease is fixed at $3,300 per month, including triple net (NNN) expenses, and is locked in until 2029, offering stable and predictable operating costs. The landlord is open to renewing the lease with qualified tenants, and the current owner is willing to act as a guarantor to provide additional security. Additionally, the buyer will have the first right of refusal on the existing lease.This business presents a unique opportunity for a buyer looking to invest in a well-established dual-brand franchise. With a $120,000 asking price, a $50,000 down payment, and seller financing available via a land contract at 7% interest, it offers both financial flexibility and strong earning potential. Positioned in a high-traffic location with favorable lease terms and solid corporate support, this franchise is primed for continued success under new ownership.

Location

State MI

County Macomb

Area Macomb County - 50

Zoning Commercial

Direction Take Gratiot to 9 mile

Interior

Heating Forced Air

Exterior

Waterfront No

View Y/N No

Building

Building Description Brick, Security System

Foundation Slab

Sewer Public

Water Public

Structure Type Brick

Others

Tax ID 014908226613

Listed by Brookstone, Realtors LLC
Jeff Northouse

Agent | License ID: 6501236995

+1(616) 366-5240 | jeff42north@gmail.com

Learn More About LPT Realty

Name
Phone*
Message

By registering you agree to our Terms of Service & Privacy Policy. Consent is not a condition of buying a property, goods, or services.

Tour the Home

22661 GRATIOT Avenue