$ 120,000
22661 GRATIOT Avenue Eastpointe, MI 48021
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In-PersonVirtual Tour
$ 120,000
Est. payment /mo
Active
22661 GRATIOT Avenue Eastpointe, MI 48021
1,300 SqFt
UPDATED:
11/11/2024 01:55 PM
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