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22661 Gratiot

Eastpointe, MI 48021
  • $120,000
  • STATUS: Active
  • ON SITE: 127 Days
  • MLS #: 20240075296
UPDATED: 38 min ago
$120,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 1,300
    SQFT
  • $92
    $/SQFT
Neighborhood:
Type:
Commercial
County:

School Ratings & Info

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.

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[MiRealSource] logo ©2025 MiRealSource (Michigan Multiple Listing Service). All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or The BRAND Real Estate. The information provided hereby constitutes proprietary information of MiRealSource, Inc. and its shareholders, affiliates and licensees and may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, scanning or any information storage and retrieval system, without written permission from MiRealSource, Inc. Data last updated: 2025-02-10T17:54:06.133.
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22661 Gratiot Eastpointe, MI 48021

  • Price: $120,000
  • Status: Active
  • On Site: 127 Days
  • Updated: 38 min ago
  • MLS #: 20240075296
0
Beds
0
Baths
0
½ Baths
N/A
Acres
1,300
SQFT
$92
$/SQFT
Neighborhood:
Eastpointe (50026)
County:
Macomb
Area:
Eastpointe (50026)
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.
Exterior Features

Exterior Construction Brick Foundation Type Slab Frontage 400 Roads Paved Street Waterfront YN No

Interior Features

Basement YN No Commercial Features 220 Volt Power3 Phase Power Heating System Forced Air

Property Features

Assessments Amount 0 Business Type RetailService Commercial Type Commercial/Industrial Financial Terms CashConventionalExchange/Trade Lease YN Yes Municipality Eastpointe Occupant Kapil Roy Ownership Private SEV 0 Sewer Septic Public Sanitary Subject To Short Sale Approval No Summer Tax Amount 0 Taxable Value 0 Water Public Water Winter Tax Amount 0 Zoning Commercial

Listing courtesy of Brookstone, Realtors LLC : 248-963-0505.

Source MLS: MiRealSource
Originating MLS: Realcomp

[MiRealSource] logoProvided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource. The information published and disseminated by the Originating MLS is communicated verbatim, without change by the Originating MLS, as filed with it by its members. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.


[MiRealSource] logo ©2025 MiRealSource (Michigan Multiple Listing Service). All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or The BRAND Real Estate. The information provided hereby constitutes proprietary information of MiRealSource, Inc. and its shareholders, affiliates and licensees and may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, scanning or any information storage and retrieval system, without written permission from MiRealSource, Inc. Data last updated: 2025-02-10T17:54:06.133.
 
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