23001-23005 Gratiot Ave - Storefront Retail/Residential FOR SALE


Eastpointe, MI 48021
$695,000 USD
248-359-0615
23001-23005 Gratiot Ave, Eastpointe, MI for Sale
$695,000 USD
Storefront Retail/Residential - FOR SALE
1/1
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23001-23005 Gratiot Ave
Eastpointe, MI 48021


HIGHLIGHTS

  • Mixed-use configuration combining retail frontage and residential units.
  • Newer roof and recently renovated apartments enhance long-term maintenance stability.
  • Highly visible location along Gratiot Avenue with daily traffic counts over 42,000 vehicles.
  • Total annual rental income of $100,260 across multiple existing tenants.
  • Convenient proximity to 8 Mile Road, 9 Mile Road, and I-94 for easy connectivity.
  • Situated in a populous Detroit-area market with strong household income metrics.

OVERVIEW

This investment opportunity at 23001-23005 Gratiot Avenue features a well-located mixed-use property in Eastpointe, Michigan. The building spans approximately 8,553 square feet on two levels, combining retail storefronts with recently updated residential apartments. The property benefits from a newer roof and renovated apartment interiors, reducing near-term capital expenditures for a buyer. With a total annual rental income of $100,260 from multiple occupied units, this asset provides stable returns and immediate cash flow potential. Its prominent frontage on Gratiot Avenue ensures high visibility and strong traffic counts, exceeding 42,000 vehicles per day. Nearby arterial roads, including 8 Mile and 9 Mile, connect to major thoroughfares and Interstate 94, allowing regional accessibility. The site offers 100-foot street frontage and is located in a densely populated trade area with median household incomes exceeding $59,000 within a one-mile radius. Offered at $695,000, this property represents a competitive price per square foot for investors seeking a versatile income-producing asset in an established Detroit metropolitan corridor.

FOR SALE DETAILS

PRICE

$695,000 USD

PRICE/SF

$81 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1956

SPRINKLERS

-

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.16 AC

LAND SF

6,970 SF

ZONING

DT

APN/PARCEL ID

02-14-30-379-031

ASK ABOUT THIS PROPERTY

Joe StackSignature AssociatesMore Info
248-359-0615

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Joe StackSignature AssociatesMore Info
248-359-0615

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.