$375,000
$399,900
6.2%For more information regarding the value of a property, please contact us for a free consultation.
51 W FOREST AVE Detroit, MI 48201
3,570 SqFt
Key Details
Sold Price $375,000
Property Type Commercial
Sub Type Business Opportunity
Listing Status Sold
Purchase Type For Sale
Square Footage 3,570 sqft
Price per Sqft $105
Subdivision Stimsons Sub Of Park Lots 55 Thru 58 (Plats)
MLS Listing ID 216057070
Year Built 2010
Lot Size 7,405 Sqft
Property Description
Mid City Grill restaurant business with current lease for sale located in the heart of thriving Midtown Detroit. Wayne State campus area. 3500 sqft. Brand new top of the line build out with new equipment. Owner completed build out from an empty shell and put well over $600,000 into this build out. Great quality.
Biggest incentive in this sale is the lease. Lease transfers with the sale of business. Tenant is currently paying only $15.00 spft. This is a gross lease. No triple net. Total monthly lease is $4425.00. Owner secured this lease in 2011, with a lease start date of 2014. Going lease rate in midtown today is $25-$30 sq ft. Huge savings.
Lease details are as follows- 10 yr lease, with two 10 year options. Lease begins at $15.00 sqft and maxes out at only $17.67 sqft in year 10. The two 10 yr options have only a 2% rent increase each year for the following 20 years.
There is no liquor license, but liquor license is allowed and stated on the lease. Seats 130 people.
Location
State MI
County Wayne
Area Det Woodward-Mcclellan/So Mack
Zoning Commercial
Interior
Heating Forced Air
Exterior
Pool No
Waterfront no
Building
Foundation Crawl, Slab
Sewer Sewer at Street
Water Municipal Water
Structure Type Brick
Schools
School District Detroit
Others
Acceptable Financing Gross Lease
Listing Terms Gross Lease
Special Listing Condition Full Service
Read Less
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
©2024 Realcomp II Ltd. Shareholders
GET MORE INFORMATION
- Homes For Sale in Novi, MI
- Homes For Sale in Ann Arbor, MI
- Homes For Sale in Northville, MI
- Homes For Sale in Plymouth, MI
- Homes For Sale in Canton, MI
- Homes For Sale in South Lyon, MI
- Homes For Sale in Ypsilanti, MI
- Homes For Sale In Brighton, MI
- Homes For Sale In Howell, MI
- Homes For Sale In Dexter, MI
- Homes For Sale In Saline, MI
- Homes For Sale In Hartland, MI