Westland, Michigan, a city located about 18 miles west of downtown Detroit, offers a unique opportunity for investors to purchase restaurants for sale. With its diverse population and growing economy, Westland is an attractive location for businesses, including restaurants. Restaurants in Westland can represent a variety of investments, from casual eateries to fine dining establishments, and can cater to a range of tastes and preferences. The city's amenities, such as the Westland Public Library and numerous parks, including Hines Park, make it an attractive location for residents and visitors alike. Additionally, Westland's proximity to major transportation facilities, including the Detroit Metropolitan Wayne County Airport, makes it easily accessible. The city's economy is driven by major industries such as manufacturing, retail, and healthcare, with notable employers like Ford Motor Company and Beaumont Hospital - Wayne. With its rich history, cultural events, and natural beauty, Westland is a great place to invest in a restaurant.
Currently, there are 13 restaurants for sale in Westland, offering a range of options for investors. The average price per square foot for these restaurants is $217 USD, with an average size of 5,102 square feet. The largest restaurant available is 15,732 square feet. In addition to restaurants, Westland also offers other investment opportunities, including apartment buildings, shopping centers, specialty properties, and hotels. For example, apartment buildings in Westland offer a range of options for investors, from small complexes to larger developments. Shopping centers, such as the Westland Shopping Center, provide a hub for retail activity and can be a great investment opportunity. Specialty properties, like the former Eloise psychiatric hospital, offer unique investment opportunities. Hotels in Westland can cater to the city's growing tourism industry, with attractions like the Westland Blues, Brews & Barbecue and the Westland Concerts in the Park series. With its diverse economy and range of investment opportunities, Westland is a great place to invest in a restaurant or other property type.
What is the average cost per square foot for a restaurant in Westland?
As of now, there are 13 available listings of restaurants for sale in Westland, and the average cost per square foot for a restaurant in this area is $217 USD, with an average size of 5,102 square feet and a largest size of 15,732 square feet, making it an attractive option for investors and entrepreneurs looking to establish a presence in this city.
What factors determine the value of a restaurant for sale in Westland?
When evaluating the value of a restaurant for sale in Westland, several key factors come into play, including:
- Location, with proximity to major roads like Ford Road, Warren Road, and Wayne Road, as well as the Westland Shopping Center, being highly desirable;
- The restaurant's size, with an average size of 5,102 square feet and a largest size of 15,732 square feet, affecting its capacity and potential revenue;
- The restaurant's financial performance, including its average price per square foot of $217 USD and average cap rate of 7.31%, which can impact its overall value and attractiveness to potential buyers.
