Commercial,Real Estate Only - Detroit, MI
Cap rate 7.38%. Long term original tenant in place since 1990 over 25 years. Building has original 20 year lease with four 5-yr options with rent bumps. Tenant exercised two options early giving new owner a total of approx. 9.5 years from closing evidencing tenants commitment to this location. The Nearest Rite Aid is approx. 3.04 mi away and Walgreens is approximately 3.07 miles away. Recently exercised 2 extensions early for total of 9.5 years remaining. High density Detroit MSA with population of 440,000 + within 5 miles. Signalized hard corner location with high traffic counts. Extra parking lot space is included in this offering which maybe buildable for another approximately 6000 sf building. NOTE: Property is net leased (NN) with landlord responsible for structure. *Tenant responsible to maintain roof, utilities, maintenance, & property taxes. See offering memorandum and lease for details.
Would you like more information regarding this property?
Please call (248) 380-8800.
Data Provided by:
Realcomp Limited II