Absolute NNN Ground Lease Investment Opportunity

Vacant Land for Sale
Catylist Listing ID: 30582900
Gross Land Area: 1.07 Acres
Sale Price: $1,704,000
Unit Price: $1,592,523 Per Acre
Sale Terms: Cash to Seller
Cap Rate: 5.5%
Last Updated: 4/7/2020

Overview / Comments

The lease is a 40 year ground lease with two 10 year options.
The commencement date was October 1, 2004.
The current lease rate is $7810.70 per month ($93,728.40 per year).
The ground lease is being offered at a 5.5% capitalization rate.
There is a CPI adjustment every five years. The lease is in the second year of the last CPI adjustment.
The ground lease is an absolute triple-net lease.
The (tenant) is Campus Village Apartments a student apartment and parking ramp complex.
The state equalized value is $3,998,000 (2019).

Additional Details

Nearest MSA: Lansing-East Lansing
County: Ingham
Taxing Authority: East Lansing
Tax ID/APN: 33-20-01-13-300-001
Zoning: B-2
Property Visibility: Excellent
Legal Description: 33-20-01-13-300-001
Largest Nearby Street: Harrison Road
Feet of Frontage: 350
Airports: Lansing, MI
Area Description: Multiple commercial and office developments walking distance to MSU campus.
Lot Frontage: 350
Lot Depth: 133
Zoning Description: B-2 Business / Commercial
Topography: Level
Available Utilities: Electric, Water, Gas, Sewer, Storm Drain, Cable, Internet Access
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 20,588 107,503 204,453
Median Age: 26.22 29.9 32.74
Households: 5,777 40,630 81,887


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