Catylist ID: #30582900
Absolute NNN Ground Lease Investment Opportunity
Vacant Land for Sale
|Catylist Listing ID:||30582900|
|Gross Land Area:||1.07 Acres|
|Unit Price:||$1,592,523 Per Acre|
|Sale Terms:||Cash to Seller|
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).
|Nearest MSA:||Lansing-East Lansing|
|Taxing Authority:||East Lansing|
|Largest Nearby Street:||Harrison Road|
|Feet of Frontage:||350|
|Area Description:||Multiple commercial and office developments walking distance to MSU campus.|
|Zoning Description:||B-2 Business / Commercial|
|Available Utilities:||Electric, Water, Gas, Sewer, Storm Drain, Cable, Internet Access|
|Proximity:||1 mile||3 miles||5 miles|
Jim CasterCaster & Associates CPIX Member
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