FOR SALE - Great Lakes Ace Hardware - 10yr lease back

Retail-Commercial for Sale
Catylist Listing ID: 30295904
Property Subtypes: Mixed Use
Building Size (RSF): 26,200 SF
Gross Building Area: See Agent
Sale Price: $1,906,000
Unit Price: $72.75 PSF
Property Use Type: Investment, Business
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 3/11/2019

Overview / Comments

Description
Price: $ 1,906,000

NOI: $162,004

Cap Rate: 8.5%

Building Size: 26,200 SF

Price PSF: $73

Land Size: 2.2 Acres

Year Built: 1973

Term: 10 Year Great Lakes Ace Hardware

Sale Lease-Back

Guarantor: Aco Inc. (48 unit operator)

Tenants: Great Lakes Ace Hardware, Fortney Eyecare and Hammurabi Coffee Shop

Location
• 1st time on the market

• Ace Hardware, predecessor to Great Lakes Ace Hardware, built the shopping center in 1973

• Great Lakes Ace Hardware will enter into a 10 year NNN lease at closing

• Aco Inc., which is the guarantor, owns and operates 48 Great Lakes Ace Hardware stores

• Great Lakes Ace Hardware will replace its 4 HVAC units, if required, prior to closing and maintain responsibility

• Fortney Eyecare has been a tenant since 1983 and has 5 locations in Metro Detroit

• Asphalt BUR roofing system. Installed in 1998

• Renovated pylon sign on 13 Mile Rd

• 111 parking spaces

• Zoned C1 – Local Business District

• Closest Home Depot is 2.5 miles from the property

• Closest Lowe’s is 2.5 miles from the property

• Daytime population is 149,511 people within 3 miles of the property

• Extremely dense area with 102,710 people within 3 miles of the property

• Average household income within a 3 mile radius of the property is $62,719

• Located on the southwest quadrant of 13 Mile Rd and Ryan Rd in Warren, MI

• Cross-access with the adjacent shopping center and the curb cuts on Ryan Rd

Additional Details

Nearest MSA: Detroit-Warren-Dearborn
County: Macomb
Submarket/Township: Macomb West
Tax ID/APN: Unknown

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 14,285 127,494 395,885
Median Age: 42.78 40.68 39.31
Households: 5,513 52,895 162,635
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