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

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

• 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

View FullscreenMap

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
© Copyright 2001-2019 Catylist. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Commercial Property Information Exchange (CPIX) nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.