Single-Tenant Net Lease Investment

Retail-Commercial for Sale
Catylist Listing ID: 30163825
Building Size (RSF): 73,400 SF
Gross Building Area: See Agent
Gross Land Area: 2.23 Acres
Sale Price: $13,107,143
Unit Price: $178.57 PSF
Property Use Type: Investment
Sale Terms: Other
Cap Rate: 7.0%
Last Updated: 11/13/2018

Overview / Comments

The subject offering is a 20-year, single-tenant absolute net lease retail showroom currently leased to Art Van Furniture, a leading Midwest furniture retailer and wholesaler. The asset is located in a strong retail corridor with ease of access to all of Metro Detroit, while being less than 20 minutes from Detroit Airport. Art Van Furniture has recently executed a 20-year, Absolute Net lease beginning in March of 2017. The lease rate is set at $12.50/SF with 2.00% annual increases. It is important to note that the 73,400 square foot building was designed for the tenant and has been diligently maintained. Given the building’s pristine condition, the long-term lease, creditworthiness of the tenant, and strong market conditions, the
asset has been listed for sale at a price of $13,107,143 with a 7.00% Cap Rate.

Additional Details

Nearest MSA: Detroit-Warren-Dearborn
County: Wayne
Submarket/Township: Dearborn
Tax ID/APN: 32-09-132-01-123
Property Located Between: Ford Road
Largest Nearby Street: Ford Rd. Btw M-39 & Greenfield Rd
Traffic/Vehicle Count: 67,910
Tenancy: Single Tenant
Total Number of Buildings: 1
Year Built: 1997
Exterior Description: Masonry
Parking Type: Surface

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 27,335 162,014 453,261
Median Age: 27.05 31.61 34.4
Households: 8,127 55,479 165,347
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