1269 M-89 Hwy 47,561 SF Retail Building Otsego, MI 49078 $3,023,453 CAD ($63.57 CAD/SF) 9% Cap Rate
INVESTMENT HIGHLIGHTS
- LL Added Donation Drive-Thru Dropoff @ Tenant's Request.
- LL Replaced All 10 HVAC Units At Cost of $200k+.
- New 10 Year Lease Extension (No Options Remain).
EXECUTIVE SUMMARY
The Salvation Army has occupied this site for over 20 years successfully and recently requested a lease extension. In return for the recent lease extension agreement the landlord agreed, at landlords expense, to replace all 10 HVAC units, the red shingle facade, exterior lighting AND to add a critically needed donation drive-thru area on the west side of the building.
This Salvation Army Family Center Store is positioned on M-89, just one-half mile west of US-131, a major north-south highway that runs from Petoskey, Michigan to the Indiana Toll Rd. It is located in an area of dense retail and restaurants. Area retail include Walgreens, Aldi, Starbucks, Meijer, Home Depot, and Walmart. The ten mile population from the site is 54,956 while the five mile average household income is $75,883 per year, making this location ideal for a Salvation Army.
This Salvation Army Family Center Store is positioned on M-89, just one-half mile west of US-131, a major north-south highway that runs from Petoskey, Michigan to the Indiana Toll Rd. It is located in an area of dense retail and restaurants. Area retail include Walgreens, Aldi, Starbucks, Meijer, Home Depot, and Walmart. The ten mile population from the site is 54,956 while the five mile average household income is $75,883 per year, making this location ideal for a Salvation Army.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
47,561 SF
Building Class
C
Year Built
1930
Price
$3,023,453 CAD
Price Per SF
$63.57 CAD
Cap Rate
9%
NOI
$272,110 CAD
Tenancy
Single
Building Height
1 Story
Building FAR
0.30
Lot Size
3.61 AC
Zoning
R-2 - Residential/ Commercial
Parking
32 Spaces (0.88 Spaces per 1,000 SF Leased)
Frontage
227’ on Allegan St
AMENITIES
- Dedicated Turn Lane
- Signage
- Signalized Intersection
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $763,788 CAD | |
| Land Assessment | $124,712 CAD | Total Assessment | $888,500 CAD |
