Investment Opportunity - Auto Value Expanding

Retail-Commercial for Sale
Sale Pending/Contingent
Catylist Listing ID: 30762044
Property Subtypes: Retail-Pad, Street Retail
Status: Pending/Contingent
Building Size (RSF): 8,000 SF
Gross Land Area: 1.43 Acres
Sale Price: $675,000
Unit Price: $84.38 PSF
Property Use Type: Investment
Usable Size (USF): 8,000 SF
Sale Terms: Cash to Seller
Cap Rate: 7.1%
Average Occupancy Rate: 100
Last Updated: 11/26/2021

Overview / Comments

NAI Wisinski is pleased to present this 8,000 SF investment building for sale, located in Lake City, Michigan. Auto Value has been doing business in Lake City for 15 years and is expanding into this building with a brand new (7) year NNN Lease. Landlord responsibilities are limited. Numerous capital expenditures and improvements are underway prior to occupancy. Tenant is strong and has been invested in the Lake City community for over a decade. Their performance has allowed them to grow, leading to this expansion. They have positioned themselves to have a presence in Lake City for years to come.

Additional Details

Nearest MSA: Cadillac
County: Missaukee
Taxing Authority: Lake Township
Tax ID/APN: 009-013-001-00
Retail Clientele: General, Family, Business, Traveler, Tourist
Property Visibility: Excellent
Traffic/Vehicle Count: 10,433
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 8,000 SF
Property Condition: Good
Year Built: 2002
Zoning Description: B-1 Business Commercial
Legal Description: SEC 13 T22N R8W BEG AT NE COR OF NE 1/4 TH N 87 DEG 43' 57"W 308.05 FT, S 00 DEG 31'30"W 209.56 FT, S 88 DEG 44'49"E 305.77 FT, N 01 DEG 07'43"E 204.09 FT TO POB. 1.46A.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,117 2,034 7,759
Median Age: 44.48 47.4 43.63
Households: 471 891 3,113
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