For Sale
$3,915,000

3235 Owen Rd Fenton, MI 48430

Fenton, MI Grocery Store - $3.9M

Overview

Added:
Dec 11, 2024
Days on market:
133
This exceptional investment opportunity presents a newly constructed, 20,664-square-foot Aldi grocery store in Fenton, Michigan. The property boasts a 20-year ground lease (commencing January 1, 2024, and expiring January 1, 2044) with a prominent location on Owen Road (37,990+ vehicles per day) and direct access to US-23 (90,912+ vehicles per day). The building, constructed in 2024, is classified as Class A and benefits from a strong, affluent customer base of 45,625 residents with an average household income of $126,958. The lease includes rent bumps, providing a hedge against inflation. The 3.67-acre lot is zoned GBD (PUD). This single-tenant, net lease investment offers a 4.70% cap rate and is priced at $3,915,000 ($189.46/sq ft). The lease is backed by Aldi, Inc., a globally recognized grocery chain. This is a 1031 exchange eligible property. The property's prime visibility and connectivity, combined with the long-term lease and strong tenant, make this a compelling investment opportunity in the desirable Metro Detroit area.

Highlights

  • Aldi-anchored, best-in-class grocery tenant.
  • New 20-year ground lease with four, five-year renewal options and 10% rent escalations every five years.
  • High visibility location on Owen Road (37,990+ VPD) with convenient access to US-23 (70,600+ VPD) and shared access with Target.

Property Details for 3235 Owen Rd

Property type
Retail properties, Grocery and convenience stores
Square Feet
20,664 SF
Class
A
Year Built
2024
Lot Size (sq. ft)
159,865 SF

Location Insight

City
Fenton
County
Genesee
State
Michigan
Latitude
42.789684
Longitude
-83.732376

FAQs

What type of property is this?
Retail property - Fenton, MI Grocery Store - $3.9M
Where is the retail property located?
The property is located at 3235 Owen Rd Fenton, MI.
What is the asking price?
The asking price for this property is $3,915,000.
What are key features of this property?
This property features: Aldi-anchored, best-in-class grocery tenant.; New 20-year ground lease with four, five-year renewal options and 10% rent escalations every five years.; High visibility location on Owen Road (37,990+ VPD) with convenient access to US-23 (70,600+ VPD) and shared access with Target.
How can I contact the broker?
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3235 Owen Rd
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