For Sale
$1,044,444

3431 Joy RdDetroit, MI 48206

High-yield retail investment. Strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional retail investment opportunity presents a 12,198 square foot Dollar General store in Detroit, Michigan. Boasting a 9.00% cap rate and a substantial net operating income (NOI) of $94,000, this property offers a compelling return on investment. The building, situated on a 0.81-acre lot with 60 parking spaces, underwent a complete "retrofit to suit" renovation in 2022, leaving only the exterior walls and trusses from the original 1954 construction. The property benefits from a double net (NN) lease with Dollar General, the nation's largest discount retailer, featuring approximately 17.5 years remaining until lease expiration, plus four five-year renewal options with built-in rental increases. The property is zoned B4 and features a low rent per square foot, significantly below replacement cost. This strong credit asset is located in a densely populated area with favorable demographics for dollar stores, making it an ideal addition to any investment portfolio. The property's history as a supermarket from 1974 to 2020 further underscores its enduring appeal as a community shopping mainstay. The asking price is $1,044,444, with a price per square foot of $96.33. The property's address is 3431 Joy Rd, Detroit, MI 48206, and its APN is W12I002705C16.

Highlights

  • Brand new, fully renovated building (exterior walls and trusses excluded).
  • Double-net lease with approximately 7.5 years remaining, plus four 5-year renewal options.
  • Tenanted by Dollar General, an S&P 500 company.
  • Rent increases every five years, including option periods.
  • 12,198 square-foot building on a 0.81-acre lot, previously a supermarket.
  • Offered at below replacement cost with strong credit tenant and low rent per square foot.

Property Details for 3431 Joy Rd

Property type
Lifestyle centers, Power centers
Square Feet
12,198 SF
Year Built/Renovated
1954/2022
Lot Size (sq. ft)
35,284 SF

Location Insight

City
Detroit
County
Wayne
State
Michigan
Latitude
42.37069756
Longitude
-83.11608421
3431 Joy Rd, Detroit, Michigan

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3431 Joy Rd
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