200 14 Mile RdTroy, MI 48083

Property Details for 200 14 Mile Rd

Year built

1965

Lot size

6.55 AC

Property size (Sq ft)

91,086 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a 91,086 square foot, single-tenant At Home retail property located at 200 W 14 Mile Rd, Troy, MI 48083. The property boasts a strong 8.50% cap rate and a substantial net operating income (NOI) of $625,000. Secured by a corporate guarantee, the 10-year net lease with At Home commenced November 29, 2017, and includes three 5-year renewal options with 4.8% rent bumps upon option exercise. Built in 1965 and renovated in 2017, this big box retail space sits on a 6.55-acre lot and enjoys 100% occupancy since July 1, 2021. The property benefits from its prime location adjacent to the Oakland Mall, attracting approximately 4.7 million visitors annually, and serves a highly affluent demographic with an average household income exceeding $109,000 within a 5-mile radius, encompassing 296,000 residents. The asking price is $7,353,000, offering investors a compelling opportunity for long-term passive income and significant appreciation potential. The property is less than 14 miles from downtown Detroit, a city ranked highly for economic growth. This investment provides over three years of remaining lease term, minimizing landlord responsibilities and maximizing return.

Location Insight

City

Troy

County

Oakland

State

Michigan

Latitude

42.5359

Longitude

-83.1081

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