124 Main StPerry, MI 48872

Property Details for 124 Main St

Property size (Sq ft)

3,036 SF

Property type

Office properties

Property subtype

Medical offices

Description

This exceptional investment opportunity presents a Class B, 3,036 square foot medical office building located at 124 N Main St, Perry, MI 48872. The property is currently leased to two tenants under a triple-net (NNN) lease structure, featuring a robust 9.09% pro-forma capitalization rate and a strong pro-forma net operating income (NOI) of $32,867. The building boasts a price per square foot of $119.05 and an asking price of $361,427. Leases include built-in rent bumps, providing consistent income growth. Tenants benefit from lease options ranging from 2 to 5 years. The property is not subject to a ground lease. The primary tenant is a subsidiary of a large, established eyecare company with over 200 locations across 13 states, providing stability and reduced risk. The property's location offers a competitive advantage, situated approximately 17 miles from the nearest competitor and within easy reach of major markets including Lansing, Flint, and Detroit. This presents a compelling investment opportunity in a recession-resistant industry with significant growth potential. The property's multi-tenant structure offers additional income potential. The optometry market is experiencing robust growth, projected to reach a valuation of $17.8 billion by 2027. This asset offers a compelling year-one return on investment.

Location Insight

City

Perry

County

Shiawassee

State

Michigan

Latitude

42.8257

Longitude

-84.2189

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