26890 Adell Ctr DrNovi, MI 48375

Property Details for 26890 Adell Ctr Dr

Year built

2020

Lot size

1.30 AC

Property size (Sq ft)

5,706 SF

Property type

Retail properties

Description

This exceptional investment opportunity presents a fee-simple ownership (land and building) of a 5,706 square foot Carvana dealership in Novi, Michigan. Boasting a 6.75% cap rate and a strong NOI of $619,207, this property offers significant returns. The absolute NNN lease with Carvana, a Fortune 500 company, extends to December 31, 2041, with four 5-year renewal options, ensuring long-term stability. The lease includes rent bumps, mitigating inflation risk. Situated on a 1.3-acre lot with 51 parking spaces, the property benefits from its prime location near Interstate 96 (152,000 VPD), Novi Road, West 12 Mile Road, and Grand River Avenue, ensuring high visibility and accessibility. The property's proximity to Twelve Oaks Mall (93rd percentile regional mall) and numerous national retailers, along with several nearby apartment complexes, creates a robust consumer base within a densely populated and affluent trade area. The property was built in 2020 and is zoned for general commercial use. This is a truly passive investment opportunity with zero landlord responsibilities, offering substantial returns and long-term growth potential. The property's APN is 50-22-15-478-008. The 5-mile trade area boasts over 166,000 residents and 125,000 daytime employees, with a significant portion exhibiting high household incomes.

Location Insight

City

Novi

County

Oakland

State

Michigan

Latitude

42.4859

Longitude

-83.4789

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