86 14 Mile RdTroy, MI 48083

Property Details for 86 14 Mile Rd

Lot size

1.67 AC

Property type

Commercial real estate

APN

88-20-35-400-041

APU

882035400041

Description

This exceptional investment opportunity presents a brand-new, 8,329-square-foot Longhorn Steakhouse located at 86 W 14 Mile Rd, Troy, MI 48083. Built in 2022, this single-tenant property boasts an absolute NNN lease with Darden Restaurants (NYSE: DRI), the world's largest full-service restaurant company. The lease commenced September 1, 2022, and includes a 5.75% cap rate and a strong NOI of $215,000. The asking price is $3,739,131, translating to $448.93 per square foot. This high-profile location is situated as an outlot to the Oakland Mall, a 1.5 million-square-foot shopping center anchored by major retailers like Macy's, JCPenney, and Dick's Sporting Goods. The property benefits from excellent visibility and accessibility, being directly on the corner of 14 Mile Road (43,300 vehicles per day) and John R Road (19,860 vehicles per day), with convenient access to I-75. The surrounding area features numerous other national retailers, ensuring high traffic and strong consumer demographics. The lease includes a 10% rent increase every five years, providing significant long-term value appreciation. This is a rare opportunity to acquire a newly constructed, high-performing restaurant property with a blue-chip tenant in a prime retail location.

• Alternative Use

  Use

  Valuation

  Residential

  $17,317,914

  Hospitality

  $15,863,116

  Educational

  $13,197,926

  Medical

  $13,651,823

  Retail

  $20,530,108

Location Insight

City

Troy

County

Oakland

State

Michigan

Latitude

42.5348

Longitude

-83.1078

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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