24601 Capital BlvdClinton Township, MI 48036
- Flex space
- 80,160 SF
Property Details for 24601 Capital Blvd
- Year built
- 1995
- Lot size
- 3.84 AC
- Property size (Sq ft)
- 80,160 SF
- Zone code
- I-1
- Property type
- Flex space
- APN
- 16-11-01-276-018
- APU
- 161101276018
Description
This fee-simple industrial property in Clinton Township, Michigan, offers a compelling investment opportunity. The 80,160-square-foot building, constructed in 1995 and 2003, sits on a 3.836-acre lot and is zoned I-1 Light Industrial. Currently 100% occupied by Plast-O-Foam, a Tier I automotive supplier, under a Net Lease (NNN) agreement, the property boasts a strong 12.6-year remaining lease term with two five-year options. The lease includes annual 2% rent bumps, ensuring consistent income growth. The building features two stories, eight loading docks, four dock-high doors, and a 30-foot ceiling height. Plast-O-Foam, a long-term tenant since 2003, operates this location as its corporate headquarters, highlighting the property's mission-critical nature. The property enjoys a highly desirable location just off I-94, benefiting from significant daily traffic volume exceeding 78,000 vehicles. The current Net Operating Income (NOI) stands at $509,583, representing an attractive below-market rent. This passive investment opportunity presents minimal landlord responsibilities, making it an ideal addition to any portfolio. The property's strong tenant, long-term lease, and strategic location combine to create a secure and profitable investment. The property's APN is 16-11-01-276-018.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $35,616,400
- 6.5%
- $32,876,700
- 7%
- $30,528,400
-
Comparable approach
- Method
- Valuation
- Relative Method
- $11,997,100
- Geo Method
- $11,997,100
-
Alternative Use
- Use
- Valuation
- Retail / Commercial
- $17,145,200
- Mixed-Use / Specialty
- $17,309,600
- Hospitality / Lodging
- $12,993,100
- Office
- $17,441,600
- Institutional / Educational
- $18,075,600
- Residential Income
- $21,148,400
- Multifamily
- $24,114,100
- Automotive / Energy
- $15,493,300
- Parking / Income-Based Land
- $5,123,770
- Restaurant / Food Service
- $9,484,090
- Healthcare / Senior Housing
- $17,519,400
Location Insight
- City
- Clinton Township
- County
- Macomb
- State
- Michigan
- Latitude
- 42.6234
- Longitude
- -82.8587
- CBSA code
- 19820
- CBSA name
- DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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