51057 Milano DrMacomb, MI 48042

Property Details for 51057 Milano Dr

Year built

1993

Lot size

1.37 AC

Property size (Sq ft)

6,683 SF

Zone code

C4

Property type

Commercial real estate

APN

20-08-18-451-006

APU

200818451006

Description

This exceptional investment opportunity presents a fee-simple interest in a 5,186 square foot WhiteWater Express Car Wash located in Macomb, Michigan. Built in 1993 and renovated in 2022, this single-unit car wash boasts a 20-year absolute NNN lease commencing December 31, 2021, and expiring December 31, 2041, with four 5-year renewal options. The lease includes a corporate guarantee and 1% annual rent increases, providing excellent protection against inflation. The property sits on a 1.37-acre lot with exceptional visibility at the northeast corner of Milano Drive and 23 Mile Road, a major thoroughfare with over 27,400 vehicles daily. Surrounded by nationally recognized retailers, this location benefits from high traffic and strong demographics, including a 5-mile population exceeding 192,000 and an average household income of $104,000+. The property's current NOI is $255,025, representing a 6.00% cap rate and a price per square foot of $819.59. The asking price is $4,250,417, offering a compelling return on investment. The absolute NNN lease structure minimizes landlord responsibilities, making this an ideal hands-off investment. The tenant is responsible for all taxes, insurance, and maintenance, including the roof, structure, and parking lot. This offering provides significant bonus depreciation opportunities.

• Alternative Use

  Use

  Valuation

  Residential

  $1,590,977

  Hospitality

  $1,457,326

  Educational

  $1,212,478

  Medical

  $1,254,177

  Retail

  $1,886,078

Location Insight

City

Macomb

County

Macomb

State

Michigan

Latitude

42.6717

Longitude

-82.9671

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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