16006 Southfield RdAllen Park, MI 48101

Property Details for 16006 Southfield Rd

Year built

1948

Lot size

0.53 AC

Property size (Sq ft)

4,400 SF

Zone code

C 5

Property type

Bars

Property subtype

Pubs

APN

30 008 02 0088 000

APU

30008020088000

Description

This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 600-square-foot Caribou Coffee located at 16006 Southfield Rd, Allen Park, MI 48101. The property sits on a 0.53-acre lot and boasts a 15-year absolute NNN ground lease with two, five-year renewal options, significantly reducing landlord responsibilities. Rent increases by 10% every five years, ensuring consistent income growth. The property benefits from a prime location, less than half a mile from I-75, within a high-density area exceeding 298,000 residents within a five-mile radius and an average household income over $70,000 within three miles. The median home value within five miles surpasses $125,000, supporting strong consumer demand. Built in 2023, this single-story building currently enjoys 100% occupancy, generating a substantial net operating income (NOI) of $80,000 and a 6.00% cap rate. The asking price is $1,333,333, translating to $2,222.22 per square foot. The tenant has a one-time lease termination right after the 10th year if gross sales don't exceed $750,000. This presents a secure, passive income stream with a nationally recognized brand in a thriving market. The property's high traffic count (over 47,000 vehicles per day) further enhances its investment appeal.

• CAP approach

  CAP return

  Valuation

  6%

  $1,019,530

  6.5%

  $941,102

  7%

  $873,881

• Comparable approach

  Method

  Valuation

  Relative Method

  $428,039

  Geo Method

  $428,039

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $1,804,610

  Mixed-Use / Specialty

  $950,125

  Hospitality / Lodging

  $713,192

  Office

  $957,373

  Institutional / Educational

  $992,171

  Residential Income

  $1,160,840

  Multifamily

  $1,323,630

  Automotive / Energy

  $850,432

  Parking / Income-Based Land

  $281,245

  Restaurant / Food Service

  $520,584

  Healthcare / Senior Housing

  $961,642

Location Insight

City

Allen Park

County

Wayne

State

Michigan

Latitude

42.2609

Longitude

-83.2107

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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