8900 Macomb StGrosse Ile Township, MI 48138
- Retail space
- 10,965 SF
Property Details for 8900 Macomb St
- Year built
- 2004
- Lot size
- 0.75 AC
- Property size (Sq ft)
- 10,965 SF
- Zone code
- MSD
- Property type
- Retail space
- APN
- 73 029 01 0037 301
- APU
- 73029010037301
Description
Exceptional investment opportunity: a fee-simple, 10,704 square-foot CVS Pharmacy in Grosse Ile Township, Michigan. This Class B, single-tenant net-lease property boasts a strong 6.25% cap rate and a substantial net operating income (NOI) of $149,856. Built in 2004, the property sits on a 0.75-acre lot with 30 parking spaces and features a 100% occupancy rate with a remaining lease term of 3.4 years. The property benefits from rent bumps and is situated in a highly desirable, affluent area known for its country clubs and marinas. The location offers a high barrier to entry due to strict zoning regulations, contributing to potential property appreciation. This is a rare opportunity to acquire a well-performing asset in a prime location with zero competition, priced below replacement cost. The property is zoned MSD and has a long history of pharmacy operation at this location. This NNN investment offers a secure and profitable addition to any portfolio. The asking price is $2,397,696.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $2,436,550
- 6.5%
- $2,249,130
- 7%
- $2,088,480
-
Comparable approach
- Method
- Valuation
- Relative Method
- $1,066,690
- Geo Method
- $1,066,690
-
Alternative Use
- Use
- Valuation
- Industrial / Distribution
- $4,585,570
- Mixed-Use / Specialty
- $2,160,470
- Hospitality / Lodging
- $1,480,080
- Office
- $2,063,650
- Institutional / Educational
- $2,217,200
- Residential Income
- $2,594,120
- Multifamily
- $3,558,290
- Automotive / Energy
- $1,900,460
- Parking / Income-Based Land
- $735,493
- Restaurant / Food Service
- $951,580
- Healthcare / Senior Housing
- $2,298,220
Location Insight
- City
- Grosse Ile
- County
- Wayne
- State
- Michigan
- Latitude
- 42.1309
- Longitude
- -83.1561
- CBSA code
- 19820
- CBSA name
- DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
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