422 Center StNorthville, MI 48167

Property Details for 422 Center St

Year built

1974

Lot size

0.22 AC

Property size (Sq ft)

2,558 SF

Zone code

PBO

Property type

Medical offices

Property subtype

Medical centers

APN

48 001 04 0647 000

APU

48001040647000

Description

This exceptional investment opportunity presents a portfolio of two Class A medical office buildings totaling 18,300 square feet, strategically located in the thriving communities of Northville and South Lyon, Michigan. The portfolio boasts a strong 94% occupancy rate, generating a substantial net operating income (NOI) of $254,835 and an attractive 8.22% capitalization rate. One building, situated at 422 N Center St in Northville, is a single-tenant, stabilized property fully occupied by a strong regional medical office operator. This building offers excellent visibility with road-front signage and benefits from its location in a highly desirable area of Michigan, close to Ascension Providence Hospital - Novi. The second building, located at 12660 10 Mile Rd in South Lyon, is a multi-tenant property with 80% occupancy, featuring two national healthcare providers as tenants. This newer construction building is impeccably maintained and enjoys high-end curb appeal and prominent road-front signage. It also benefits from its proximity to major hospitals within a 15-mile radius. The portfolio includes a total of 58 parking spaces and sits on approximately 1.22 acres of land. Both buildings are two stories and feature a mix of square footage ranging from 4,500 to 13,800 square feet. Leases are NNN, with a current lease commencement date of December 2, 2021, and expiration date of December 2, 2026, leaving a remaining lease term of two years. The permitted zoning is OS

• CAP approach

  CAP return

  Valuation

  6%

  $437,899

  6.5%

  $404,214

  7%

  $375,342

• Comparable approach

  Method

  Valuation

  Relative Method

  $239,275

  Geo Method

  $239,275

• Alternative Use

  Use

  Valuation

  Residential

  $501,226

  Hospitality

  $459,120

  Educational

  $381,982

  Medical

  $395,119

  Retail

  $594,195

Location Insight

City

Northville

County

Wayne

State

Michigan

Latitude

42.4353

Longitude

-83.4829

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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