106 Lafayette StSouth Lyon, MI 48178

Property Details for 106 Lafayette St

Year built

1966

Lot size

0.24 AC

Property size (Sq ft)

6,782 SF

Zone code

BI

Property type

Retail space

APN

80-21-30-228-014

APU

802130228014

Description

This exceptional 6,800 square foot retail storefront, located at 106 S Lafayette St in the heart of downtown South Lyon, Michigan (48178), presents a compelling investment opportunity. Priced at $1,400,000, the property boasts a strong current net operating income of approximately $88,000, projected to increase annually due to built-in rent escalations within the existing leases. The building is a two-tenant property with leases commencing October 2024, offering lease terms of five and eight years respectively, providing long-term stability for the investor. Recent comprehensive renovations have enhanced the property's value and functionality. These upgrades include a new roof, a modernized split electrical system, a new HVAC system, and the completion of all necessary city code improvements. The property benefits from its convenient location, with a city-owned parking lot directly adjacent, ensuring ample free parking for tenants and customers. This turnkey investment offers a blend of immediate income generation and long-term growth potential in a thriving downtown area. The property is classified as a NNN lease type.

Location Insight

City

South Lyon

County

Oakland

State

Michigan

Latitude

42.4603

Longitude

-83.6518

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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