23351 Eureka RdTaylor, MI 48180

Property Details for 23351 Eureka Rd

Year built

1995

Lot size

4.50 AC

Property size (Sq ft)

42,684 SF

Zone code

B-2

Property type

Outlet malls

APN

60 090 01 0561 313

APU

60090010561313

Description

This exceptional investment opportunity presents a fee-simple, 42,467 square foot Big Lots convenience store and grocery store in Taylor, Michigan (48180). Located at 23351 Eureka Rd on a 196,180 square foot lot, this property boasts a 20-year absolute NNN lease with a corporate guarantee from Big Lots, Inc. (NYSE: BIG). The lease features a 100% occupancy rate and a 2% annual rent increase, ensuring consistent income growth. The current net operating income (NOI) stands at $279,100, yielding a 6.25% cap rate at an asking price of $4,465,601 ($105.15/sq ft). The property is offered as a 1031 exchange opportunity and is free and clear of financing. Situated in a high-traffic area with strong demographics (average household income exceeding $86,100 within three miles and $93,000 within five miles), this asset offers significant long-term value. The large lot size presents potential for future redevelopment or pad development, adding further value-add potential. This is a rare opportunity to acquire a well-located, high-performing retail property with a strong tenant and a secure lease structure.

• CAP approach

  CAP return

  Valuation

  6%

  $10,741,269

  6.5%

  $9,915,018

  7%

  $9,206,802

• Comparable approach

  Method

  Valuation

  Relative Method

  $10,061,507

  Geo Method

  $10,061,507

• Alternative Use

  Use

  Valuation

  Residential

  $8,363,688

  Hospitality

  $7,661,094

  Educational

  $6,373,940

  Medical

  $6,593,150

  Retail

  $9,915,018

Location Insight

City

Taylor

County

Wayne

State

Michigan

Latitude

42.195

Longitude

-83.2606

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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