1551 Academy StFerndale, MI 48220

Property Details for 1551 Academy St

Year built

1970

Lot size

1.52 AC

Property size (Sq ft)

46,684 SF

Zone code

II

Property type

Industrial properties

Property subtype

Other warehouses

APN

24-25-35-126-021

APU

242535126021

Description

This exceptional investment opportunity presents a fee-simple interest in a 49,630-square-foot industrial distribution building located at 1551 Academy St, Ferndale, MI 48220. The property, built in 1985 and renovated in 2020, sits on a 1.52-acre lot and is currently 100% occupied by Gage, a prominent cannabis operator, under an absolute NNN lease with zero landlord responsibilities. The lease, commencing September 23, 2020, and expiring September 30, 2030, has a remaining term of approximately 5.9 years and includes two 10-year renewal options. The current annual net operating income (NOI) is $635,906, representing a 9.00% cap rate on the $7,065,622 asking price, or $142.37 per square foot. The lease features attractive 2.33% annual rent escalations, providing a hedge against inflation and increasing cash flow. This single-tenant property offers a passive investment with significant long-term value in a densely populated area, conveniently located 11 miles from downtown Detroit and with direct access to I-75. The property's APN is 25-35-126-021. This is a rare opportunity to acquire a high-performing, long-term net lease investment in a thriving market.

• Alternative Use

  Use

  Valuation

  Residential

  $11,113,747

  Hospitality

  $10,180,132

  Educational

  $8,469,750

  Medical

  $8,761,038

  Retail

  $13,175,167

Location Insight

City

Ferndale

County

Oakland

State

Michigan

Latitude

42.4588

Longitude

-83.1147

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].