3431 Joy RdDetroit, MI 48206

Property Details for 3431 Joy Rd

Year built

1954

Lot size

0.81 AC

Property size (Sq ft)

12,112 SF

Zone code

B4

Property type

Retail properties

Property subtype

Grocery and convenience stores

APN

12002705-16

APU

1200270516

Description

This exceptional retail investment opportunity presents a 12,198 square foot Dollar General store in Detroit, Michigan. Boasting a 9.00% cap rate and a substantial net operating income (NOI) of $94,000, this property offers a compelling return on investment. The building, situated on a 0.81-acre lot with 60 parking spaces, underwent a complete "retrofit to suit" renovation in 2022, leaving only the exterior walls and trusses from the original 1954 construction. The property benefits from a double net (NN) lease with Dollar General, the nation's largest discount retailer, featuring approximately 17.5 years remaining until lease expiration, plus four five-year renewal options with built-in rental increases. The property is zoned B4 and features a low rent per square foot, significantly below replacement cost. This strong credit asset is located in a densely populated area with favorable demographics for dollar stores, making it an ideal addition to any investment portfolio. The property's history as a supermarket from 1974 to 2020 further underscores its enduring appeal as a community shopping mainstay. The asking price is $1,044,444, with a price per square foot of $96.33. The property's address is 3431 Joy Rd, Detroit, MI 48206, and its APN is W12I002705C16.

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.3705

Longitude

-83.1162

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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