15203 Holly RdHolly, MI 48442

Property Details for 15203 Holly Rd

Year built

1976

Lot size

0.37 AC

Property size (Sq ft)

2,477 SF

Property type

Retail space

APN

IH-01-27-151-007

APU

IH0127151007

Description

This 2,400 square foot retail center in Holly, Michigan, presents a compelling value-add investment opportunity. Located at 15203 N Holly Rd, 48442, on a 0.37-acre lot, this single-story, 1995-built property currently houses two tenants, with one space available for lease. The current occupancy is 50%, with a Net Operating Income (NOI) of $26,651 and a projected NOI of $55,326 after lease-up. The asking price is $614,000, representing a current cap rate of 4.34% and a pro-forma cap rate of 9.01%. The property features a gross lease structure with a remaining lease term of approximately 2.3 years (expiring 02/28/2027). The strong location on Holly Road, a main retail corridor, ensures high visibility and accessibility. The area boasts a thriving retail environment, surrounded by established national retailers such as Rite Aid, CVS, McDonald's, and more. Within a 5-mile radius, the population exceeds 29,950, and the average household income within 1 mile is over $90,000. One tenant, Little Caesars, has occupied their space for over 10 years. The vacant unit is ideal for a small shop and offers attractive lease terms. This property offers significant upside potential due to the 50% vacancy rate.

• CAP approach

  CAP return

  Valuation

  6%

  $623,328

  6.5%

  $575,380

  7%

  $534,281

• Comparable approach

  Method

  Valuation

  Relative Method

  $583,880

  Geo Method

  $583,880

• Alternative Use

  Use

  Valuation

  Residential

  $485,354

  Hospitality

  $444,582

  Educational

  $369,887

  Medical

  $382,608

  Retail

  $575,380

Location Insight

City

Holly

County

Oakland

State

Michigan

Latitude

42.8072

Longitude

-83.6278

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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