831 Highview DrWebberville, MI 48892

Property Details for 831 Highview Dr

Year built

2021

Lot size

1.00 AC

Property size (Sq ft)

3,192 SF

Property type

Retail space

APN

33-43-08-10-400-041

APU

33430810400041

Description

This exceptional investment opportunity presents a fee-simple interest in a thriving 3,192-square-foot cannabis dispensary in Webberville, Michigan. The property, built in 2021, is a single-story, freestanding retail building situated on a 1.01-acre lot. Currently operating under a 10-year absolute NNN lease (commencing October 1, 2021, and expiring September 30, 2031), approximately 6.9 years remain on the base term. The lease includes two 5-year renewal options, ensuring long-term stability. Annual rent escalations of 2.25% provide a hedge against inflation and boost future cash flow. The property boasts a strong net operating income (NOI) of $176,390, resulting in a compelling 9.97% cap rate. The asking price is $1,769,323, translating to $554.30 per square foot. The tenant, a best-in-class operator, maintains 100% occupancy, providing immediate and consistent returns. The property's location in Ingham County, near I-96 and an ALDI distribution facility, contributes to its strong market position within a top U.S. cannabis market. This is a rare opportunity to acquire a high-performing, low-risk, net-leased asset in a rapidly growing industry. The property is zoned commercial and features a single unit. All landlord responsibilities are covered by the tenant under the terms of the absolute NNN lease.

• CAP approach

  CAP return

  Valuation

  6%

  $803,255

  6.5%

  $741,466

  7%

  $688,504

• Comparable approach

  Method

  Valuation

  Relative Method

  $752,421

  Geo Method

  $752,421

• Alternative Use

  Use

  Valuation

  Residential

  $625,454

  Hospitality

  $572,913

  Educational

  $476,657

  Medical

  $493,050

  Retail

  $741,466

Location Insight

City

Webberville

County

Ingham

State

Michigan

Latitude

42.6593

Longitude

-84.192

CBSA code

29620

CBSA name

LANSING-EAST LANSING, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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