5213 Lk Michigan DrAllendale Charter Township, MI 49401

Property Details for 5213 Lk Michigan Dr

Lot size

0.99 AC

Property size (Sq ft)

7,744 SF

Property type

Retail space

APN

70-09-24-400-080

APU

700924400080

Description

This exceptional investment opportunity presents a single-tenant, net-leased O'Reilly Auto Parts storefront located in Allendale Charter Township, Michigan, within the Grand Rapids MSA. Built in 2018 as a build-to-suit, the 7,780 square foot property boasts a prime location on Lake Michigan Drive, a major thoroughfare with 28,000 vehicles per day. The property sits on a 0.98-acre lot and benefits from a long-term lease with O'Reilly Auto Parts, an investment-grade tenant (S&P: BBB), extending until November 20, 2038, with four 5-year renewal options. The lease includes attractive 6% rent bumps every five years, starting in year 11, ensuring consistent income growth. The property generates a strong NOI of $101,962, resulting in a 6.00% cap rate. The surrounding area is densely populated, with over 40,721 residents within a five-mile radius, boasting an average annual household income of $82,628. Proximity to Grand Valley State University (less than two miles away, with over 21,500 undergraduate students) further enhances the property's value and potential. Nearby businesses include True Value, Gerber Collision & Glass, McDonald's, Taco Bell, Goodwill, PNC Bank, and Napa Auto Parts, indicating a thriving commercial environment. This is a rare opportunity to acquire a high-performing, net-leased asset with a strong tenant and significant remaining lease term. The asking price is $1,699,366, translating to a price per square foot of $218.43.

Location Insight

City

Allendale

County

Ottawa

State

Michigan

Latitude

42.9729

Longitude

-85.9147

CBSA code

24340

CBSA name

GRAND RAPIDS-WYOMING, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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