12386 Felch StHolland, MI 49424

Property Details for 12386 Felch St

Year built

1989

Lot size

5.96 AC

Property size (Sq ft)

80,542 SF

Zone code

C-2

Property type

Outlet malls

APN

70-16-16-400-047

APU

701616400047

Description

This exceptional investment opportunity presents a 80,280 square foot storefront property in Holland, Michigan, fully occupied by a credit-rated Hobby Lobby under a Net Lease (NN+) agreement. The property boasts a strong 7.25% cap rate and a substantial remaining lease term of 9.8 years, extending to August 31, 2034. The lease includes rent bumps of $0.50 per square foot every five years, ensuring consistent income growth. The asking price is $5,520,662, translating to a price per square foot of $68.77. Located at 12386 Felch St, Holland, MI 49424, this asset benefits from its prime location off US Highway 31, a major thoroughfare in western Michigan. The property is situated in a thriving retail area, near other major retailers including Lowe's, Walmart, and Meijer, ensuring high visibility and foot traffic. The building features a new roof installed in 2017, and the landlord is responsible for roof and structural maintenance. The property's strong tenant, long lease term, and favorable location make it an attractive investment for discerning buyers seeking stable, high-yielding returns. The Net Operating Income (NOI) currently stands at $400,248. This is a multi-tenant property, though the provided information only details the Hobby Lobby lease.

• CAP approach

  CAP return

  Valuation

  6%

  $21,624,324

  6.5%

  $19,960,914

  7%

  $18,535,134

• Comparable approach

  Method

  Valuation

  Relative Method

  $26,436,300

  Geo Method

  $26,436,300

• Alternative Use

  Use

  Valuation

  Residential

  $16,837,778

  Hospitality

  $15,423,314

  Educational

  $12,832,016

  Medical

  $13,273,329

  Retail

  $19,960,914

Location Insight

City

Holland

County

Ottawa

State

Michigan

Latitude

42.8184

Longitude

-86.0882

CBSA code

24340

CBSA name

GRAND RAPIDS-WYOMING, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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