53069 Van Dyke Ave - Drug Store FOR SALE
Utica, MI 48316 |
$3,577,000 USD
248-702-0288
53069 Van Dyke Ave
Utica, MI 48316
HIGHLIGHTS
- Single Ownership Structure – No rent holiday; property consists of both the ground lease and sublease under common ownership
- Absolute NNN Lease – Zero landlord responsibilities; tenant covers property taxes, insurance, and all maintenance
- Replaceable Rent – Rent is at market levels, ensuring long-term stability and strong re-leasing potential.
- Long-Term Commitment – Recent 10-year lease extension with three (3) additional five-year option periods, each including 10% rent increases
- Corporate Guarantee – Lease backed by CVS Health (NYSE: CVS), an investment-grade tenant with a Standard & Poor’s credit rating of “BBB."
- High Quality Construction – High-quality all-brick building featuring retail on the first floor and storage on the second floor
FOR SALE DETAILS
PRICE
$3,577,000 USD
PRICE/SF
$234 USD /SF
CAP RATE
6.5%
% LEASED
-
TENANCY
Single
SALE TYPE
Investment
BUILDING DETAILS
PROPERTY NAME
CVS
PROPERTY TYPE
Retail
PROPERTY SUBTYPE
Drug Store
TOTAL BUILDING SIZE
-
STORIES
2
YEAR BUILT
2006
SPRINKLERS
-
PARKING SPACES
53
LAND DETAILS
LAND ACRES
1.6 AC
LAND SF
69,696 SF
ZONING
RETAIL 5K
APN/PARCEL ID
23-07-09-478-033
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248-702-0288
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248-702-0288
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