870 28th St SE - Freestanding FOR SALE


Wyoming, MI 49509
$2,969,000 USD
248-688-0631
870 28th St SE, Wyoming, MI for Sale
$2,969,000 USD
Freestanding - FOR SALE
1/10
null | 6.4% Cap Rate

870 28th St SE
Wyoming, MI 49509


HIGHLIGHTS

  • Over 9 Years Remaining | Rare Annual Rental Increases | Corporate Signed Lease | Well-Known & Established Brand
  • Outparcel to Rogers Plaza Town Center (407K+ SF) | Dense Retail Trade Area | Major Neighboring GM MFG. Plant
  • Absolute NNN | Fee Simple Ownership | Zero Landlord Responsibilities
  • Near Signalized, Hard Corner Intersection | Centralized Location | Excellent Visibility & Access
  • Direct Residential Consumer Base | Strong Demographics in 5-Mile Trade Area

OVERVIEW

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN, corporate signed, freestanding Goodwill investment property located in Wyoming, MI (Grand Rapids MSA). The tenant, Goodwill Industries of Greater Grand Rapids, Inc., has over 9 years of firm term remaining with an additional 2 (5-year) option periods left to extend. The lease features 2% annual rental increases throughout the initial term, growing NOI and hedging against inflation. The lease is absolute NNN and is signed by the corporate entity, making this an ideal, management-free investment opportunity for a passive investor. Founded in 1902, Goodwill operates one of the largest social enterprises in North America, offering affordable goods, providing job training programs, and providing a variety of community-based services. Goodwill is strategically located near the signalized, hard corner intersection of 28th Street SW and Clyde Park Avenue SW, averaging a combined 44,900 vehicles passing by daily. The property also benefits from direct access onto U.S. Highway 131 (116,000 VPD), making it a centralized location with easy commutes. Goodwill is strategically located within a dense retail trade area and lies as an outparcel to Rogers Plaza Town Center, a 407K+ SF Community Center anchored by Harbor Freight, Ross Dress for Less, and AutoZone. The additional surrounding national/credit tenants include ALDI, Wendy’s, Once Upon A Child, O’Reilly Auto Parts, Bank of America, and others. The property is also one mile southeast of GM-Components Holdings, a 1.8M SF manufacturing plant for General Motors. The strong national and regional tenant presence drives a steady stream of loyal, local consumers to the area, promoting crossover exposure and contributing to the local economy. Furthermore, the property is near numerous single-family communities and multi-family complexes including Pinery Park (125 units), Swiss Valley (231 units), HoM Flats at 28 West (386 units), and others, providing a direct residential consumer base. The 5-mile trade area is supported by over 284,900 residents and 164,000 daytime employees, with a healthy average household income of $90,710.

FOR SALE DETAILS

PRICE

$2,969,000 USD

PRICE/SF

$200 USD /SF

CAP RATE

6.4%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2013

SPRINKLERS

-

PARKING SPACES

94

LAND DETAILS

LAND ACRES

2.17 AC

LAND SF

94,525 SF

ZONING

FBC-CE

APN/PARCEL ID

41-17-14-201-017

ASK ABOUT THIS PROPERTY

Frank RogersSRS Real Estate PartnersMore Info
248-688-0631

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Frank RogersSRS Real Estate PartnersMore Info
248-688-0631

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.