7 - Eleven 1040 W 9 Mile Rd 2,580 SF Retail Building Ferndale, MI 48220 $1,050,000 ($406.98/SF) 4.13% Cap Rate
INVESTMENT HIGHLIGHTS
- Huge Increase Rent Potential at Renewal Options with no cap on CPI
- Investment Credit Corporate Guarantee by 7-Eleven holding an “A” Credit Rating with a $29 Billion Market Cap
- Traffic Counts Exceed 36,000+ Cars Per Day & Located at Signalized Intersection of W 9 Mile Road & Pinecrest Road
- Absolute NNN Lease w/ no Landlord Obligations
- Low occupancy Cost & Low Rent to Sales Ratio
- Downtown Ferndale Street Neighborhood Retail Location w/ Over 360,000+ Population in a 5 Mile Radius
EXECUTIVE SUMMARY
Huge Increase Rent Potential at Renewal Options with no cap on CPI - Base CPI from 2019 minimum 21% increase plus Assuming a Conservative 2% annual CPI resulting in 34% Increase at next Renewal and 48% Increase in Last Renewal
Absolute NNN Lease w/ no Landlord Obligations
Investment Credit Corporate Guarantee by 7-Eleven holding an “A” Credit Rating with a $29 Billion Market Cap
Low occupancy Cost & Low Rent to Sales Ratio
Traffic Counts Exceed 36,000+ Cars Per Day & Located at Signalized Intersection of W 9 Mile Road & Pinecrest Road
Downtown Ferndale Street Neighborhood Retail Location w/ Over 360,000+ Population in a 5 Mile Radius
Long Term Occupancy Since 2009 and Recent Lease Renewal
Absolute NNN Lease w/ no Landlord Obligations
Investment Credit Corporate Guarantee by 7-Eleven holding an “A” Credit Rating with a $29 Billion Market Cap
Low occupancy Cost & Low Rent to Sales Ratio
Traffic Counts Exceed 36,000+ Cars Per Day & Located at Signalized Intersection of W 9 Mile Road & Pinecrest Road
Downtown Ferndale Street Neighborhood Retail Location w/ Over 360,000+ Population in a 5 Mile Radius
Long Term Occupancy Since 2009 and Recent Lease Renewal
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Convenience Store
Building Size
2,580 SF
Building Class
B
Year Built
1978
Price
$1,050,000
Price Per SF
$406.98
Cap Rate
4.13%
NOI
$43,365
Tenancy
Single
Building Height
1 Story
Building FAR
0.16
Lot Size
0.37 AC
Zoning
BI
Parking
17 Spaces (6.58 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Signage
Walk Score®
Very Walkable (86)
Bike Score®
Very Bikeable (81)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 25-28-479-004 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $276,800 |
