100% Occupied Retail Strip | Hard Corner 3140-3184 12 Mile Rd
19,880 SF 100% Leased Retail Building Online Auction Sale Berkley, MI 48072
Investment Highlights
- 100% occupied retail strip center along 12 Mile Road.
- Multiple ingress/egress options to access parking lot.
- Affluent demographics – 16,250 people with a median household exceeding $97,450 within a 1-mile radius.
- Excellent visibility - positioned on a hard corner of signalized intersection.
- Recent extensions demonstrate a strong commitment to the location on behalf of the tenants.
- Convenient access to major thoroughfares including Woodward Ave, I-696, and I-75.
Executive Summary
The Property features excellent visibility off of a signalized intersection. The Property features street parking off 12 mile, but also has more parking behind the Asset, which is accessible from multiple ingress/egress options off Gardner Avenue and Griffith Avenue.
The Property’s location boasts an affluent demographic. Within a 1-mile radius of the Asset, there are 16,249 people with a median household income within a 1-mile radius of the Asset is $97,456, placing it above the national average. Within a 5-mile radius, the population grows to 310,884 with a median household income of $87,661.
The Asset is located along 12 Mile Rd in close proximity to major thoroughfare Woodward Avenue, which experiences over 60,400 vehicles per day (2023). Additionally, the Asset is located only a few miles from Interstate 696 and Interstate 75, providing for wider regional access.
The Property is located within the Royal Oak Retail Submarket (the “Submarket”), consisting of 1,817 buildings totaling 12.1 million square feet of retail.
The Submarket is performing well with a vacancy rate of 5.1%. This is in-line with the 10-year average of 5.2%, which shows the stability and consistency of the Submarket. Neighborhood centers have a 5.1% vacancy, power centers have a 1.7% vacancy, strip centers have an 8.8% vacancy, and general retail has a vacancy rate of 4/9% currently. As of Q4 2024, there is 9,300 square feet of retail under construction.
The market rents in the Royal Oak Submarket are $19.93/SF, changing year-over-year by 4%, compared to the 3% change across Detroit as a whole. The recent annual rental growth is strong compared to the 5-year and 10-year averages of 2.9% and 3.2%, respectively, showing the growth and vitality of the Submarket.
The Submarket has consistently experienced strong trade volumes and investments. Over the past year, 78 properties totaling 400,000 square feet of retail traded for $24.5 million.
Additionally, the Submarket benefits from its inclusion of and access to multiple thoroughfares and expressways, including Woodward Ave, Interstate 696 and Interstate 75 allowing for quick and convenient local, regional, and national access to and from the Submarket.
Overall, 3140-3184 12 Mile Road offers an investor an excellent opportunity to acquire a fully-occupied Asset within a notable retail corridor of Berkley with quick and convenient access to Wordward Avenue and both Interstate 696 and Interstate 75.
Property tours are available by appointment only. Please contact the broker to schedule.
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financial Statements
- Purchase Agreement
- Title and Insurance
- Third Party Reports
Market Analytics Click Here to Access
$99,999
Asset Value
$99,999
12 Month Sales Volume
9.9%
Market Cap Rate
9.9%
Market Sale Price/SF Change (YOY)
Market Sale Price per SF
Detroit - MI USA
Market Cap Rate
Detroit - MI USA
Market Sale Price per SF by Star Rating
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Market Cap Rate by Star Rating
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Market Sale Price per SF Distribution
Market Cap Rate Distribution
Property Facts
DEMOGRAPHICS
Demographics
Nearby Major Retailers
PROPERTY TAXES
Parcel Numbers | Improvements Assessment | $0 | |
Land Assessment | $0 | Total Assessment | $664,250 |
Sale Advisors
Barry Swatsenbarg, Executive Vice President
Through his activity with the valuation and disposition of value-add and stabilized, income producing properties, he has successfully worked through periods of economic growth and contraction. He has an extensive history of producing sale results with outside of the box solutions to maximize value.
Over the years, Barry has transacted on hundreds of complicated dispositions, that included receivership, lender debt, REO and stabilized assets. He operates exclusively as a sell-side broker, with transactions spreading across all major investment commercial real estate property types. He has navigated through multitudes of unique and complex scenarios.
Barry is regarded as a highly trusted and well-connected industry expert. He is called upon by financial institutions, private clients and peers alike, for his candid market insight and ability to create effective asset management plans for disposition to aid clients with their ongoing business planning. The results maximize value; regardless of the quality of the asset.