Freestanding Carvana Investment
26890 Adell Center Dr, Novi, MI 48375
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NNN leased Carvana property in Novi, Michigan.
Type:Retail
Property size:
5,706 SFPrice / SF:
$1,607/SF- Added:
- Nov 7, 2024
- Days on Market:
- 572
- Last Refresh:
- May 12 at 8:37 pm
Property Features for 26890 Adell Center Dr
General Information
- Standard status
- Active
- Size
- 5,706 SF
- Property subtype
- Retail
Building Details
- Year Built
- 2020
Listing agent Matthew Mousavi License #CA 01732226
Listing office SRS Real Estate Partners Newport Beach (248) 688-0630
Listing date Nov 7, 2024
Source Crexi
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All listing content including descriptions, pricing, images are the copyrighted material of SRS Real Estate Partners Newport Beach
HighLights
- Absolute NNN lease with zero landlord responsibilities.
- Long‑term Carvana lease with approximately 17 years remaining.
- Lease includes rent increases equal to the lesser of 7.92337% or 1.25x CPI.
- Strategic location off Interstate 96 (152,000 VPD).
- Located adjacent to Twelve Oaks Mall, benefiting from strong tenant synergy.
- Affluent demographics with a 3‑mile radius average household income exceeding $151,000.
Overview
This freestanding Carvana investment property is located in Novi, Michigan, within the Detroit MSA. The property is subject to an absolute NNN lease with approximately 17 years remaining and 4 (5-year) options to extend. The lease includes increases equal to the lesser of (i) 7.92337% or (ii) 1.25x CPI throughout the initial term and at the beginning of each option period. As an absolute NNN lease, there are zero landlord responsibilities. Carvana, founded in 2012, operates from over 40 locations and is a Fortune 500 company, ranking among the largest and fastest-growing online used car dealerships in the United States. The property is strategically located off Interstate 96, which sees over 152,000 vehicles per day, and benefits from nearby access to Novi Road (36,400 VPD), West 12 Mile Road (34,400 VPD), and Grand River Ave (25,400 VPD). The property is adjacent to Twelve Oaks Mall, a 1.5M SF super regional mall anchored by Nordstrom, Macy’s, Crate & Barrel, and more, ranking in the top 93rd percentile of regional malls per placer.ai. Nearby national/credit tenants include Walmart Supercenter, Hobby Lobby, TJ Maxx, Kohls, Marshalls, and more. The property is within walking distance of multiple apartment complexes including The Bond (260 units), The Residences at Sakura Novi (177 units), and Mainstreet Village (389 units). The 5-mile trade area is supported by over 166,000 residents and 125,000 daytime employees. Residents within a 3-mile radius have an average household income of over $151,000. The property size is 5706 square feet.
Property Profile
Location Intelligence
Current Use by Public Records
Automotive properties
Similar Places Nearby
- Enterprise Rent-A-Car — 25100 Novi Rd, Novi, MI 48375
- Thrifty — 24400 Novi Rd Suite 103, Novi, MI 48375
- Hertz Car Rental - Novi - Novi Road HLE — 24400 Novi Rd Suite 103, Novi, MI 48375
Location Insight
- Map
- Local Demand
- City
- Novi
- County
- Oakland
- State
- Michigan
- Longitude
- -83.463
- Latitude
- 42.4642
Nearby Similar for Sale
FAQs
What type of property is this?
Automotive property - NNN leased Carvana property in Novi, Michigan.
Where is this automotive property located?
The property is located at 26890 Adell Center Dr Novi, MI.
What is the asking price?
The asking price for this property is $9,173,000.
What are key features of this property?
This property features: Absolute NNN lease with zero landlord responsibilities.; Long‑term Carvana lease with approximately 17 years remaining.; Lease includes rent increases equal to the lesser of 7.92337% or 1.25x CPI.
