Net-Leased Grocery
For Sale
Contact for pricing
2985 Washtenaw Avenue, Ypsilanti, MI 48108
Four net-leased grocery properties total 115,222 SF with a 5.94-year WALT, available individually or as a portfolio.
Property Size115,222 SF
Price / SF$307.53
Days on Market191
Property Features for 2985 Washtenaw Avenue
General Information
Standard status
Active
Size
115,222 SF
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$2,780,320
Building Details
Tenancy
Single
Listing Agency:
CBRE - Oak Brook
Listed By:
Michael Kaider · License #IL 475154630
Source:
Crexi
Added: Apr 18
Changed: Oct 16
Last Checked: Oct 24 at 4:41PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE - Oak Brook
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This Midwest Fresh Thyme portfolio presents four net-leased grocery properties, totaling 115,222 SF, with a weighted-average lease term (WALT) of 5.94 years. The assets are offered either individually or as a combined portfolio.
Fresh Thyme Farmers Market is identified in the remarks as a full-service natural and specialty grocer with a farmer’s market concept, offering nutritious options at an affordable price and the convenience of a neighborhood store.
One property is listed at 2985 Washtenaw Avenue in Ypsilanti, MI 48108, and the portfolio structure is designed to accommodate buyers seeking either single-asset or multi-asset acquisition.
Fresh Thyme Farmers Market is identified in the remarks as a full-service natural and specialty grocer with a farmer’s market concept, offering nutritious options at an affordable price and the convenience of a neighborhood store.
One property is listed at 2985 Washtenaw Avenue in Ypsilanti, MI 48108, and the portfolio structure is designed to accommodate buyers seeking either single-asset or multi-asset acquisition.
Key Highlights
- Four net‑leased grocery properties totaling 115,222 SF
- 5.94‑year WALT
- Can be sold individually or as a complete portfolio
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$1,599,673
Cap Rate
4.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$31,993,460
$32.0M
Cap Rate 7%
$22,852,471
$22.9M
Cap Rate 9%
$17,774,144
$17.8M
Market Conditions
NOI Build-Up for 115,222 SF
Gross rent
$2.49M $21.60/SF
− Vacancy
−$355.9K −$3.09/SF
EGI
$2.13M $18.51/SF
− OpEx
−$533.2K −$4.63/SF
NOI
$1.60M $13.88/SF
Area
Washtenaw County, MI
Vacancy
14.30%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$31,993,460
Cap Rate 7%
$22,852,471
Cap Rate 9%
$17,774,144
Alternative Uses
Best Use
Specialty Retail
$22.85M
$20.00M – $26.66M
NOI $1,599,673 @ 7.0% cap · market cap 4.51%
Second Best
Retail
$22.38M
$19.58M – $26.11M
NOI $1,566,731 @ 7.0% cap · market cap 4.42%
Theoretical Best
Office A
$33.86M
$29.62M – $39.50M
NOI $2,369,886 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
35
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 48108, MI
26,639
Population
12,508
Households
2.1
Avg Household Size
37
Median Age
65%
College-Educated
96%
High-School Grad
16.8 sq mi
ZIP Area
1,586
Density / Sq Mi
$80,425
Median Household Income
$46,434
Median Earnings
$1,316
Median Rent
$378,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Four net-leased grocery properties total 115,222 SF with a 5.94-year WALT, available individually or as a portfolio.
Where is this grocery and convenience store located?
The property is located at 2985 Washtenaw Avenue Ypsilanti, MI.
What is the asking price?
The asking price for this property is $35,433,898.
What are key features of this property?
This property features: Four net‑leased grocery properties totaling 115,222 SF; 5.94‑year WALT; Can be sold individually or as a complete portfolio
