Net-Leased Grocery
2985 Washtenaw Avenue Ypsilanti, MI 48108
2985 Washtenaw Avenue, Ypsilanti, MI, 48108
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For Sale
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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$330.21
Days on Market96
Property Features for 2985 Washtenaw Avenue
General Information
- Standard status
- Active
- Size
- 115,222 SF
- Property subtype
- Retail
Listing agency
CBRE - Oak Brook
Listed by
Michael Kaider · License #IL 475154630
Source
Crexi
Added: Apr 18 Updated: Jul 22 at 3:05AM Checked: Jul 22 at 3:05AM
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
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
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $2.49M | $21.60 |
| − Vacancy | −$355.9k | −$3.09 |
| EGI | $2.13M | $18.51 |
| − OpEx | −$533.2k | −$4.63 |
| NOI | $1.60M | $13.88 |
115,222 SF · lease $21.60/SF/yr · vacancy 14.30% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$22.85M
$20.00M – $26.66M
NOI $1,599,673 @ 7.0% cap · market cap 4.20%
Second Best
Retail
$22.38M
$19.58M – $26.11M
NOI $1,566,731 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$33.86M
$29.62M – $39.50M
NOI $2,369,886 @ 7.0% cap · market cap 6.23%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Grocery and convenience stores
Similar For Sale Nearby
FAQs
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 $38,047,000.
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
