Retail Supercenter Absolute NNN
For Sale
$13,500,000
33500 7 Mile, Livonia, MI 48152
Meijer is under a 20-year absolute NNN ground lease with projected rent commencement on August 19, 2026.
Property Size75,466 SF
Price / SF$178.89
Days on Market108
Property Features for 33500 7 Mile
General Information
Standard status
Active
Size
75,466 SF
Property subtype
Retail
Zoning
C-2
Building Details
Building Size
75,466 SF
Listing Agency:
Fortis Net Lease
(248) 254-3406
Listed By:
Doug Passon · License #6501323470
Source:
Cpix.resimplifi
Added: May 8
Changed: Aug 23
Last Checked: Aug 22 at 6:24AM
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 Fortis Net Lease
Investment Insights
Based on property information with market context.
Fortis Net Lease is pleased to present the opportunity to acquire a 20-year absolute NNN ground lease with Meijer. The ground lease is structured as “true zero landlord responsibilities,” meaning landlord obligations are limited throughout the initial 20-year term. The property is projected to commence rent on August 19, 2026.
The investment is a 75,466 SF Meijer supercenter located at 33500 Seven Mile Road in Livonia, Michigan, within a suburban Detroit retail corridor described as dense and affluent. The site is noted as having direct access to major highways, supporting a high-volume retail environment.
Within a 5-mile radius, the population is described as exceeding 199,000 residents, with average household income of more than $106,000. The surrounding area is also described as generating over $2.8 billion in annual consumer spending. The offering is presented as backed by Meijer Inc. and includes a starting NOI of $675,000.
The investment is a 75,466 SF Meijer supercenter located at 33500 Seven Mile Road in Livonia, Michigan, within a suburban Detroit retail corridor described as dense and affluent. The site is noted as having direct access to major highways, supporting a high-volume retail environment.
Within a 5-mile radius, the population is described as exceeding 199,000 residents, with average household income of more than $106,000. The surrounding area is also described as generating over $2.8 billion in annual consumer spending. The offering is presented as backed by Meijer Inc. and includes a starting NOI of $675,000.
Key Highlights
- 20‑year absolute NNN ground lease with Meijer, projected to commence rent on August 19, 2026
- 75,466 SF Meijer supercenter ground lease at 33500 Seven Mile Road in Livonia, Michigan
- Absolute NNN structure provides zero landlord responsibilities during the initial 20‑year term
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$715,055
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.30%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$14,301,100
$14.3M
Cap Rate 7%
$10,215,071
$10.2M
Cap Rate 9%
$7,945,056
$7.9M
Market Conditions
NOI Build-Up for 75,466 SF
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.
Gross rent
$1.09M $14.40/SF
− Vacancy
−$65.2K −$0.86/SF
EGI
$1.02M $13.54/SF
− OpEx
−$306.5K −$4.06/SF
NOI
$715.1K $9.48/SF
Area
Wayne County, MI
Vacancy
6.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$14,301,100
Cap Rate 7%
$10,215,071
Cap Rate 9%
$7,945,056
Alternative Uses
Best Use
Retail
$10.22M
$8.94M – $11.92M
NOI $715,055 @ 7.0% cap · market cap 5.30%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$13.97M
$12.23M – $16.30M
NOI $978,039 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
345
Businesses Nearby
47k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 70%
Home Improvements & Furnishings 17%
Shops & Services 9%
Beauty & Spa 4%
McDonald's
Dining
23,563 visits/mo
0.0 miles
Hunt's Ace Hardware
Home Improvements & Furnishings
8,060 visits/mo
0.2 miles
BIGGBY COFFEE
Dining
5,615 visits/mo
0.2 miles
The UPS Store
Shops & Services
4,076 visits/mo
0.3 miles
Jet's Pizza
Dining
2,699 visits/mo
0.3 miles
Demographics for 48152, MI
31,098
Population
12,922
Households
2.4
Avg Household Size
47
Median Age
41%
College-Educated
95%
High-School Grad
12.0 sq mi
ZIP Area
2,592
Density / Sq Mi
$89,019
Median Household Income
$50,614
Median Earnings
$1,293
Median Rent
$284,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Meijer is under a 20-year absolute NNN ground lease with projected rent commencement on August 19, 2026.
Where is this nnn property located?
The property is located at 33500 7 Mile Livonia, MI.
What is the asking price?
The asking price for this property is $13,500,000.
What are key features of this property?
This property features: 20‑year absolute NNN ground lease with Meijer, projected to commence rent on August 19, 2026; 75,466 SF Meijer supercenter ground lease at 33500 Seven Mile Road in Livonia, Michigan; Absolute NNN structure provides zero landlord responsibilities during the initial 20‑year term
