The Tile Shop NNN Retail
37025 Grand River Ave, Farmington, MI 48335
For Sale
$4,750,000
Single-tenant retail asset occupied under a long-term NNN lease with limited landlord maintenance obligations.
Property Size29,651 SF
Days on Market47
Property Features for 37025 Grand River Ave
General Information
Standard status
Size
Property subtype
Building Details
Building Size
Year Built
Tenancy
Listing Agency:
Thomas A. Duke Company
Listed By:
Eric Szerlag · License #6501343471
(248) 476-3494
Source:
Thomasduke
Added: Sep 22
Changed: Nov 7
Last Checked: Nov 6 at 5:42AM
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 Thomas A. Duke Company
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Investment Insights
Based on property information with market context.
Located at 37025 Grand River Ave in Farmington, Michigan, this single-tenant retail property is occupied by The Tile Shop. The building was constructed in 1974 and operates under a long-term NNN lease, with landlord responsibilities limited to the roof and structure.
The tenant has operated at this site continuously since 1997 and has completed two separate ten-year lease extensions. Approximately 8 years remain in the current lease term, with an 8% base-rent increase scheduled for March 2029. The location ranks in the top 20% of Tile Shop locations nationally and is the company’s 2nd most visited location in Michigan, according to Placer data.
The tenant has operated at this site continuously since 1997 and has completed two separate ten-year lease extensions. Approximately 8 years remain in the current lease term, with an 8% base-rent increase scheduled for March 2029. The location ranks in the top 20% of Tile Shop locations nationally and is the company’s 2nd most visited location in Michigan, according to Placer data.
Key Highlights
- Single‑tenant The Tile Shop location at 37025 Grand River Ave, Farmington, MI 48335
- Long‑term NNN lease with landlord maintenance limited to roof and structure
- Tenant has operated at the site continuously since 1997
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$319,057
Cap Rate
6.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,381,140
$6.4M
Cap Rate 7%
$4,557,957
$4.6M
Cap Rate 9%
$3,545,078
$3.5M
Market Conditions
NOI Build-Up for 29,651 SF
Gross rent
$498.1K $16.80/SF
− Vacancy
−$42.3K −$1.43/SF
EGI
$455.8K $15.37/SF
− OpEx
−$136.7K −$4.61/SF
NOI
$319.1K $10.76/SF
Area
Oakland County, MI
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,381,140
Cap Rate 7%
$4,557,957
Cap Rate 9%
$3,545,078
Alternative Uses
Best Use
Retail
$4.56M
$3.99M – $5.32M
NOI $319,057 @ 7.0% cap · market cap 6.72%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.40M
$5.60M – $7.46M
NOI $447,683 @ 7.0% cap · market cap 9.42%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
580
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 100%
Knights Inn
Hotels & Casinos
580 visits/mo
0.4 miles
Demographics for 48335, MI
25,618
Population
11,964
Households
2.1
Avg Household Size
36
Median Age
65%
College-Educated
98%
High-School Grad
7.2 sq mi
ZIP Area
3,558
Density / Sq Mi
$96,359
Median Household Income
$66,646
Median Earnings
$1,451
Median Rent
$366,500
Median Home Value
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Market
Average Price Trend$/SF for NNN properties in Oakland County, MI
Properties on Market for NNN properties in Oakland County
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
NNN property - Single-tenant retail asset occupied under a long-term NNN lease with limited landlord maintenance obligations.
Where is this nnn property located?
The property is located at 37025 Grand River Ave Farmington, MI.
What is the asking price?
The asking price for this property is $4,750,000.
What are key features of this property?
This property features: Single‑tenant The Tile Shop location at 37025 Grand River Ave, Farmington, MI 48335; Long‑term NNN lease with landlord maintenance limited to roof and structure; Tenant has operated at the site continuously since 1997
