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    26890 Adell Center Dr Novi, MI 48375

    Sponsored
    For Sale
    $9,173,000

    High-Yield Retail Investment; Absolute NNN Lease

    Property size:
    5,706 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional investment opportunity presents a fee-simple ownership (land and building) of a 5,706 square foot Carvana dealership in Novi, Michigan. Boasting a 6.75% cap rate and a strong NOI of $619,207, this property offers significant returns. The absolute NNN lease with Carvana, a Fortune 500 company, extends to December 31, 2041, with four 5-year renewal options, ensuring long-term stability. The lease includes rent bumps, mitigating inflation risk. Situated on a 1.3-acre lot with 51 parking spaces, the property benefits from its prime location near Interstate 96 (152,000 VPD), Novi Road, West 12 Mile Road, and Grand River Avenue, ensuring high visibility and accessibility. The property's proximity to Twelve Oaks Mall (93rd percentile regional mall) and numerous national retailers, along with several nearby apartment complexes, creates a robust consumer base within a densely populated and affluent trade area. The property was built in 2020 and is zoned for general commercial use. This is a truly passive investment opportunity with zero landlord responsibilities, offering substantial returns and long-term growth potential. The property's APN is 50-22-15-478-008. The 5-mile trade area boasts over 166,000 residents and 125,000 daytime employees, with a significant portion exhibiting high household incomes.

    Property Features for 26890 Adell Center Dr

    General Information

    Property type
    Retail properties
    Square Feet
    5,706 SF
    Lot Size
    56,628 SF

    Building Details

    Year Built
    2020

    HighLights

    • $9,173,000 asking price for a Carvana dealership in Novi, MI.
    • Absolute NNN lease with fee simple ownership, offering zero landlord responsibilities.
    • 17 years remaining on the lease with extension options; Carvana is a well‑established tenant.
    • Excellent location on I‑96 (152,000 VPD), near Twelve Oaks Mall and multiple apartment complexes.
    • Strong demographics in the 5‑mile trade area, with six‑figure average household incomes.
    • 6.75% cap rate, $619,207 NOI, 5,706 square feet on a 1.3‑acre lot with 51 parking spaces.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Realty agency Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Novi
    County
    Oakland
    State
    Michigan
    Longitude
    -83.4789159
    Latitude
    42.485906

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    FAQs

    What type of property is this?
    Retail property - High-Yield Retail Investment; Absolute NNN Lease
    Where is this retail 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: $9,173,000 asking price for a Carvana dealership in Novi, MI.; Absolute NNN lease with fee simple ownership, offering zero landlord responsibilities.; 17 years remaining on the lease with extension options; Carvana is a well-established tenant.
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    26890 Adell Center Dr Novi, MI 48375
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    26890 Adell Center Dr Novi, MI 48375
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