28999 5th Mile Rd Livonia, MI 48154-3823

Property Details for 28999 5th Mile Rd

Year built

1976

Construction

BRICK

Lot size

0.68 lot acres

Property size

1,921 SF

Property type

Commercial real estate

APN

46 094 01 0263 000

APU

46094010263000

Description

This exceptional investment opportunity presents a fee-simple ownership of a 1,921 square foot freestanding Citizens Bank branch located at 28999 Five Mile Rd, Livonia, MI 48154. The property sits on a 0.68-acre lot and boasts a drive-thru, catering to a densely populated area with over 286,000 residents within close proximity. The bank benefits from high traffic volume, exceeding $100 million in deposits. The property is currently under a triple-net (NNN) lease, absolving the owner of all landlord responsibilities. The lease, originally commenced on June 29, 2006, has a remaining term of approximately 1.6 years, followed by three 5-year renewal options. The lease includes annual rent increases of 1.5%. Built in 1976, this property offers a strong cap rate of 5.51% with a current NOI of $46,818 and an asking price of $850,000 ($442.48 per square foot). The property's strategic location benefits from high visibility and significant traffic volume, exceeding 60,000 vehicles per day on nearby Middlebelt and Five Mile Roads. Nearby businesses include McDonald's, Taco Bell, Little Caesars, Westborn Market, and many other national and local retailers. This is a rare opportunity to acquire a high-performing, low-maintenance investment property with a credit-rated corporate guarantor.

Location Insight

City

Livonia

County

Wayne

State

Michigan

Longitude

-83.3302

Latitude

42.3979

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments