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    Apple Ave & US 31 Muskegon, MI 49442

    Sponsored
    For Sale
    $4,950,000

    Muskegon, MI: NNN Lease, High ROI

    Property size:
    28,156 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional investment opportunity presents a brand-new, single-tenant Aldi grocery store located at the northeast corner of E. Apple Ave and US 31 in Muskegon, Michigan. The property boasts a 28,156 square foot building on a 3.01-acre lot, constructed and renovated in 2024. The property features a 15-year net lease (NNN) with a corporate guarantee from Aldi, Inc. (Michigan), ensuring consistent income. The lease commenced in May 2024 and includes built-in rent escalations: a $10,000 annual increase beginning in year 11, followed by 5% increases during each option period. The current net operating income (NOI) is $275,000, yielding a 5.55% capitalization rate based on the asking price of $4,950,000. The property is zoned commercial and benefits from excellent visibility and accessibility due to its location near major thoroughfares. Recent renovations included a new roof, HVAC system, parking lot, and storefront. The tenant's responsibilities are limited to roof and structure maintenance. This is a fee-simple ownership opportunity with lease options available. The property's strategic location within a densely populated area, combined with the strength of the Aldi brand and the long-term lease, makes this a compelling investment prospect. This is a rare chance to acquire a high-performing, low-maintenance asset with significant upside potential.

    Property Features for 0 Apple Ave & US 31

    General Information

    Property type
    Individual retail properties
    Square Feet
    28,156 SF
    Lot Size
    131,116 SF

    Building Details

    Year Built/Renovated
    2023/2024
    Buildings
    1
    Stories
    1
    Units
    1

    HighLights

    • $4,950,000 asking price, representing a 5.255% capitalization rate.
    • Brand new, 15‑year net lease with a completely renovated building, including a new roof, HVAC system, and parking lot.
    • Opened May 2024.
    • Corporate guarantee provided by Aldi, Inc. (Michigan).
    • Annual rent increases of $10,000 beginning in year 11, with 5% increases during each option period.
    Property Profile Location Intelligence

    Current Use by Public Records

    Grocery and convenience stores

    Map

    City
    Muskegon
    County
    Muskegon
    State
    Michigan
    Longitude
    -86.202382487836
    Latitude
    43.234950019795

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    FAQs

    What type of property is this?
    Individual retail property - Muskegon, MI: NNN Lease, High ROI
    Where is this individual retail property located?
    The property is located at Apple Ave & US 31 Muskegon, MI.
    What is the asking price?
    The asking price for this property is $4,950,000.
    What are key features of this property?
    This property features: $4,950,000 asking price, representing a 5.255% capitalization rate.; Brand new, 15-year net lease with a completely renovated building, including a new roof, HVAC system, and parking lot.; Opened May 2024.
    Request Owner's contact information
    Apple Ave & US 31 Muskegon, MI 49442
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    Muskegon, MI 49442
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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
    Apple Ave & US 31 Muskegon, MI 49442
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