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    1961 Base Ave Springfield, MI 49037

    For Sale
    $5,750,000

    112,500 SF NNN Lease, 6.83% Cap Rate

    Property size:
    112,500 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    369
    This exceptional investment opportunity presents a 112,500-square-foot industrial warehouse located at 1961 Base Avenue, Springfield, MI 49037. The property boasts a strong 6.83% cap rate and is currently 100% occupied under a Net Lease (NNN) agreement with a credit-rated tenant, Iron Mountain Incorporated (NYSE: IRM). The lease commenced January 1, 2024, and has a remaining term of approximately 4.1 years, expiring December 31, 2028. The current annual net operating income (NOI) is $393,000, with a 3% annual rent increase built into the lease. The asking price is $5,750,000, translating to $51.11 per square foot. This four-story building sits on a 5.36-acre lot and features desirable warehouse characteristics including three loading docks, two dock-high doors, and ceiling heights ranging from 13 to 20 feet. The property is zoned for industrial use and benefits from its strategic location near I-94 and I-69, providing excellent access to major transportation routes. The tenant, Iron Mountain, has a long history at this location, having occupied the premises since February 1, 2004, and recently signed a five-year lease extension. The lease includes options for further extensions. This is a rare opportunity to acquire a stable, net-leased industrial asset with a highly reputable tenant and significant upside potential. The property's features and location make it an ideal investment for long-term growth and passive income.

    Property Features for 1961 Base Ave

    General Information

    Property type
    Distribution properties
    Square Feet
    112,500 SF
    Lot Size
    233,482 SF

    Building Details

    Stories
    4

    HighLights

    • 2024 Base Rent: $424,875, with a 3% annual increase for the following four years.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Distribution centers

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Dental Office Wholesale Shop Auto Repair Shop Clothing Store Department Store Kitchen & Bath

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

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Calhoun
    State
    Michigan
    Longitude
    -85.267003210203
    Latitude
    42.32226291115

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    FAQs

    What type of property is this?
    Distribution property - 112,500 SF NNN Lease, 6.83% Cap Rate
    Where is this distribution property located?
    The property is located at 1961 Base Ave Springfield, MI.
    What is the asking price?
    The asking price for this property is $5,750,000.
    What are key features of this property?
    This property features: 2024 Base Rent: $424,875, with a 3% annual increase for the following four years.; ;
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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
    1961 Base Ave Springfield, MI 49037
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