32685 23rd Mile Rd Chesterfield, MI 48047-1983
- Commercial real estate
- 4,320 SF
- 1.10 lot acres
Jan 26, 2022
Current Use by Public Records
- WhiteWater Express Car Wash / Car Wash
Property Details for 32685 23rd Mile Rd
- Year built
- 1995
- Lot size
- 1.10 lot acres
- Property size
- 4,320 SF
- Zone code
- C1 LOC
- Property type
- Commercial real estate
- APN
- 15-09-15-400-045
- APU
- 150915400045
Description
This exceptional investment opportunity presents a fee-simple interest in a 3,361 square foot, single-unit car wash located at 32685 23 Mile Rd, New Baltimore, MI 48047. Built in 1995 and renovated in 2022, the property sits on a one-acre lot and boasts a 100% occupancy rate with a strong corporate guarantor, WhiteWater Express, backed by Freeman Spogli & Co. The property benefits from a 20-year Absolute NNN lease, commencing December 31, 2021, and expiring December 31, 2041, with four, five-year renewal options. The lease includes annual rent bumps of 1%, providing inflation protection. The current asking price is $4,250,417, representing a price per square foot of $1,264.63 and a 6.00% cap rate. The Net Operating Income (NOI) is $255,025. The property enjoys a high-traffic location on 23 Mile Road, a major thoroughfare with over 26,000 vehicles per day, offering excellent visibility and access to Interstate 94. The Absolute NNN lease structure minimizes landlord responsibilities, making this an ideal investment for passive income seekers. The fee-simple ownership also allows for potential bonus depreciation benefits (consult your tax advisor). This is a turnkey investment with significant long-term potential.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $4,140,000
Get a detailed, property-specific valuation — fast and free
Location Insight
- Map
- Local Demand
- City
- Chesterfield
- County
- Macomb
- State
- Michigan
- Longitude
- -82.7811
- Latitude
- 42.676
- CBSA code
- 19820
- CBSA name
- DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
