17500 Livernois St Detroit, MI 48221

Property Details for 17500 Livernois St

Year built

2010

Lot size

0.98 lot acres

Property size

14,270 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional 14,270 square foot shopping center, built in 2010, presents a compelling investment opportunity in Detroit, Michigan. Located at 17500 Livernois Avenue, this single-building property sits on a 0.98-acre lot and boasts a strong tenant mix, currently at 70% occupancy with five tenants. The property features a net lease structure with a remaining lease term of five years, generating a net operating income (NOI) of $135,999 and an 8.51% cap rate. The asking price is $1,599,000, translating to $112.05 per square foot. A significant anchor tenant, the Secretary of State, occupies a substantial portion of the space and has a lease with six years remaining, ensuring consistent traffic flow. The property benefits from ample parking, a crucial asset given its location on busy Livernois Avenue. Its proximity to the University of Detroit Mercy, the "Avenue of Fashion" shopping district, and affluent neighborhoods like Palmer Woods and Sherwood Forest, contributes to its strong potential. The area's average household income within a five-mile radius is $47,659, and the population exceeds 441,992. Livernois Avenue recently underwent streetscape improvements, enhancing the property's curb appeal. The high average daily traffic count of 21,323 vehicles further underscores the location's desirability. A 4,300 square foot vacancy presents a value-add opportunity for potential investors. The property's location near the Detroit Golf Club, host of the Rocket Mortgage Classic, adds to its overall appeal.

Location Insight

City

Detroit

County

Wayne

State

Michigan

Longitude

-83.1407

Latitude

42.4213