1010 North Down River Rd Grayling, MI 49738
- Investment properties
- 5,936 SF
- 1.50 lot acres
Current Use by Public Records
- Grayling Surgical Services / Surgical Center
- Munson Surgical services / Doctor
- Nicholas Fox / Physician Assistant
- Paul Kirkpatrick Reynolds, DO / Surgeon
- Garrick Reid Cvitkovich, MD / Surgeon
Property Details for 1010 North Down River Rd
- Year built
- 1971
- Lot size
- 1.50 lot acres
- Property size
- 5,936 SF
- Property type
- Investment properties
Description
This exceptional investment opportunity presents a 5,936 square foot medical office building situated on a 1.5-acre lot in Grayling, Michigan. Currently leased to Munson Hospital under a recently renewed 5-year lease, this property offers a compelling 8.1% cap rate. The building itself is in excellent condition, boasting a new roof installed in 2022. Beyond the main 5,936 square feet of first-floor medical space, a fully finished 2,000 square foot basement provides ample additional room. The property's strategic location encompasses an entire city block, providing significant frontage on North Down River, Rose, Erie, and Vine Streets. A substantial parking lot is already in place, and the expansive lot size allows for future development and expansion, presenting significant potential for increased revenue streams. This is a rare opportunity to acquire a stable, high-yielding asset in a desirable location with considerable upside potential. The property's strong tenant and prime location make it an ideal investment for discerning buyers seeking long-term growth and passive income. The building's excellent condition and recent improvements further enhance its value and appeal.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Grayling
- County
- Crawford
- State
- Michigan
- Longitude
- -84.7129
- Latitude
- 44.6705
