3396 I-75 Business Spur Sault Ste. Marie, MI 49783

Property Details for 3396 I-75 Business Spur

Year built

2002

Lot size

2.73 lot acres

Property size

33,250 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a single-tenant, net-leased Big Lots storefront located at 3396 I-75 Business Spur, Sault Ste. Marie, MI 49783. The property boasts 33,250 square feet on a 2.73-acre lot and features an upgraded building constructed in 2002. Currently operating at 100% occupancy, the property offers a substantial net operating income (NOI) of $164,588, translating to an attractive 8.25% cap rate. The asking price is $1,995,000, or $60 per square foot. Big Lots, a credit-rated tenant with a corporate guarantee, has occupied the space since June 27, 2002, under a Net Net (NN) lease. The lease has a remaining term of 4.5 years, followed by two 5-year options with rent bumps of $0.35 per square foot in each option. Landlord responsibilities are limited to the parking lot, roof, and building structure. The property benefits from its strategic location along I-75, a major thoroughfare with a high daily traffic volume of 15,500 vehicles. This prime retail location is situated within a dense retail corridor, near various big-box stores and apartments, ensuring high customer traffic. Sault Ste. Marie, the second-most populous city in Michigan's Upper Peninsula, provides a healthy demographic base with over 15,800 residents within a 5-mile radius. This is a rare opportunity to acquire a well-performing, long-term net lease investment in a desirable location.

Location Insight

City

Sault Ste. Marie

County

Chippewa

State

Michigan

Longitude

-84.4144

Latitude

46.4607