15405 Gratiot St Detroit, MI 48205
- Lifestyle centers
- 12,900 SF
Current Use by Public Records
- Lifestyle centers
Property Details for 15405 Gratiot St
- Year built
- 1999
- Property size
- 12,900 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional retail investment opportunity presents a 12,900 square foot shopping center in Detroit, Michigan, strategically located at the signalized intersection of 8 Mile Road and Gratiot Avenue, boasting a combined daily traffic count exceeding 65,700 vehicles. The property comprises two buildings, currently 100% occupied by a Checkers and a CVS Pharmacy, operating under a net lease structure. Checkers has over five years remaining on their lease, while the CVS Pharmacy is vacating in April, presenting a significant opportunity to increase rental income. The property features a strong NOI of $215,000, resulting in a compelling 9.35% cap rate, and is priced at $2,300,000 ($178.29/sq ft). Built in 1999, this multi-tenant property benefits from its prime location surrounded by national retailers including Aldi, Burger King, Dollar Tree, Dunkin', Subway, and White Castle. The surrounding area demonstrates robust demographics, with over 167,600 residents within a 3-mile radius and over 384,000 within a 5-mile radius. This presents a rare chance to acquire a well-positioned, high-performing retail asset with significant upside potential. The property is situated at 15405 Gratiot St., Detroit, MI 48205.
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
- Detroit
- County
- Wayne
- State
- Michigan
- Longitude
- -82.9692
- Latitude
- 42.4489
