Current Use by Public Records
- Table for 20 Event Space - Linen & Co Event Decor Rental / Hotel & Motel / Resort
Property Details for 20313 Middlebelt Rd
- Year built
- 1965
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional Livonia, MI shopping center presents a compelling investment opportunity. Boasting 11,080 square feet across two single-story buildings, this Class C property features seven units with a 70% occupancy rate. Built in 1965 and renovated in 2015, the center sits on a high-visibility location on Middlebelt Road, a major thoroughfare. The property benefits from significant tenant synergy and is strategically located within three miles of major retailers like Walmart, ALDI, and Kroger. Currently operating under a modified net lease with a remaining term of two years, the property generates a strong NOI of $90,000, translating to a 7.83% cap rate and a price per square foot of $103.79. The asking price is $1,150,000. The property is zoned C-1 and includes two buildings totaling 11,080 net rentable square feet. While currently 70% occupied, there is potential for increased revenue with 1,500 square feet available for lease starting July 1, 2024. This multi-tenant retail center offers a solid foundation for growth and significant upside potential. The property's parcel numbers are 46-005-01-0001-002 and 46-005-01-0004-001.
Value Estimations
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Livonia
- County
- Wayne
- State
- Michigan
- Longitude
- -83.3368
- Latitude
- 42.4383
