24805 12 Mile RdSouthfield, MI 48034

Property Details for 24805 12 Mile Rd

Year built

2008

Lot size

0.75 AC

Property size (Sq ft)

5,749 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a fee-simple ownership of a Huntington Bank branch located at 24805 W 12 Mile Rd, Southfield, MI 48034. The property boasts a newly executed 10-year absolute NNN ground lease with Huntington National Bank, commencing February 28, 2024, and expiring February 28, 2034. The lease includes two 5-year renewal options, with rent bumps scheduled every five years. The 5,749 square foot building, constructed in 2008, sits on a 0.75-acre lot and features 20 parking spaces, four drive-thru lanes, and a dedicated ATM lane. The property enjoys a 100% occupancy rate, generating a Net Operating Income (NOI) of $134,587, representing a 6.00% cap rate and a price per square foot of $390.18. The asking price is $2,243,125. Huntington Bank, a highly creditworthy tenant (S&P: A- / Moody's: A3), is the largest bank in Michigan and Ohio, reporting over $163.9 million in deposits in 2023. The property benefits from its prime location in Southfield's core office and retail hub, with excellent access to major roadways including 12 Mile Road, US-24/Telegraph, I-696, and M-10, experiencing a combined 294,861 vehicles per day. The surrounding area offers a robust retail market with over 13.4 million square feet of retail space within a five-mile radius and strong demographics, including over 214,000 residents with an average household income exceeding $113,000 within five miles. The property is zoned commercial and is situated near Lawrence Technological University and numerous national retailers such as Meijer, Lowe's, Best Buy, Michaels, and PetSmart. This is a rare opportunity to acquire a high-quality, single-tenant net lease investment with a strong tenant and excellent location.

Location Insight

City

Southfield

County

Oakland

State

Michigan

Latitude

42.501

Longitude

-83.2895

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