1451 Hanthorne St Cadillac, MI 49601
- Industrial properties
- 6,300 SF
- 3.63 lot acres
Current Use by Public Records
- Industrial properties
Property Details for 1451 Hanthorne St
- Lot size
- 3.63 lot acres
- Property size
- 6,300 SF
- Property type
- Industrial properties
- Property subtype
- Distribution centers
Description
This exceptional investment opportunity presents a 6,300 square foot industrial distribution facility leased to FedEx Freight under an absolute NNN lease. The property boasts a strong 5.25% cap rate and a substantial net operating income (NOI) of $120,000. The lease, originally commenced on August 11, 1999, has a remaining term of 10.2 years, extending to January 31, 2035. This long-term commitment is further secured by a recent 10-year lease extension and built-in 3% annual rent increases. The property features a triple cross-dock design, ample parking for 75 vehicles, and a generous 3.63-acre lot size, including outdoor storage space. Located at 1451 Hanthorne St, Cadillac, MI 49601, this strategically positioned asset benefits from convenient transportation access within a dense industrial corridor. The tenant, FedEx Freight, is an investment-grade tenant with a BBB (S&P) rating and is publicly traded on the NYSE (FDX). The asking price is $2,290,000, translating to a price per square foot of $363.49. This is a rare opportunity to acquire a secure, high-performing, long-term net lease investment.
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
- Cadillac
- County
- Wexford
- State
- Michigan
- Longitude
- -85.4022
- Latitude
- 44.2716
