124 Main St Perry, MI 48872
- Office Properties & Spaces
- 3,036 SF
Current Use by Public Records
- Office Properties & Spaces
Property Details for 124 Main St
- Property size
- 3,036 SF
- Property type
- Office Properties & Spaces
- Property subtype
- Medical offices
Description
This exceptional investment opportunity presents a Class B, 3,036 square foot medical office building located at 124 N Main St, Perry, MI 48872. The property is currently leased to two tenants under a triple-net (NNN) lease structure, featuring a robust 9.09% pro-forma capitalization rate and a strong pro-forma net operating income (NOI) of $32,867. The building boasts a price per square foot of $119.05 and an asking price of $361,427. Leases include built-in rent bumps, providing consistent income growth. Tenants benefit from lease options ranging from 2 to 5 years. The property is not subject to a ground lease. The primary tenant is a subsidiary of a large, established eyecare company with over 200 locations across 13 states, providing stability and reduced risk. The property's location offers a competitive advantage, situated approximately 17 miles from the nearest competitor and within easy reach of major markets including Lansing, Flint, and Detroit. This presents a compelling investment opportunity in a recession-resistant industry with significant growth potential. The property's multi-tenant structure offers additional income potential. The optometry market is experiencing robust growth, projected to reach a valuation of $17.8 billion by 2027. This asset offers a compelling year-one return on investment.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Perry
- County
- Shiawassee
- State
- Michigan
- Longitude
- -84.2189
- Latitude
- 42.8257
