8427 Davison Rd Davison, MI 48423

Property Details for 8427 Davison Rd

Year built

1979

Lot size

4.41 lot acres

Property size

41,032 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This 41,032 square foot shopping center in Davison, Michigan, offers a compelling investment opportunity. Currently 100% occupied with eight tenants, including a Family Dollar anchor and a regional pet supply store, the property boasts a strong NOI of $197,494, representing an 8.43% cap rate at the $2,342,000 asking price. The pro-forma NOI is projected to increase to $208,542, resulting in an 8.90% cap rate. Built in 1979 and situated on a 4.41-acre lot, the center features a recently replaced roof (2023) with a 20-year warranty. Current rents average $7.46 per square foot, significantly below market value, estimated at approximately $13 per square foot, presenting substantial upside potential. The property benefits from excellent visibility due to a large pylon sign and convenient access. A shadow anchor grocery store further enhances its appeal. Additionally, an unutilized outpad site offers potential for future development. The property's location in central Michigan, 10 miles east of Flint and 63 miles north of Detroit, provides convenient access to a substantial population base. This fully stabilized asset presents a rare opportunity to acquire a cash-flowing property with significant upside potential. The current asking price of $57.08 per square foot is well below replacement cost. All tenants are on gross leases, responsible for utilities and pro-rata share of common area expenses.