Apple Ave & US 31 Muskegon, MI 49442
- Retail properties
- 28,156 SF
- 3.01 lot acres
Current Use by Public Records
- Retail properties
Property Details for 0 Apple Ave & US 31
- Year built
- 2023
- Lot size
- 3.01 lot acres
- Property size
- 28,156 SF
- Property type
- Retail properties
- Property subtype
- Grocery and convenience stores
Description
This exceptional investment opportunity presents a brand-new, single-tenant Aldi grocery store located at the northeast corner of E. Apple Ave and US 31 in Muskegon, Michigan. The property boasts a 28,156 square foot building on a 3.01-acre lot, constructed and renovated in 2024. The property features a 15-year net lease (NNN) with a corporate guarantee from Aldi, Inc. (Michigan), ensuring consistent income. The lease commenced in May 2024 and includes built-in rent escalations: a $10,000 annual increase beginning in year 11, followed by 5% increases during each option period. The current net operating income (NOI) is $275,000, yielding a 5.55% capitalization rate based on the asking price of $4,950,000. The property is zoned commercial and benefits from excellent visibility and accessibility due to its location near major thoroughfares. Recent renovations included a new roof, HVAC system, parking lot, and storefront. The tenant's responsibilities are limited to roof and structure maintenance. This is a fee-simple ownership opportunity with lease options available. The property's strategic location within a densely populated area, combined with the strength of the Aldi brand and the long-term lease, makes this a compelling investment prospect. This is a rare chance to acquire a high-performing, low-maintenance asset with significant upside potential.
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
- Muskegon
- County
- Muskegon
- State
- Michigan
- Longitude
- -86.2024
- Latitude
- 43.235
