86 14 Mile Rd Troy, MI 48083
- Commercial real estate
- 1.67 lot acres
Current Use by Public Records
- LongHorn Steakhouse / Traditional American Restaurant / Steak House
Property Details for 86 14 Mile Rd
- Lot size
- 1.67 lot acres
- Property type
- Commercial real estate
- APN
- 88-20-35-400-041
- APU
- 882035400041
Description
This exceptional investment opportunity presents a brand-new, 8,329-square-foot Longhorn Steakhouse located at 86 W 14 Mile Rd, Troy, MI 48083. Built in 2022, this single-tenant property boasts an absolute NNN lease with Darden Restaurants (NYSE: DRI), the world's largest full-service restaurant company. The lease commenced September 1, 2022, and includes a 5.75% cap rate and a strong NOI of $215,000. The asking price is $3,739,131, translating to $448.93 per square foot. This high-profile location is situated as an outlot to the Oakland Mall, a 1.5 million-square-foot shopping center anchored by major retailers like Macy's, JCPenney, and Dick's Sporting Goods. The property benefits from excellent visibility and accessibility, being directly on the corner of 14 Mile Road (43,300 vehicles per day) and John R Road (19,860 vehicles per day), with convenient access to I-75. The surrounding area features numerous other national retailers, ensuring high traffic and strong consumer demographics. The lease includes a 10% rent increase every five years, providing significant long-term value appreciation. This is a rare opportunity to acquire a newly constructed, high-performing restaurant property with a blue-chip tenant in a prime retail location.
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
- Troy
- County
- Oakland
- State
- Michigan
- Longitude
- -83.1078
- Latitude
- 42.5348
- CBSA code
- 19820
- CBSA name
- DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
