35000 Warren Rd Westland, MI 48185

Property Details for 35000 Warren Rd

Year built

1996

Lot size

1.90 lot acres

Property size

168,459 SF

Property type

Super regional malls

APN

56 415 99 0015 002

APU

56415990015002

Description

This exceptional investment opportunity presents a 90,860 square foot Kohl's storefront and shopping center in Westland, Michigan. The property, situated on 8.34 acres, boasts an absolute NNN ground lease with zero landlord responsibilities, providing significant passive income. The lease, commencing February 19, 2018, and expiring January 30, 2037, offers a substantial remaining term of 12.2 years. The current NOI stands at $1,136,050, with a pro-forma NOI of $1,188,603, yielding a 6.50% cap rate and a pro-forma cap rate of 6.80%. The asking price is $17,478,000. Rent bumps are included in the lease, specifically in 2029 and during option periods. The property benefits from a corporate guarantee and is located in a high-traffic area with approximately 65,000 vehicles per day, surrounded by numerous national retailers including Target, Lowe's, Starbucks, Best Buy, and more. The location is further enhanced by its proximity to a newly developed $12 million community center and park, adjacent to the Westland Shopping Mall. This prime retail location is supported by a dense population of approximately 280,000 residents within a 5-mile radius, boasting an average household income of approximately $90,000. Attractive assumable financing is available at a 5.12% interest rate. The property's national ranking is in the top 97th percentile according to Placer.AI. The property's APN is 59-015-99-0011-006. The year built is 1987.

Location Insight

City

Westland

County

Wayne

State

Michigan

Longitude

-83.3903

Latitude

42.3414

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments