2851 Russell St Detroit, MI 48207

Property Details for 2851 Russell St

Year built

1986

Lot size

0.88 lot acres

Property size

24,179 SF

Zone code

B6

Property type

Medical offices

Property subtype

Medical centers

APN

05003449.

APU

5003449

Description

Exceptional investment opportunity: a 48,960-square-foot Class A medical office building in Detroit, Michigan. This sale-leaseback property boasts a 15-year lease commencing January 1, 2024, and expiring December 31, 2039, with two 5-year renewal options. The tenant, a prominent mental health care provider in Wayne County, occupies the entire building. The building, constructed in 1987 and extensively renovated between 2020 and 2023 (with ongoing improvements), features a two-story structure on a 1.27-acre lot in a prime location within the historic Eastern Market district. The property offers ample on-site parking, a rare amenity in a downtown setting. The building's strong NOI of $1,272,960 contributes to an attractive 7.67% cap rate. The asking price is $16,589,000. The lease is structured as a triple-net lease (NNN) with rent of $26 per square foot for years 1-5, increasing by 15% for years 6-10 and again for years 11-15. This presents a compelling opportunity to acquire a stable, high-performing asset in a revitalizing urban area with potential for future expansion and redevelopment. The property's location within the vibrant Eastern Market, alongside over 150 businesses, ensures high visibility and accessibility. This is a rare opportunity to invest in a well-established medical facility with a long-term lease and significant upside potential.

Location Insight

City

Detroit

County

Wayne

State

Michigan

Longitude

-83.0421

Latitude

42.3481

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments