8931 K Ave Galesburg, MI 49053
- Commercial land
- 1.81 lot acres
Current Use by Public Records
- Commercial land
Property Details for 8931 K Ave
- Lot size
- 1.81 lot acres
- Zone code
- LM
- Property type
- Commercial land
- APN
- 07-15-480-100
- APU
- 715480100
Description
This exceptional investment opportunity presents a brand-new, Class A, 41,467-square-foot distribution warehouse in Galesburg, Michigan. Located at 8931 E K Ave, 49053, this single-tenant property boasts a 10-year net lease (NN) with a credit-rated corporate guarantor, Compass Group, a Fortune Global 500 company. The lease commenced May 15, 2024, and includes 2% annual rent escalations, providing a built-in hedge against inflation. The property features three loading docks and three dock-high doors, situated on a 3.61-acre lot. With a 6% cap rate and a Net Operating Income (NOI) of $352,470, this offering presents a compelling return on investment. The asking price is $5,900,000 ($142.28/SF). The tenant, Canteen (a Compass Group subsidiary), is the leading vending company in the United States, operating over 225 distribution locations nationwide. Their Galesburg branch has served the area for over 50 years, relocating to this new facility from a nearby location. The property benefits from its strategic location, with easy access to I-94, a major east-west corridor, placing it within a dense industrial area alongside other significant companies. The lease includes two five-year renewal options, further enhancing the long-term value and stability of this investment. The property is fee simple ownership and represents a strong investment in a high-demand industrial market.
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
- Galesburg
- County
- Kalamazoo
- State
- Michigan
- Longitude
- -85.4556
- Latitude
- 42.2903
- CBSA code
- 28020
- CBSA name
- KALAMAZOO-PORTAGE, MI METROPOLITAN STATISTICAL AREA
