110 Main St Eaton Rapids, MI 48827-1068

Property Details for 110 Main St

Year built

1900

Lot size

0.04 lot acres

Property size

5,199 SF

Zone code

CBD

Property type

Retail space

APN

300 000 602 040 00

APU

30000060204000

Description

This exceptional mixed-use investment opportunity in Eaton Rapids, Michigan, presents a compelling combination of retail and residential income streams. The property, located at 110 S Main St, encompasses 18,069 square feet on a 0.13-acre lot and includes a Family Dollar store and a two-unit apartment building. The Family Dollar store, a corporate-guaranteed tenant, has occupied the space since December 20, 1993, under a lease expiring December 31, 2023. While the lease has expired, the property benefits from a strong history of tenancy and a current 100% occupancy rate across all three units. The apartment building provides additional rental income, diversifying the investment. The property boasts a strong 8.50% cap rate and a net operating income (NOI) of $36,869. Built in 1905, the two-story building sits on commercially zoned land. The asking price is $433,756, translating to $24.01 per square foot. The lease includes a five-year option with a 10% rent bump in each option. This property offers significant potential for long-term growth and stability due to its prime location, strong tenant history, and diversified income streams. The current below-market rent paid by Family Dollar presents an opportunity for future rental increases. This is a rare opportunity to acquire a well-established, high-performing mixed-use property in a desirable Michigan location.