1551 Academy St Ferndale, MI 48220-2001
- Warehouses
- 46,684 SF
- 1.52 lot acres
Nov 05, 2020
Current Use by Public Records
- Warehouses
Property Details for 1551 Academy St
- Year built
- 1970
- Lot size
- 1.52 lot acres
- Property size
- 46,684 SF
- Zone code
- II
- Property type
- Warehouses
- APN
- 24-25-35-126-021
- APU
- 242535126021
Description
This exceptional investment opportunity presents a fee-simple interest in a 49,630-square-foot industrial distribution building located at 1551 Academy St, Ferndale, MI 48220. The property, built in 1985 and renovated in 2020, sits on a 1.52-acre lot and is currently 100% occupied by Gage, a prominent cannabis operator, under an absolute NNN lease with zero landlord responsibilities. The lease, commencing September 23, 2020, and expiring September 30, 2030, has a remaining term of approximately 5.9 years and includes two 10-year renewal options. The current annual net operating income (NOI) is $635,906, representing a 9.00% cap rate on the $7,065,622 asking price, or $142.37 per square foot. The lease features attractive 2.33% annual rent escalations, providing a hedge against inflation and increasing cash flow. This single-tenant property offers a passive investment with significant long-term value in a densely populated area, conveniently located 11 miles from downtown Detroit and with direct access to I-75. The property's APN is 25-35-126-021. This is a rare opportunity to acquire a high-performing, long-term net lease investment in a thriving market.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- Ferndale
- County
- Oakland
- State
- Michigan
- Longitude
- -83.1147
- Latitude
- 42.4588
- CBSA code
- 19820
- CBSA name
- DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
