16006 Southfield Rd Allen Park, MI 48101-2563

Property Details for 16006 Southfield Rd

Year built

1948

Lot size

0.53 lot acres

Property size

4,400 SF

Zone code

C 5

Property type

Bars

Property subtype

Pubs

APN

30 008 02 0088 000

APU

30008020088000

Description

This exceptional investment opportunity presents a fee-simple ownership of a brand-new, 600-square-foot Caribou Coffee located at 16006 Southfield Rd, Allen Park, MI 48101. The property sits on a 0.53-acre lot and boasts a 15-year absolute NNN ground lease with two, five-year renewal options, significantly reducing landlord responsibilities. Rent increases by 10% every five years, ensuring consistent income growth. The property benefits from a prime location, less than half a mile from I-75, within a high-density area exceeding 298,000 residents within a five-mile radius and an average household income over $70,000 within three miles. The median home value within five miles surpasses $125,000, supporting strong consumer demand. Built in 2023, this single-story building currently enjoys 100% occupancy, generating a substantial net operating income (NOI) of $80,000 and a 6.00% cap rate. The asking price is $1,333,333, translating to $2,222.22 per square foot. The tenant has a one-time lease termination right after the 10th year if gross sales don't exceed $750,000. This presents a secure, passive income stream with a nationally recognized brand in a thriving market. The property's high traffic count (over 47,000 vehicles per day) further enhances its investment appeal.