1748 Wolverine Pkwy Gaylord, MI 49735

Property Details for 1748 Wolverine Pkwy

Lot size

6.84 lot acres

Property type

Commercial real estate

APN

102-750-000-036-01

APU

10275000003601

Description

Exceptional investment opportunity: a fee-simple, 50,164 square foot, single-story distribution facility in Gaylord, Michigan (1748 Wolverine Pkwy, 49735). This Class B building, constructed in 2006 and renovated in 2024, boasts a 6.51% cap rate and a strong NOI of $357,971. The property sits on a 6.89-acre lot and features 7 dock-high doors and 6 loading docks, with a 20-foot ceiling height. Currently 100% occupied by FedEx Ground under a Net Lease agreement with a corporate guarantee, the lease commenced April 1, 2024, and has a remaining term of 4.8 years, with one five-year renewal option remaining, expiring August 31, 2029. The asking price is $5,500,000 ($109.64/sq ft). The property is zoned for industrial use and benefits from a long-term lease with a financially stable tenant. The landlord's responsibilities are limited to roof and exterior walls. This is a rare opportunity to acquire a well-maintained, high-performing industrial asset with a proven track record and significant upside potential. The property's strategic location serves all of northern Michigan, ensuring consistent demand and long-term value. This is a turnkey investment ideal for passive income seekers.