1961 Base Ave Springfield, MI 49037

Property Details for 1961 Base Ave

Year built

1954

Lot size

5.36 lot acres

Property size

111,447 SF

Zone code

I-1

Property type

Warehouses

APN

54-215-010-01

APU

5421501001

Description

This exceptional investment opportunity presents a 112,500-square-foot industrial warehouse located at 1961 Base Avenue, Springfield, MI 49037. The property boasts a strong 6.83% cap rate and is currently 100% occupied under a Net Lease (NNN) agreement with a credit-rated tenant, Iron Mountain Incorporated (NYSE: IRM). The lease commenced January 1, 2024, and has a remaining term of approximately 4.1 years, expiring December 31, 2028. The current annual net operating income (NOI) is $393,000, with a 3% annual rent increase built into the lease. The asking price is $5,750,000, translating to $51.11 per square foot. This four-story building sits on a 5.36-acre lot and features desirable warehouse characteristics including three loading docks, two dock-high doors, and ceiling heights ranging from 13 to 20 feet. The property is zoned for industrial use and benefits from its strategic location near I-94 and I-69, providing excellent access to major transportation routes. The tenant, Iron Mountain, has a long history at this location, having occupied the premises since February 1, 2004, and recently signed a five-year lease extension. The lease includes options for further extensions. This is a rare opportunity to acquire a stable, net-leased industrial asset with a highly reputable tenant and significant upside potential. The property's features and location make it an ideal investment for long-term growth and passive income.

Location Insight

City

Springfield

County

Calhoun

State

Michigan

Longitude

-85.267

Latitude

42.3215

CBSA code

12980

CBSA name

BATTLE CREEK, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments