200 14 Mile Rd Troy, MI 48083
- Retail space
- 91,086 SF
- 6.55 lot acres
Current Use by Public Records
- At Home / Home Decor Store / Department Store
Property Details for 200 14 Mile Rd
- Year built
- 1965
- Lot size
- 6.55 lot acres
- Property size
- 91,086 SF
- Property type
- Retail space
Description
This exceptional investment opportunity presents a 91,086 square foot, single-tenant At Home retail property located at 200 W 14 Mile Rd, Troy, MI 48083. The property boasts a strong 8.50% cap rate and a substantial net operating income (NOI) of $625,000. Secured by a corporate guarantee, the 10-year net lease with At Home commenced November 29, 2017, and includes three 5-year renewal options with 4.8% rent bumps upon option exercise. Built in 1965 and renovated in 2017, this big box retail space sits on a 6.55-acre lot and enjoys 100% occupancy since July 1, 2021. The property benefits from its prime location adjacent to the Oakland Mall, attracting approximately 4.7 million visitors annually, and serves a highly affluent demographic with an average household income exceeding $109,000 within a 5-mile radius, encompassing 296,000 residents. The asking price is $7,353,000, offering investors a compelling opportunity for long-term passive income and significant appreciation potential. The property is less than 14 miles from downtown Detroit, a city ranked highly for economic growth. This investment provides over three years of remaining lease term, minimizing landlord responsibilities and maximizing return.
Value Estimations
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Location Insight
- Map
- Local Demand
- City
- Troy
- County
- Oakland
- State
- Michigan
- Longitude
- -83.108095589683
- Latitude
- 42.535848795418
