2050 F 41 Mikado, MI 48745-9638
- Office buildings
- 1,200 SF
- 2.36 lot acres
Current Use by Public Records
- Mikado Home Health Care / Home Health Care Service
Property Details for 2050 F 41
- Year built
- 2004
- Lot size
- 2.36 lot acres
- Property size
- 1,200 SF
- Property type
- Office buildings
- APN
- 091-002-100-014-00
- APU
- 9100210001400
Description
This exceptional investment opportunity presents a brand-new, 10,640-square-foot Dollar General Plus store in Mikado, Michigan. Built in 2023, the property boasts a 15.1-year absolute NNN lease with a corporate guarantee from Dollar General, a company with an investment-grade credit rating. The lease features built-in rent bumps of 5% every five years, ensuring consistent income growth. With zero landlord responsibilities, this single-tenant property offers a passive investment opportunity with a 6.75% cap rate based on a net operating income (NOI) of $105,996. The property sits on a 2.36-acre lot with 57 parking spaces and is strategically located on Highway F41, serving as the only dollar store within a 10-mile radius. This limited competition area, coupled with a strong average household income of $53,699 within a three-mile radius and a 10-mile population of 7,875, makes this a highly desirable location. The lease includes five five-year renewal options, each with a 5% rent increase. The asking price is $1,570,311, translating to $147.59 per square foot. This fee-simple ownership provides a secure and profitable investment in a proven retail sector. The property is zoned commercial and offers significant potential for long-term appreciation. This is an ideal opportunity for a 1031 exchange or passive investor seeking a stable, high-return investment.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Mikado
- County
- Alcona
- State
- Michigan
- Longitude
- -83.4232
- Latitude
- 44.5948
