2161 Houghton Lk Dr Prudenville, MI 48651-9606
- Commercial real estate
- 0.50 lot acres
Jun 08, 2021
Current Use by Public Records
- Pleasantrees Houghton Lake / Cannabis Store
Property Details for 2161 Houghton Lk Dr
- Lot size
- 0.50 lot acres
- Property type
- Commercial real estate
- APN
- 003-249-020-2000
- APU
- 32490202000
Description
This exceptional investment opportunity presents a fee-simple interest in a 4,158-square-foot retail storefront located at 2161 W Houghton Lake Dr, Prudenville, MI 48651. Situated on a 0.97-acre parcel within a regional shopping center, this property boasts strong access and visibility in a popular resort and vacation destination. The property is currently leased to a vertically-integrated cannabis operator under a long-term, absolute NNN lease with 11.7 years remaining until expiration on July 30, 2036, and includes three 5-year renewal options. The lease features attractive 2.50% annual rent escalations, providing a significant hedge against inflation and ensuring consistent growth in net operating income (NOI). The current NOI is $248,210, resulting in a 10% capitalization rate on the asking price of $2,482,102. Recent renovations enhance the property's appeal and functionality. This is a rare opportunity to acquire a high-performing retail asset with exceptional long-term growth potential in a desirable location. The property benefits from its location in Roscommon County, Michigan.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Prudenville
- County
- Roscommon
- State
- Michigan
- Longitude
- -84.6818
- Latitude
- 44.2982
