2731 State Rd Ionia, MI 48846-8472

Property Details for 2731 State Rd

Lot size

1.45 lot acres

Property type

Commercial real estate

APN

34-060-140-000-020-10

APU

3406014000002010

Description

This exceptional investment opportunity presents a fee-simple ownership of a 10,900-square-foot Petco Neighborhood Farm & Pet Supply store located at 2731 S State Rd, Ionia, MI 48846. The property, built in 2023, sits on a 1.44-acre lot and boasts a strong 100% occupancy rate. The absolute NNN lease with Petco, a credit-rated tenant with a corporate guarantee, offers significant long-term stability. The lease commenced July 7, 2023, and has a remaining term of 13.7 years, expiring July 31, 2038. Rent increases of 8.5% are built in every five years, providing substantial future income growth. Five, 5-year lease options further enhance the investment's longevity. The property generates a Net Operating Income (NOI) of $293,529, resulting in an attractive 6.25% cap rate. The asking price is $4,696,000, translating to a price per square foot of $430.83. This investment is ideal for those seeking a secure, high-yield retail property with a nationally recognized tenant and built-in rent escalations. The property benefits from a strong local demographic, with over 40,000 people residing within a 10-mile radius and average household incomes exceeding $70,000.