2733 Un Lk Rd Commerce Township, MI 48382-3561
- Outlet malls
- 66,154 SF
- 5.65 lot acres
Apr 10, 2023
Current Use by Public Records
- Outlet malls
Property Details for 2733 Un Lk Rd
- Year built
- 1998
- Lot size
- 5.65 lot acres
- Property size
- 66,154 SF
- Zone code
- BI
- Property type
- Outlet malls
- APN
- E -17-12-276-007
- APU
- E1712276007
Description
This exceptional Class A, 62,800 square foot shopping center in Commerce Charter Township, Michigan, presents a compelling investment opportunity. Located at 2733 Union Lake Rd, this single-story, multi-tenant property boasts 100% occupancy with two prominent tenants: Planet Fitness and Sky Zone. Planet Fitness, operated by Michigan's largest franchisee, occupies a significant portion of the space under a 10-year lease. Sky Zone also benefits from a 10-year lease with renewal options. The property underwent a complete renovation in 2015 and features ample parking (283 spaces) on a 5.2-acre lot. The property's strategic location at a major intersection, adjacent to a large Kroger, ensures high visibility and strong traffic flow. This stabilized investment offers a compelling 8.75% cap rate, with a Net Operating Income (NOI) of $457,600, and an asking price of $5,230,000 ($83 per square foot). The property is offered fee simple and features a NNN lease structure. This is a rare opportunity to acquire a high-performing, multi-tenant retail center in a thriving Michigan community. The property's strong tenant mix, long-term leases, and prime location make it an ideal addition to any investment portfolio. The property's financial performance is further enhanced by its recent renovation and the strength of its tenant base.
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
- Commerce Township
- County
- Oakland
- State
- Michigan
- Longitude
- -83.4445
- Latitude
- 42.5954
- CBSA code
- 19820
- CBSA name
- DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA
