2851 Russell St Detroit, MI 48207

Exceptional investment opportunity: a 48,960-square-foot Class A medical office building in Detroit, Michigan. This sale-leaseback property boasts a 15-year lease commencing January 1, 2024, and expiring December 31, 2039, with two 5-year renewal options. The tenant, a prominent mental health care provider in Wayne County, occupies the entire building. The building, constructed in 1987 and extensively renovated between 2020 and 2023 (with ongoing improvements), features a two-story structure on a 1.27-acre lot in a prime location within the historic Eastern Market district. The property offers ample on-site parking, a rare amenity in a downtown setting. The building's strong NOI of $1,272,960 contributes to an attractive 7.67% cap rate. The asking price is $16,589,000. The lease is structured as a triple-net lease (NNN) with rent of $26 per square foot for years 1-5, increasing by 15% for years 6-10 and again for years 11-15. This presents a compelling opportunity to acquire a stable, high-performing asset in a revitalizing urban area with potential for future expansion and redevelopment. The property's location within the vibrant Eastern Market, alongside over 150 businesses, ensures high visibility and accessibility. This is a rare opportunity to invest in a well-established medical facility with a long-term lease and significant upside potential.