470 Main St Reading, MI 49274-9613

Property Details for 470 Main St

Lot size

1.91 lot acres

Property type

Commercial real estate

APN

20-110-001-059-22-7-4

APU

201100010592274

Description

This exceptional investment opportunity presents a newly constructed (2023), 10,500-square-foot Family Dollar Tree and Family Dollar combination store located at 470 N Main St, Reading, MI 49274. The property sits on a 1.7-acre lot with ample parking (42 spaces) and enjoys a prominent Main Street location. The single-tenant, fee-simple property is currently 100% occupied under a corporate-guaranteed, double-net (NN) lease with a credit-rated tenant. The initial lease term is 10 years (commencing September 28, 2023, and expiring September 27, 2033), with four 5-year renewal options, each including a $0.50/SF rent increase. The current annual net operating income (NOI) is $123,375, representing a 7.85% cap rate and a price per square foot of $149.68. The property boasts limited competition, being one of only two dollar stores within a six-mile radius. Its strategic location offers convenient access to a substantial customer base, benefiting from its proximity to Hillsdale (16 minutes), Coldwater (28 minutes), and larger cities like Battle Creek and Jackson (within an hour's drive). This investment presents a stable, low-maintenance asset with significant long-term growth potential in a desirable market. The property's zoning is commercial, and the APN is 30-20-110-001-059-22-7-4.