51057 Milano Dr Macomb, MI 48042-4028

Property Details for 51057 Milano Dr

Year built

1993

Lot size

1.37 lot acres

Property size

6,683 SF

Zone code

C4

Property type

Commercial real estate

APN

20-08-18-451-006

APU

200818451006

Description

This exceptional investment opportunity presents a fee-simple interest in a 5,186 square foot WhiteWater Express Car Wash located in Macomb, Michigan. Built in 1993 and renovated in 2022, this single-unit car wash boasts a 20-year absolute NNN lease commencing December 31, 2021, and expiring December 31, 2041, with four 5-year renewal options. The lease includes a corporate guarantee and 1% annual rent increases, providing excellent protection against inflation. The property sits on a 1.37-acre lot with exceptional visibility at the northeast corner of Milano Drive and 23 Mile Road, a major thoroughfare with over 27,400 vehicles daily. Surrounded by nationally recognized retailers, this location benefits from high traffic and strong demographics, including a 5-mile population exceeding 192,000 and an average household income of $104,000+. The property's current NOI is $255,025, representing a 6.00% cap rate and a price per square foot of $819.59. The asking price is $4,250,417, offering a compelling return on investment. The absolute NNN lease structure minimizes landlord responsibilities, making this an ideal hands-off investment. The tenant is responsible for all taxes, insurance, and maintenance, including the roof, structure, and parking lot. This offering provides significant bonus depreciation opportunities.