5213 Lk Michigan Dr, Allendale, MI 49401-9399
- Retail space
- 7,744 SF
- 0.99 lot acres
Current Use by Public Records
- O'Reilly Auto Parts / Auto Parts Store
Property Details for 5213 Lk Michigan Dr
- Lot size
- 0.99 lot acres
- Property type
- Retail space
- APN
- 70-09-24-400-080
- APU
- 700924400080
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| May 24, 2022 | — | 5213 Lake Michigan Drive LLC | Pear Line LLC | Warranty Deed | — |
| Mar 28, 2022 | — | Hutton Exchange Allendale Mi LLC | — | Deed · related | $1.3M · Simmons Bank |
| Nov 14, 2017 | $300,000 | Hutton Exchange Allendale Mi LLC | Pear Line LLC | Warranty Deed | $1.1M · Centennial Bank |
| May 14, 2008 | $300,000 | Pear Line LLC | Razorback Investments LLC | Warranty Deed | — |
Description
This exceptional investment opportunity presents a single-tenant, net-leased O'Reilly Auto Parts storefront located in Allendale Charter Township, Michigan, within the Grand Rapids MSA. Built in 2018 as a build-to-suit, the 7,780 square foot property boasts a prime location on Lake Michigan Drive, a major thoroughfare with 28,000 vehicles per day. The property sits on a 0.98-acre lot and benefits from a long-term lease with O'Reilly Auto Parts, an investment-grade tenant (S&P: BBB), extending until November 20, 2038, with four 5-year renewal options. The lease includes attractive 6% rent bumps every five years, starting in year 11, ensuring consistent income growth. The property generates a strong NOI of $101,962, resulting in a 6.00% cap rate. The surrounding area is densely populated, with over 40,721 residents within a five-mile radius, boasting an average annual household income of $82,628. Proximity to Grand Valley State University (less than two miles away, with over 21,500 undergraduate students) further enhances the property's value and potential. Nearby businesses include True Value, Gerber Collision & Glass, McDonald's, Taco Bell, Goodwill, PNC Bank, and Napa Auto Parts, indicating a thriving commercial environment. This is a rare opportunity to acquire a high-performing, net-leased asset with a strong tenant and significant remaining lease term. The asking price is $1,699,366, translating to a price per square foot of $218.43.
Value Estimations
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,774,000
- AI Estimate
- $1,774,000
Market price range: $622k - $2.27MMarket price range: $622k - $2.27M -
Alternative Use
- Use
- Estimation
- RETAIL STORES
- $1,145,000 Current use
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Location Insight
- Map
- Local Demand
- City
- Allendale
- County
- Ottawa
- State
- Michigan
- Longitude
- -85.9147
- Latitude
- 42.9729
- CBSA code
- 24340
- CBSA name
- GRAND RAPIDS-WYOMING, MI METROPOLITAN STATISTICAL AREA
