5213 Lk Michigan Dr Allendale, MI 49401-9399

Property Details for 5213 Lk Michigan Dr

Lot size

0.99 lot acres

Property size

7,744 SF

Property type

Retail space

APN

70-09-24-400-080

APU

700924400080

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.

Location Insight

City

Allendale

County

Ottawa

State

Michigan

Longitude

-85.9147

Latitude

42.9729

CBSA code

24340

CBSA name

GRAND RAPIDS-WYOMING, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments