6331 Jefferson Ave Detroit, MI 48207-4317

Property Details for 6331 Jefferson Ave

Year built

2002

Lot size

1.30 lot acres

Property size

14,510 SF

Zone code

SD4

Property type

Drug stores

APN

15000027-8

APU

150000278

Description

This exceptional multi-tenant retail property, located at 6331 E Jefferson Ave, Detroit, MI 48207, presents a compelling investment opportunity. The 28,054 square foot center boasts a strong tenant lineup including Walgreens, Little Caesars, Harbortown Laundromat, Dollar Daze, and She's Happy Hair, spread across three buildings on a 2.4-acre lot. Built in 2002, the property features a mix of retail uses, including pharmacy, quick-service restaurant, and other retail spaces. The current occupancy rate stands at 87.37%, generating a Net Operating Income (NOI) of $247,035, resulting in a 7.75% capitalization rate. The asking price is $3,187,552, translating to $113.62 per square foot. The property benefits from a high-traffic location, experiencing over 39,000 vehicles per day, and serves a population exceeding 780,000 within a 10-mile radius. Data indicates that the Walgreens and Little Caesars locations within the center rank in the top 30% and 25%, respectively, nationwide for customer visits. Lease terms vary by tenant, with rent bumps also varying. The property is offered fee simple, with six total units across three single-story buildings. This investment offers significant potential for long-term growth and profitability in a thriving Detroit market. One unit is currently vacant, presenting an opportunity to increase revenue.

Location Insight

City

Detroit

County

Wayne

State

Michigan

Longitude

-83.0097

Latitude

42.3443

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments