7205 Wayne Rd Westland, MI 48185-2001

Property Details for 7205 Wayne Rd

Year built

1965

Lot size

1.10 lot acres

Property size

3,004 SF

Property type

Banks

APN

56 015 05 0008 000

APU

56015050008000

Description

This exceptional investment opportunity presents a 3,007 square foot retail property currently leased to Citizens Bank (NYSE: CFG), a highly creditworthy tenant with an A-2 S&P rating and over $151 billion in deposits. The property, located at 7205 N Wayne Rd, Westland, MI 48185, boasts an absolute NNN lease, eliminating landlord responsibilities. The lease commenced July 1, 2020, and expires June 30, 2026, with three and five-year renewal options. The current lease term is approximately 1.6 years. The property features excellent access points from Warren Road, Wayne Road, and the Westland Mall parking lot. Situated on a 1.1-acre lot in a prime Westland retail corridor, the property enjoys high visibility and proximity to major national retailers including Lowe's, Meijer, Target, Best Buy, Kohl's, Ashley, Harbor Freight, Burlington, and Five Below. Built in 1965, the building is zoned CB-2. The property generates a Net Operating Income (NOI) of $100,000, representing a 6.00% capitalization rate. This is a rare opportunity to acquire a stable, high-yielding investment with a strong tenant and excellent location. The property's long-standing tenant, Citizens Bank, has occupied the site since 2006.