Pierce Lake Professional Center 1301-1307 S Main St 14,000 SF 100% Leased Office Building Chelsea, MI 48118 $2,350,000 ($167.86/SF) 8.05% Cap Rate

1301-1307 S. Main St. Chelsea, MI 48118 is a multi-tenant medical office complex. Built in 2005, the property is comprised of four buildings totaling 14,000 square feet of medical office space on 3.29 acres. The property is located in Chelsea, MI, a highly desirable bedroom community 15 miles west of Ann Arbor, with highway connectivity to Ann Arbor and Detroit via I-94. Nearby Chelsea Hospital and retirement communities, the property is well situated for medical office tenants. Owned by the original builder, this is the first time the property has been brought to market. The property is in exceptional condition.
The property is 100% occupied by a strong mix of seven tenants offering medical, dental, and financial services. The property has excellent visibility from Main Street (M-52), anchored by Chelsea Urgent Care with 10 years remaining on the lease term. With staggered lease expirations, the property provides an excellent blend of predictable cashflow as well as leasing upside over the hold period. Below-market rents, excellent basis, and strong current income forecasts a stable investment with significant upside to investors.