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New Orleans Mall 15612 W 10 Mile Rd 20,239 SF 86% Leased Retail Building Southfield, MI 48075 $4,625,000 ($228.52/SF) 7.20% Cap Rate
Executive Summary
Opportunity to purchase a value-add strip retail center in Southfield, Michigan. These properties consist of 14 tenants and a diversified rent roll of service businesses resistant to e-commerce trends. Through the mark to market of rents and conversion to NNN leases, investors have the opportunity to increase NOI while clipping in-place cash flow. The rent roll has a staggered expiration schedule allowing for smooth cash flow and operations.
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Freestanding
Building Size
20,239 SF
Building Class
C
Year Built/Renovated
1990/2004
Price
$4,625,000
Price Per SF
$228.52
Cap Rate
7.20%
NOI
$333,000
Percent Leased
86%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.14
Lot Size
3.27 AC
Zoning
B-3 - Business use
Parking
120 Spaces (5.93 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Courtyard
- Pylon Sign
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Elegant Expressions
- Retailer
- -
- -
-
Jan 0000
- Trendz
- Retailer
- -
- -
-
Jan 0000
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Elegant Expressions | Retailer | - | - | Jan 0000 | ||
| Trendz | Retailer | - | - | Jan 0000 |
Space Availability
- Space
- Size
- Space Use
- Position
- Available
- 1st Floor
- 929 SF
- Office/Retail
- -
- Now
- 1st Floor
- 1,225 SF
- Office/Retail
- -
- Now
| Space | Size | Space Use | Position | Available |
| 1st Floor | 929 SF | Office/Retail | - | Now |
| 1st Floor | 1,225 SF | Office/Retail | - | Now |
1st Floor
| Size |
| 929 SF |
| Space Use |
| Office/Retail |
| Position |
| - |
| Available |
| Now |
1st Floor
| Size |
| 1,225 SF |
| Space Use |
| Office/Retail |
| Position |
| - |
| Available |
| Now |
Moderately walkable
70/100
Exceptionally drivable
100/100
Limited public transit
30/100
Moderately bikeable
60/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 24-24-483-021 | Improvements Assessment | $695,480 |
| Land Assessment | $351,480 | Total Assessment | $1,046,960 |
Property Taxes
Parcel Number
24-24-483-021
Land Assessment
$351,480
Improvements Assessment
$695,480
Total Assessment
$1,046,960
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New Orleans Mall | 15612 W 10 Mile Rd
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