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16401 Harper Ave
Detroit, MI 48224
FAMILY DOLLAR · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- 2004 build-to-suit construction for Family Dollar
- Two, 5-Year renewal options remaining; all of which include a 10% rent increase
- Strong corporately guaranteed lease
- This store ranks in the top 17% of all Family Dollar stores nationwide, according to Placer.Ai
- Tenant recently extended their lease early to a new 10-year term
- Located off Hwy 94 were traffic counts exceed +134,688 vehicles per day
EXECUTIVE SUMMARY
3-Mile population of ±21,903 residents. 5-Mile population of ±292,167 residents. Detroit is a six-county metropolitan statistical area (MSA) —making it the 14th-largest MSA in the United States. Investment Grade Credit Tenant – S&P Rated BBB-. Family Dollar is one of the few retailers that thrived through the COVID pandemic and witnessed a sharp increase in same store sales / profitability.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Department Store
Building Size
9,954 SF
Building Class
B
Year Built
1960
Price
$1,323,672
Price Per SF
$132.98
Cap Rate
8.25%
NOI
$109,203
Tenancy
Single
Building Height
1 Story
Building FAR
0.55
Lot Size
0.41 AC
Opportunity Zone
Yes
Zoning
B-4 - Business use
Parking
39 Spaces (3.92 Spaces per 1,000 SF Leased)
Frontage
180’ on Harper Ave
PROPERTY TAXES
| Parcel Number | 21-00456-875 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $255,400 |
PROPERTY TAXES
Parcel Number
21-00456-875
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$255,400
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