1643 Imlay City Rd 9,600 SF Industrial Building Lapeer, MI 48446 $895,000 ($93.23/SF) 8.94% Cap Rate

The building is 9,600 Square Feet on 4.63 acres zoned M-1 (industrial), office and retail, which leaves land that can be used for expansion of the existing building or build more buildings up to a maximum of 80,000 +/- Square Feet. The land can be split into 2 separate parcels. The existing building was built in 1996 at 7,200 SF and a 2,400 S.F. addition was added in 2014 for the current total of 9,600 S.F. The building has a water well and septic system. Imlay City Road is a major East West Road and the property is located just East of the Lapeer City limits. It had a new roof constructed in 2016. It has a natural gas heating system. I have a survey of the property. The real estate taxes in 2023 were $10,661.330 and the building insurance was $2,200.00 both paid by the landlord. Rent is currently $90,000 per year increasing to $95,000 per year in 3 years. The current tenant has occupied the building for 25 years and signed a new 5 year lease with increases in year 4. The tenant is a subsidiary of a major corporation which has 12 other locations in Michigan