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US LBM 1701 W South Airport Rd 194,278 SF 100% Leased Retail Building Traverse City, MI 49686 $2,750,000 ($14.15/SF) 7.20% Cap Rate
Investment Highlights
- US LBM Holdings — 460+ locations nationwide, ~$6.8B in annual revenue
- One 5-year renewal option with 10% rental increase at option exercise
- Offered at 7.20% cap rate with $198,000 current annual rent
- Lease renewed through August 2031 with ~5.3 years remaining on base term
- Industrial NNN lease — tenant responsible for taxes, insurance, utilities, CAM
- Adjacent to Cherry Capital Airport; 36,800 VPD on South Airport Road
Executive Summary
Matt Fitzgerald
License # 6505432273, 6502432668 (MI)
Matthews Real Estate Investment Services, Inc
1600 West End Ave., Ste. 1500, Nashville, TN 37203
(866) 889-0550
License # 6505432273, 6502432668 (MI)
Matthews Real Estate Investment Services, Inc
1600 West End Ave., Ste. 1500, Nashville, TN 37203
(866) 889-0550
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
194,278 SF
Building Class
C
Year Built
1977
Price
$2,750,000
Price Per SF
$14.15
Cap Rate
7.20%
NOI
$198,000
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
1.00
Lot Size
4.46 AC
Opportunity Zone
Yes
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
-
- Retailer
- -
- -
- -
We’ve been serving Northwest Michigan, first from Traverse City since 1904 and then Suttons Bay since 1946. We’re clearly not going anywhere. We operate a full-service hardware store and lumberyard in Suttons Bay. And a lumberyard and premier showroom, with interior design services, in Traverse City. So whatever your project, we’re right here, ready to help.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
|
|
Retailer | - | - | - |
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Moderately bikeable
60/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 05-187-019-00 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,057,000 |
Property Taxes
Parcel Number
05-187-019-00
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,057,000
Contacts
-
Louis Murray -
Alexander Harrold -
Brett Davis -
Matthews Real Estate Investment Services
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