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22901 Gratiot Ave
Eastpointe, MI 48021
Retail Property For Sale
Investment Highlights
- 7,000-square-foot freestanding retail building purpose-built for Advance Auto Parts on approximately 0.88 acres.
- Corporate lease was recently extended through December 31, 2036, with more than 10 years of remaining term.
- NNN lease structure places real estate taxes, insurance, CAM, and utilities on the tenant.
- Advance Auto Parts has operated at the property since 2008, providing over 18 years of operating history.
- Three five-year renewal options can extend occupancy through 2051, with rental increases at each option.
- High-traffic corner location at Gratiot Avenue and North Park Avenue with over 43,000 vehicles per day and 150,000+ residents within three miles.
Executive Summary
1. Over 18 Years of Operating History: Advance Auto Parts has occupied the location since approximately July 2008.
2. Long-Term Lease Extension: Lease recently extended to December 2036, providing more than 10 years of remaining term.
3. Three 5-Year Renewal Options: Options can extend occupancy through 2051.
4. Future Rental Growth: Monthly option rents increase from $11,450 to $12,000, $12,700, and $13,600.
5. 7,000 SF Freestanding Building: Purpose-built Advance Auto Parts facility situated on approximately 0.88 acres.
6. High Traffic Corner: Subject property is located on an intersection and sees over 43k vehicles per day.
7. Densely Populated Area: Over 150,000 residents within a 3-mile radius of the property
8. NNN lease structure places taxes, insurance, CAM, and utilities on the tenant.
2. Long-Term Lease Extension: Lease recently extended to December 2036, providing more than 10 years of remaining term.
3. Three 5-Year Renewal Options: Options can extend occupancy through 2051.
4. Future Rental Growth: Monthly option rents increase from $11,450 to $12,000, $12,700, and $13,600.
5. 7,000 SF Freestanding Building: Purpose-built Advance Auto Parts facility situated on approximately 0.88 acres.
6. High Traffic Corner: Subject property is located on an intersection and sees over 43k vehicles per day.
7. Densely Populated Area: Over 150,000 residents within a 3-mile radius of the property
8. NNN lease structure places taxes, insurance, CAM, and utilities on the tenant.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
7,000 SF
Building Class
B
Year Built
2008
Price
$2,113,846
Price Per SF
$301.98
Cap Rate
6.50%
NOI
$137,400
Tenancy
Single
Building Height
1 Story
Building FAR
0.18
Lot Size
0.88 AC
Opportunity Zone
Yes
Zoning
RETAIL 5K
Parking
35 Spaces (5 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Security System
- Signage
- Tenant Controlled HVAC
- Monument Signage
- Air Conditioning
Property Taxes
| Parcel Number | 02-14-30-380-030 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $567,000 |
Property Taxes
Parcel Number
02-14-30-380-030
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$567,000
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