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Petco 2731 S State Rd 10,900 SF Retail Building Ionia, MI 48846 $4,696,000 ($430.83/SF) 6.25% Cap Rate
INVESTMENT HIGHLIGHTS
- 2023 Build-To-Suit
- Corporate Guaranty
- 13,000+ Daily Traffic Counts
- New 15-Year Absolute NNN Lease
- 8.50% Increases Every 5-Years
- 40,000+ Population Within 10-Miles
EXECUTIVE SUMMARY
Embree Capital Markets Group is pleased to present a build-to-suit Petco locate in Ionia, MI. This is an opportunity for an investor to acquire a well-located Petco retail store with an attractive 15-year absolute NNN lease that features 8.5% rental increases every five years.
FINANCIAL SUMMARY (ACTUAL - 2022) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$293,529
|
$26.93
|
FINANCIAL SUMMARY (ACTUAL - 2022)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $293,529 |
| Annual Per SF | $26.93 |
PROPERTY FACTS
Sale Type
Investment
Sale Condition
Build to Suit
Property Type
Retail
Property Subtype
Building Size
10,900 SF
Building Class
B
Year Built
2023
Price
$4,696,000
Price Per SF
$430.83
Cap Rate
6.25%
NOI
$293,529
Tenancy
Single
Building Height
1 Story
Building FAR
0.35
Lot Size
0.72 AC
AMENITIES
- Signage
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- Petco
- -
- 10,900 SF
- $26.93
- Triple Net
- Jul 2038
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| Petco | - | 10,900 SF | $26.93 | Triple Net | Jul 2038 |
NEARBY MAJOR RETAILERS
Fifth Third Bank
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Petco | 2731 S State Rd
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