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La Mirage Shopping Center 29555 Northwestern Hwy 39,390 SF 100% Leased Retail Building Southfield, MI 48034 $5,950,000 ($151.05/SF) 9.44% Cap Rate
Investment Highlights
- Long-Term Anchor Lease: Secured through 2032
- 100% Occupied: Stable in-place and forward cash flow
- Prime Location: High visibility on Northwestern Hwy near I-696
- Built-In Rent Growth
- 9.4% Cap Rate
Executive Summary
La Mirage is a 100% occupied, stabilized retail investment offered free and clear of existing financing at a 9.4% cap rate based on Year 1 NOI of $561,669. This offering presents the opportunity to acquire a Guitar Center–anchored property where the tenant has successfully operated since 1999 and recently exercised an early lease extension with a built-in rent increase, reinforcing its long-term commitment and enhancing the stability of the investment opportunity.
For additional information, please complete and return the attached Confidentiality Agreement as instructed therein.
For additional information, please complete and return the attached Confidentiality Agreement as instructed therein.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront
Building Size
39,390 SF
Building Class
C
Year Built/Renovated
1979/2010
Price
$5,950,000
Price Per SF
$151.05
Cap Rate
9.44%
NOI
$561,669
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.30
Lot Size
3.00 AC
Opportunity Zone
Yes
Zoning
B-3 - Commercial Zoned District
Parking
180 Spaces (4.57 Spaces per 1,000 SF Leased)
Frontage
334’ on Northwestern Hwy
Amenities
- Pylon Sign
- Signage
- Tenant Controlled HVAC
- Storage Space
- Air Conditioning
- Smoke Detector
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 24-07-351-098 | Improvements Assessment | $1,320,900 |
| Land Assessment | $326,960 | Total Assessment | $1,647,860 |
Property Taxes
Parcel Number
24-07-351-098
Land Assessment
$326,960
Improvements Assessment
$1,320,900
Total Assessment
$1,647,860
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La Mirage Shopping Center | 29555 Northwestern Hwy
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