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Oakland County 52nd District Court 48150 Grand River Ave 25,833 SF Office Building Novi, MI 48374 $5,836,000 ($225.91/SF) 7% Cap Rate
Investment Highlights
- Investment-Grade Tenant with Exceptional Credit Quality (AAA Credit Rating by S&P)
- Mission-Critical Facility with Exceptional Tenant Retention
- Long-Term Lease with Predictable Cash Flow and Built-In Growth (2% Annual Rent Growth)
- Premier Location in High-Growth Submarket with Superior Demographics
Executive Summary
Newmark's Government Capital Markets team is pleased to present an exceptional investment opportunity to acquire a single-tenant, net-leased district courthouse located at 48150 Grand River Avenue in Novi, Michigan (the “Property”). The 25,833-square-foot Property is occupied by Oakland County, Michigan (AAA/S&P), operating the facility as the 52nd District Court, First Division. The County recently executed a new ten-year net lease commencing June 1, 2024. Built in 1994 as a build-to-suit facility specifically designed for courthouse operations, the Property features four courtrooms, judge's chambers, holding cells, and all necessary court support spaces on a 4.74-acre site with 246 parking spaces. The modified net lease structure requires minimal landlord management responsibilities and features annual rent escalations of 2.0%, providing investors with built-in inflationary protection and consistent income growth throughout the term.
Property Facts
Sale Type
Investment NNN
Property Type
Office
Building Size
25,833 SF
Building Class
B
Year Built/Renovated
1994/2024
Price
$5,836,000
Price Per SF
$225.91
Cap Rate
7%
NOI
$408,520
Tenancy
Single
Building Height
1 Story
Typical Floor Size
25,833 SF
Building FAR
0.13
Lot Size
4.74 AC
Zoning
OSC
Parking
246 Spaces (9.52 Spaces per 1,000 SF Leased)
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Property Taxes
| Parcel Number | 22-17-226-003 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,755,900 |
Property Taxes
Parcel Number
22-17-226-003
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,755,900
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Oakland County 52nd District Court | 48150 Grand River Ave
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