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Hazel Park Plaza 3 Retail Properties Offered at $1,000,000 in Clio, MI
INVESTMENT HIGHLIGHTS
- 11 retail/office suites in 3 buildings totaling 20,992 square feet
- Adjacent to the VG’s Grocery center
EXECUTIVE SUMMARY
Hazel Park Plaza consists of 11 retail/office suites in 3 buildings totaling 20,992 square feet on S. Mill St adjacent to the VG’s Grocery center. The buildings were built in 1996, 2001 and 2003 and situated on a total of 1.685 acres. This neighborhood shopping center is in excellent condition and has been well maintained. Tenants consist of mostly local operators with a couple franchises including; Edward Jones, Hungry Howie’s, Brough Bakery, The Oak Nutrition, Shaggy Chic Boutique, A&M Oriental Grocery, Marque Engraving, Medical Clinic, and Octane Salon taking 2 suites. Tenants are currently paying gross rent well under the market rate as shown in our rent comps study.
TAXES & OPERATING EXPENSES (PRO FORMA - 2022) |
ANNUAL |
|---|---|
| Gross Rental Income |
$112,920
|
| Other Income |
$3,811
|
| Vacancy Loss |
$3,387
|
| Effective Gross Income |
$113,344
|
| Taxes |
$40,926
|
| Operating Expenses |
$15,183
|
| Total Expenses |
$56,109
|
| Net Operating Income |
$57,235
|
TAXES & OPERATING EXPENSES (PRO FORMA - 2022)
| Gross Rental Income | |
|---|---|
| Annual | $112,920 |
| Other Income | |
|---|---|
| Annual | $3,811 |
| Vacancy Loss | |
|---|---|
| Annual | $3,387 |
| Effective Gross Income | |
|---|---|
| Annual | $113,344 |
| Taxes | |
|---|---|
| Annual | $40,926 |
| Operating Expenses | |
|---|---|
| Annual | $15,183 |
| Total Expenses | |
|---|---|
| Annual | $56,109 |
| Net Operating Income | |
|---|---|
| Annual | $57,235 |
PROPERTY FACTS
| Price | $1,000,000 | Number of Properties | 3 |
| Price / SF | $51.57 / SF | Individually For Sale | 0 |
| Cap Rate | 5.72% | Total Building Size | 19,390 SF |
| Sale Type | Investment | Total Land Area | 1.94 AC |
| Status | Active |
| Price | $1,000,000 |
| Price / SF | $51.57 / SF |
| Cap Rate | 5.72% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 19,390 SF |
| Total Land Area | 1.94 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 600 S Mill St, Clio, MI 48420 | Retail | 7,908 SF | 2001 | - |
| 520-540 S Mill St, Clio, MI 48420 | Retail | 6,400 SF | 1996 | - |
| 100 Smith St, Clio, MI 48420 | Retail | 5,082 SF | 2003 | - |
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Hazel Park Plaza
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