Retail/Investment Property for Sale - Clarkston

Retail-Commercial for Sale
Catylist Listing ID: 30097974
Property Subtypes: Free-Standing Building, Mixed Use, Other
Building Size (RSF): 9,723 SF
Gross Land Area: 2.50 Acres
Sale Price: $550,000
Unit Price: $56.57 PSF
Ceiling: 20 ft.
Property Use Type: Net Leased Investment (NNN), Investment, Vacant/Owner-User
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: 8.82%
Average Occupancy Rate: 100
Last Updated: 11/13/2017

Overview / Comments

3779-.3819 S. Ortonville Road (M-15) in Clarkston is a 9,723 SF fully NNN leased investment property. The 2 tenant building produces an NOI of $48,486.84 annually for a CAP rate of over 8.8%. The building has plenty of upside potential with a rent increase due to the landlord in February 2018, and the opportunity to create an additional 4,700 SF basement suite for rent with an improvement of an exterior entrance.

The property consists of 3 main buildings. Building #1 is 4,744 SF with a full basement. This building houses both tenants (Loyal Paws Pet Crematorium and Rusty Relics Antiques) showrooms and offices. Building #2 is the warehouse facility for Loyal Paws, a 2,433 SF steel construction warehouse, with office and dock high door.

Building #3 is a 2,346 SF warehouse facility for Rusty Relics Antiques. The warehouse is steel construction with one grade level door and 1 dock height door. Property has both a pylon sign and monument sign available.

Please email agent for a confidentiality agreement and a copy of the detailed rent roll at lbalone@insitecommercial.com

Financials

Finance Data Year 2016
Real Estate Taxes - Annual($) $10,615 (Annual)
Tax Value Land $2,016
Assessed Value - Total($) $191,400 (Annual)
Potential Rental Income $66,221 (Annual)
Net Operating Income $42,319 (Annual)
Gross Operating Income $65,940 (Annual)

Current Tenants

Tenant Business Name Loyal Paws Cremation
Is Renting? Yes
Suite Number 3819
SF of Space Occupied 3,978 SF
Tenant Notes Contact Broker for rent roll.
Tenant Business Name Rusty Relics Vintage and Antiques
Is Renting? Yes
Suite Number 3779
SF of Space Occupied 5,475 SF
Tenant Notes Contact Broker for rent roll.

Additional Details

Nearest MSA: Detroit-Warren-Dearborn
County: Oakland
Tax ID/APN: 03-32-400-055
Zoning: C1- LOCAL COMMERCIAL
Retail Clientele: General, Family, Other
Property Located Between: Oakhill and Seymour
Property Visibility: Excellent
Largest Nearby Street: S Ortonville Road (M-15)
Traffic/Vehicle Count: 18,600
Tenancy: Multiple Tenants
Total Number of Buildings: 4
Number of Stories: 1
Year Built: 1948
Year Renovated: 2013
Construction/Siding: Concrete, Metal Siding, Wood Frame
Total Parking Spaces: 45
Parking Type: Surface
Parking Description: Paved with partial gravel. 2 Access points to Ortonville Road.
Heat Type: Natural Gas
Heat Source: Ceiling Units
Air Conditioning: Engineered System
Interior Description: Both tenant's buildouts are new as of their move in date.
Zoning Description: C1- Local Commercial
Easements: Water Rights
Easements Description: There is a planned easement for the southern curb cut to share with the commercially zoned home to the south.

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 872 18,138 51,025
Median Age: 46.51 42.3 41.29
Households: 311 6,317 18,021
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