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13490008
13487244

2851 Russell St, Detroit, MI 48207

LG
MI 6502126741
CRS, Commercial Real Estate Services
Listed by CRS, Commercial Real Estate Services
$16,589,000
950 days on market
Updated 72 days ago
Opportunity zone

Team Wellness Premier Medical Sale Lease Back

Details
Property Type Office
Sub Type Medical Office
Square Footage 48,960
Cap Rate 7.67%
NOI $1,272,960
Tenancy Single
Lease Term 15
Lease Expiration 12/31/2039
Lease Options 2 5 y options
Class A
Year Built 1987
Year Renovated 2020-2023 and ongoing
Buildings 1
Stories 2
Lot Size (SqFt) 1.27
Zoning commercial
Investment Type Sale/Leaseback
Lease Commencement 01/01/2024
Occupancy Date 01/01/2024
Sale Condition Sale for leaseback

Office | 7.67% CAP | 48,960 SF

Marketing description

Since 2002, Team Wellness Center has been providing exceptional services and care to adults with severe and chronic mental illness in Southeast Michigan. Team Wellness Center is dedicated to enhancing the wellbeing of individuals by providing an array of comprehensive behavioral and physical health services in an environment that promotes quality of life, continuous improvement, social awareness, and healing. Since then, we have expanded our services to include substance use, primary care, child/adolescent, and dental services to meet the growing needs of the community. Team Wellness Center is dedicated to enhancing the wellbeing of individuals by providing an array of comprehensive behavioral and physical health services in an environment that promotes quality of life, continuous improvement, social awareness, and healing.

Team Wellness has invested in New HVAC Units, Roof and updates throughout the facility.

The subject property is well positioned to the Eastern Market to serve the community of need of medical services. The location offers full medical services, private parking with a rare modern facilities to the community. Team Wellness is the largest mental health care provider in Wayne County and one of the largest for profit mental health care providers in the Midwest providing extensive programs mental health for all ages, dental, diet and exercise counseling, integrated primary care services and supporting services to over 4,000 patients weekly.

With the redevelopment of Detroit comes a younger generation that are working in the city and baby boomers that want to be part of the rebirth and that will desire to live there.

The subject property located on the main street of Russell of Eastern Market area one of the oldest and largest year round markets in the United States. In addition the Eastern Market consists of over 150 business’s form a authentic food-centric district open every day. In addition the subject property offers on site parking and public parking which is rare in any downtown business district.

The subject building located in an Eastern Market area established for 150 years in combination with new residential growth and overall regentrification of the city of Detroit is truly a rare opportunity that comes along. This property has future opportunity for redevelopment and expansion of the building.

Investment highlights

Seller will sign a 15 year Lease at closing $26 sf NNN yrs 1-5, 15% increase yrs 6-10, 15% increase yrs 11-15 of the Lease with no Landlord obligations.

The subject building located on the main street of Russell of Eastern Market area one of the oldest and largest year round markets in the United States. In addition the Eastern Market consists of over 150 business’s form a authentic food-centric district open every day. In addition the subject property offers on site parking and public parking which is rare in any downtown business district.

The subject building located in an Eastern Market area established for 150 years in combination with new residential growth and overall regentrification of the city of Detroit is truly a rare opportunity that comes along. This property has future opportunity for redevelopment and expansion of the building.

Note this can be a portfolio sale of another premier medical building at 6309 Mack Detroit 61,000 sf with Team Wellness.

Listing Contacts

LG
MI 6502126741
CRS, Commercial Real Estate Services
Listed by CRS, Commercial Real Estate Services

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Loan Amount
$0.00
Annual Debt Service
$--
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Annual Cash Flow
$1,272,960.00
$106,080.00/mo

Valuation Metrics

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DSCR
7.67%
Cap Rate
7.67%
ROI

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