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13492292
13492291

1961 Base Ave, Springfield, MI 49037

CH
MI MI 6506044836
Transwestern Detroit
Listed by Transwestern Detroit
$5,750,000
946 days on market
Updated 49 days ago

1961 Base Avenue

Details
APN 54-215-010-01
Property Type Industrial
Sub Type Warehouse
Square Footage 112,500
Net Rentable (SqFt) 112,500
Cap Rate 6.83%
NOI $393,000
Occupancy 100%
Tenancy Single
Lease Type NNN
Lease Term 5
Lease Expiration 12/31/2028
Remaining Term 2.6
Rent Bumps Yes
Lease Options yes
Price per SqFt $51
Broker Co-Op Yes
Stories 4
Acreage 5.360
Zoning Industrial
Parking Spaces spaces
Investment Type Institutional
Tenant Credit Credit Rated
Lease Commencement 01/01/2024
Occupancy Date 02/01/2004
Ceiling Height 13'-20'
Loading Docks 3
Dock High Doors 2

Industrial | 6.83% CAP | 112,500 SF

Marketing description

The Offering

Chuck Howard of Transwestern is pleased to exclusively offer this five (5) year net leased industrial warehouse investment for sale to qualified investors.

Occupied by Iron Mountain Incorporated (NYSE: IRM) who for more than 70 years has been a strategic partner to care for information and assets. A global leader in storage and information management services and trusted by more than 225,000 organizations around the world, including 95% of the Fortune 1000.

This facility is located in Springfield Twp., (Battle Creek), MI in Calhoun Counter of Southwest Lower Michigan. The site is perfectly situated off of I-94 and near I-69 to receive client storage from Detroit, Lansing, Grand Rapids, Kalamazoo, and Battle Creek.

Iron Mountain has occupied the premises for 20 years and recently signed its fifth, five-year lease extension. Iron Mountain purchased another document storage company who occupied the building since 1989.

Investment Highlights

· Five (5) Year net lease with three percent (3%) annual rent increased and six, 5-year options at market rates. Occupancy estimated at 90%.

· Cold war era building providing the perfect space for secure storage.

· Highly functional building with ceiling heights of 13’-20’ and four (4) massive 1600-amp 600-volt circuit breakers

· Iron Mountain Incorporated is publicly held (NYSE: IRM)

Investment highlights

The 2024 rent is $424,875.00 which increases 3% annually for next four years.

Listing Contacts

CH
MI MI 6506044836
Transwestern Detroit
Listed by Transwestern Detroit

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Loan Amount
$0.00
Annual Debt Service
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Annual Cash Flow
$393,000.00
$32,750.00/mo

Valuation Metrics

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DSCR
6.83%
Cap Rate
6.83%
ROI

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Additional Information

Name
Charles Howard
License
MI 6506044836
Brokerage Phone
2488217722
*All information is deemed reliable but not guaranteed. Buyer to verify all information.
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