Listed by Urban Space of Grand Rapids, LLC
$650,000
Crafted Leaf Cannabis - Building Only
Details
APN 41-044-002-00
Property Type Retail, Multifamily
Sub Type Pharmacy/Drug, Shopping Center
Square Footage 3,700
Net Rentable (SqFt) 1,636
Units 1
Cap Rate 11.08%
NOI $72,000
Occupancy 100%
Tenancy Single
Brand/Tenant Crafted Leaf
Lease Type Absolute NNN
Lease Term 5
Lease Expiration 04/14/2027
Remaining Term 0.9
Rent Bumps Yes
Lease Options Three 5 year options with 2.5% annual increases
Pro-Forma Cap Rate 11.08%
Pro-Forma NOI $72,000
Price per SqFt $176
Broker Co-Op Yes
Class A
Year Renovated 2022
Buildings 1
Stories 1
Acreage 1.056
Zoning Retail - Cannabis
Parking Spaces 15 spaces
Parking Per SqFt 4.05
Investment Type Net Lease
Tenant Credit Franchisee, Corporate Guarantee
Lease Commencement 04/14/2022
Occupancy Date 04/14/2022
Ownership Sole
Sale Condition Sale for leaseback
Cannabis Retail Building Investment | 10.3% CAP | 1,636 SF
Marketing description
Investment opportunity in the Village of Middleville. Strong single tenant to remain with the building in an absolute net lease. Business, license and fixtures are not included in the sale. Building was completely remodeled in 2022 as a high end retail establishment. Annual 2.5% increases included in lease.
Investment highlights
Absolute Net 5 year lease in place with annual increases of 2.5%
Listing Contacts
Listed by Urban Space of Grand Rapids, LLC
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$72,000.00
$6,000.00/mo
Valuation Metrics
0
DSCR
11.08%
Cap Rate
11.08%
ROI
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