Listed by CBRE, CBRE - Detroit
$11,200,000
The Press Building
Details
Property Type Industrial, Mixed Use
Sub Type Distribution, Flex
Square Footage 179,506
Cap Rate 6.75%
NOI $756,000
Occupancy 100%
Tenancy Single
Lease Type NNN
Lease Term 5
Rent Bumps Yes
Price per SqFt $62
Class B
Year Built 2004/2007
Year Renovated 2020
Buildings 1
Stories 2
Acreage 10.870
Ground Lease No
Ceiling Height 16'-60'+
Loading Docks 33
Dock High Doors 4
Sale Condition Sale for leaseback
Industrial | 6.75% CAP | 179,506 SqFt | $4.21/SF
Marketing description
The Press Building, located at 3100 Walker Ridge in Walker MI, is 179,506 total SF and sits on 10.8 acres. 100% climate controlled.
The Current Owner will sign a new 3-year NNN lease at close for 100% of the property. The starting rental rate will be well below market, with no options.
The lease will provide a new Landlord with take back provisions, creating an opportunity to backfill and replace at substantially higher rents.
The Press Building offers a unique mix of warehouse, flex and office space and all 179k SF is heated and cooled. The “mix” of space, together with its over engineered structure will provide opportunities for leasing to specialty uses paying higher rents.
Investment highlights
- $62.SF
- Market Rents $8.50/SF
- Stabilized Yield Target 12% CAP
- Possible 5yr Term
Listing Contacts
Listed by CBRE, CBRE - Detroit
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$756,000.00
$63,000.00/mo
Valuation Metrics
0
DSCR
6.75%
Cap Rate
6.75%
ROI
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