3525 S Saginaw St - Freestanding FOR SALE


Burton, MI 48529
$3,888,800 USD
612-332-6600
3525 S Saginaw St, Burton, MI for Sale
$3,888,800 USD
Freestanding - FOR SALE
1/4
null | 6.62% Cap Rate

3525 S Saginaw St
Burton, MI 48529


HIGHLIGHTS

  • Oak Street Health has 10 years remaining on the Lease with 2% Annual Increases.
  • Corporate guarantee from CVS Health which has a S&P Rating of BBB & revenues of $357.8 Billion. CVS acquired Oak Street Health May 2023.
  • Oak Street Health operates 204 locations in 25 states. Oak Street Health is a leading provider of primary care for adults on Medicare.
  • Oak Street Health is located along South Saginaw Street where traffic counts average 19,505 vehicles per day. Interstate 75 has 103,713 VPD.
  • Strong demographics with a 5-mile population of 131,328 and average household income of $69,541.
  • Near General Motors Flint Assembly which has produced more than 15 million vehicles. General Motors is one of Michigan’s major employers.

OVERVIEW

Tenant: Tenant agrees to pay to Landlord all costs and expenses of every kind and nature paid or incurred by Landlord for Landlord’s Maintenance Obligations, all real estate taxes applicable to the Premises, Landlord Insurance obligations, and an amount equal to 10% of the total of all of the foregoing costs and expenses to cover Landlord’s administrative costs (currently paying $6,432/year). If Landlord expenses include capital improvements by Landlord in connection with the Building and/or Premises, including without limitation, the roof and parking lot, then the cost of such capital improvements must be amortized on a straight line basis over the full term of the Lease. Landlord: Landlord shall maintain, repair, and replace the roof and the parking lot, including any snow plowing in connection therewith and the structural portions of the Premises. Tenant shall maintain, repair and replace (including replacement of parts, equipment and cracked or broken glass) the Premises and all appurtenances thereto, including exterior and interior of all doors, door frames, door checks, windows, window frames, plate glass, storefront, all plumbing and sewage facilities exclusively serving the Premises, HVAC and electrical systems, sprinklers, sprinkler heads, landscaping and all structural and non-structural portions of walls, floors and ceilings. Tenant shall maintain a service contract for the HVAC. Security Deposit of $38,150.00 Taxes: Tenant shall be responsible for and pay before delinquency all taxes assessed against the premises. Roof Warranty: 15 Year Roof Warranty expires 12/10/2033. Parking Lot: New parking lot installed December 2018. Admin Fee: 10% Property was remodeled from former Goodwill.

FOR SALE DETAILS

PRICE

$3,888,800 USD

PRICE/SF

$357 USD /SF

CAP RATE

6.62%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Oak Street Health (S&P: BBB)

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1998

SPRINKLERS

-

PARKING SPACES

46

LAND DETAILS

LAND ACRES

0.93 AC

LAND SF

40,511 SF

ZONING

Commercial

APN/PARCEL ID

59-29-555-107

ASK ABOUT THIS PROPERTY

Keith SturmUpland Real Estate Group, Inc.More Info
612-332-6600

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Keith SturmUpland Real Estate Group, Inc.More Info
612-332-6600

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.