950 E Main St - Convenience Store FOR SALE


Morenci, MI 49256
$997,000 USD
617-865-1145
950 E Main St, Morenci, MI for Sale
$997,000 USD
Convenience Store - FOR SALE
1/2
null | 8.25% Cap Rate

950 E Main St
Morenci, MI 49256


HIGHLIGHTS

  • Strong Commitment From Tenant
  • Highly Ranked Dollar General Location
  • Potential for Lease Restructure

OVERVIEW

NNN Pro is pleased to present the exclusive listing for a Dollar General located at 950 East Main Street, Morenci, MI 49256. The site consists of roughly 9,055 rentable square feet of building space on an estimated 1.06-acre parcel of land. This Dollar General is subject to an original 10-year Double Net (NN) lease, which commenced 8/1/2005, but the tenant is currently in their 3rd 5-Year renewal option. The current annual rent is $82,256, and there are no option periods remaining. The landlord is responsible for roof/structure/and parking lot while the tenant reimburses the landlord for taxes, insurance, snow removal, and a CAM reimbursement contribution of $5,818 per year. The CAM expense covers the $1,741 expense for landscaping and the occasional restriping of the parking lot. It is expected that the landlord will collect an additional $4,077 of NOI due to Dollar Generals over-reimbursement in CAM.

FOR SALE DETAILS

PRICE

$997,000 USD

PRICE/SF

$110 USD /SF

CAP RATE

8.25%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Dollar General

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Convenience Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2005

SPRINKLERS

-

PARKING SPACES

27

LAND DETAILS

LAND ACRES

1.06 AC

LAND SF

46,174 SF

ZONING

-

APN/PARCEL ID

XM0-300-8000-00

ASK ABOUT THIS PROPERTY

Josh KanterNNN Pro GroupMore Info
617-865-1145

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Josh KanterNNN Pro GroupMore Info
617-865-1145

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