15405 Gratiot StDetroit, MI 48205

For Sale
$2,300,000

High-Traffic, Net-Leased Duo

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional retail investment opportunity presents a 12,900 square foot shopping center in Detroit, Michigan, strategically located at the signalized intersection of 8 Mile Road and Gratiot Avenue, boasting a combined daily traffic count exceeding 65,700 vehicles. The property comprises two buildings, currently 100% occupied by a Checkers and a CVS Pharmacy, operating under a net lease structure. Checkers has over five years remaining on their lease, while the CVS Pharmacy is vacating in April, presenting a significant opportunity to increase rental income. The property features a strong NOI of $215,000, resulting in a compelling 9.35% cap rate, and is priced at $2,300,000 ($178.29/sq ft). Built in 1999, this multi-tenant property benefits from its prime location surrounded by national retailers including Aldi, Burger King, Dollar Tree, Dunkin', Subway, and White Castle. The surrounding area demonstrates robust demographics, with over 167,600 residents within a 3-mile radius and over 384,000 within a 5-mile radius. This presents a rare chance to acquire a well-positioned, high-performing retail asset with significant upside potential. The property is situated at 15405 Gratiot St., Detroit, MI 48205.

Highlights

  • High-traffic location at the signalized intersection of 8 Mile Road and Gratiot Avenue, with over 65,700 vehicles daily.
  • CVS Pharmacy lease expiring in April, offering significant rental upside.
  • Checkers restaurant has over five years remaining on its lease.
  • Excellent retail synergy with nearby national tenants including Aldi, Burger King, Dollar Tree, Dunkin', Subway, and White Castle.
  • Strong demographics: over 167,600 residents within 3 miles and over 384,000 within 5 miles.

Property Details for 15405 Gratiot St

Property type
Lifestyle centers, Power centers
Square Feet
12,900 SF
Year Built
1999
Buildings
2

Location Insight

City
Detroit
County
Wayne
State
Michigan
Latitude
42.448855038037
Longitude
-82.969218571707
15405 Gratiot St, Detroit, Michigan

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15405 Gratiot St
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