28999 5 Mile RdLivonia, MI 48154

For Sale
$850,000

High-yield bank branch, strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents a fee-simple ownership of a 1,921 square foot freestanding Citizens Bank branch located at 28999 Five Mile Rd, Livonia, MI 48154. The property sits on a 0.68-acre lot and boasts a drive-thru, catering to a densely populated area with over 286,000 residents within close proximity. The bank benefits from high traffic volume, exceeding $100 million in deposits. The property is currently under a triple-net (NNN) lease, absolving the owner of all landlord responsibilities. The lease, originally commenced on June 29, 2006, has a remaining term of approximately 1.6 years, followed by three 5-year renewal options. The lease includes annual rent increases of 1.5%. Built in 1976, this property offers a strong cap rate of 5.51% with a current NOI of $46,818 and an asking price of $850,000 ($442.48 per square foot). The property's strategic location benefits from high visibility and significant traffic volume, exceeding 60,000 vehicles per day on nearby Middlebelt and Five Mile Roads. Nearby businesses include McDonald's, Taco Bell, Little Caesars, Westborn Market, and many other national and local retailers. This is a rare opportunity to acquire a high-performing, low-maintenance investment property with a credit-rated corporate guarantor.

Highlights

  • High-volume bank branch with $100 million in deposits.
  • Freestanding bank building; 1,921 square feet on a 0.68-acre lot.
  • Drive-thru facility.
  • Located in a densely populated area with over 286,000 people within a 5-mile radius.
  • Absolute NNN lease; zero landlord responsibilities.
  • High traffic count: 60,000+ vehicles per day on nearby Middlebelt and 5 Mile Roads.

Property Details for 28999 5 Mile Rd

Property type
Other retail properties, Individual retail properties
Square Feet
1,921 SF
Year Built
1976
Lot Size (sq. ft)
29,621 SF

Location Insight

City
Livonia
County
Wayne
State
Michigan
Latitude
42.3979235
Longitude
-83.3300486
28999 5 Mile Rd, Livonia, Michigan

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28999 5 Mile Rd
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