2731 State RdIonia, MI 48846

For Sale
$4,696,000

High-yield Petco NNN lease, Ionia, MI

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents a fee-simple ownership of a 10,900-square-foot Petco Neighborhood Farm & Pet Supply store located at 2731 S State Rd, Ionia, MI 48846. The property, built in 2023, sits on a 1.44-acre lot and boasts a strong 100% occupancy rate. The absolute NNN lease with Petco, a credit-rated tenant with a corporate guarantee, offers significant long-term stability. The lease commenced July 7, 2023, and has a remaining term of 13.7 years, expiring July 31, 2038. Rent increases of 8.5% are built in every five years, providing substantial future income growth. Five, 5-year lease options further enhance the investment's longevity. The property generates a Net Operating Income (NOI) of $293,529, resulting in an attractive 6.25% cap rate. The asking price is $4,696,000, translating to a price per square foot of $430.83. This investment is ideal for those seeking a secure, high-yield retail property with a nationally recognized tenant and built-in rent escalations. The property benefits from a strong local demographic, with over 40,000 people residing within a 10-mile radius and average household incomes exceeding $70,000.

Highlights

  • Build-to-suit Petco store, constructed in 2023.
  • 10,900 SF building on a 1.44-acre lot, 100% occupied.
  • New 15-year absolute NNN lease with Petco, corporate guarantee.
  • Five, 5-year lease options; 8.5% rent increases every five years.
  • Strong demographics: 40,000+ population and $70,000+ average household income within 10 miles.

Property Details for 2731 State Rd

Property type
Lifestyle centers, Power centers
Square Feet
10,900 SF
Year Built
2023
Lot Size (sq. ft)
62,726 SF

Location Insight

City
Ionia
County
Ionia
State
Michigan
Latitude
42.9479395
Longitude
-85.0740717
2731 State Rd, Ionia, Michigan

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2731 State Rd
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