Tutor Time - Single Tenant NNN

Retail-Commercial for Sale
Also listed as Special Purpose
Catylist Listing ID: 30527952
Property Subtypes: Day Care Facility, Free-Standing Building, Other
Building Size (RSF): 10,010 SF
Gross Building Area: See Agent
Gross Land Area: 2.53 Acres
Sale Price: $2,500,000
Unit Price: $249.75 PSF
Property Use Type: Net Leased Investment (NNN)
Building Name: Tutor Time
Sale Terms: Undisclosed, Cash to Seller, Purchase Money Mortgage
Cap Rate: 7.6%
Last Updated: 7/29/2020

Overview / Comments

NAI Wisinski is pleased to present to the market this Tutor Time Single Tenant NNN investment - located in Cascade Township a high demographic suburb of Grand Rapids, MI.
Tutor Time has just renewed a corporate guaranteed lease for 7 additional years, with yearly increases of 1.16%. There are also 2 additional 5 year options with CPI based increases. The Landlord has just contributed $75,000 toward new tenant improvements on the property.
This site consists of 2.53 acres leaving room for expansion or additional parking if needed. Great location that would lend itself to other future uses.
This investment is perfect for a 1031 Buyer or investor who wants minimal landlord responsibility or management.

Additional Details

Nearest MSA: Grand Rapids-Kentwood
County: Kent
Submarket/Township: 28th Street Southeast
Taxing Authority: Cascade Township
Tax ID/APN: 41-19-16-126-023
Retail Clientele: General, Other
Property Located Between: 28th St SE and Cascade Rd
Property Visibility: Good
Largest Nearby Street: 28th St
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Excellent
Year Built: 1999
Roof Type: Gable
Construction/Siding: Block
Parking Type: Surface
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,716 30,081 75,013
Median Age: 44.28 40.49 38.09
Households: 1,860 11,217 28,765
The information presented herein is provided as is, without warranty of any kind. Neither Commercial Alliance of REALTORS West Michigan nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.