Homes for sale - 375-391 SOUTH Street, Rochester, MI 48307

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$ 1,100,000

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375-391 SOUTH Street Rochester, MI 48307

12,140 SqFt

UPDATED:

09/18/2024 02:47 PM

Key Details

Property Type Commercial

Sub Type Real Estate Only

Listing Status Active

Purchase Type For Sale

Square Footage 12,140 sqft

Price per Sqft $90

Subdivision Suprvr'S Plat No 2 - Vlg Of Roch

MLS Listing ID 20240060588

Originating Board Realcomp II Ltd

Year Built 1979

Annual Tax Amount $10,328

Lot Size 0.970 Acres

Acres 0.97

Lot Dimensions 275.00 x 153.00

Property Description

Once in a generation opportunity in Rochester Michigan. This 5-unit flex building on highly desirable South Street with I-2 Zoning. In 10 years of ownership the buildings have always been occupied, with a low turnover of tenants and have never had to advertise. Each unit is about 2400 square feet and has an office and restroom as well as a shop area that also has a restroom (Approximately 400 sq ft of office and 2000 warehouse and two restrooms per unit). One unit has two overhead doors, and the others have one. Each unit has approximately 1600 sq feet of additional outside storage in the back of each unit. The units are fully leased with 200/year per unit of monthly rent increases baked into the leases. The tenants are all under triple net leases, which means they are fully responsible for their units and the taxes associated with them. The parking lot has been recently repaired and the roof has been replaced in phases during the last ownership. Ownership expenses are very low – outside repairs and taxes associate with the business. Two leases terminate at the end of 2025 and three terminate in February of 2027. The February 2027 leases have two one-year extensions built in with rent rate negotiated between ownership and tenant. At a 7.5 cap rate the rent increases baked into the leases will drive the building value about 150,000 per year starting in 2025. The total return on this investment at the asking price is double digits. Market rates on this property are between 8 and 10 per square foot. Current tenants rent is well below market rate. There is a significant opportunity to strategically manage this property to achieve better results by moving rates to market over the next few years. At market rent it is estimated the building value will exceed 1,500,000. Land contract terms possible - 800,000 minimum down payment.

Location

State MI

County Oakland

Area Rochester

Zoning Commercial

Direction East of Main Street, North of Avon

Exterior

Road Frontage Paved

Building

Foundation Slab

Sewer Public Sewer (Sewer-Sanitary)

Water Public (Municipal)

Level or Stories 1 Story

Structure Type Block/Concrete/Masonry,Vinyl

Schools

School District Rochester

Others

Tax ID 1514153029

Ownership Short Sale - Yes,Private Owned

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Financing Cash,Conventional

Special Listing Condition Full Service

Listed by John Hawthorne of Keller Williams Realty-Great Lakes

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375-391 SOUTH Street Rochester, MI 48307

Key Details

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Exterior

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375-391 SOUTH Street