2918-2922 Flushing Road

Retail-Commercial for Sale
Catylist Listing ID: 30611415
Building Size (RSF): 24,238 SF
Gross Building Area: See Agent
Sale Price: $1,500,000
Unit Price: $61.89 PSF
Property Use Type: Vacant/Owner-User
Sale Terms: Other
Cap Rate: 9.74%
Last Updated: 9/17/2020

Overview / Comments

Multi-Tenant 24,238 sq. ft. retail center 100% leased to (3) tenants. The anchor, Save-A-Lot, totals 20,238 sq. ft., currently occupies 91% of the center and is paying about $5.30 NNN per sq. ft. The investment provides a natural value-add opportunity to bump the lease rate to market upon expiration in 2024. Save-A-Lot has been a tenant in the building for nearly 30 years, proving long-term success the tenant has had at the subject site. Healthy industry mix among tenants as the site is home to a national grocery store, Chinese restaurant, and a lending company. Desirable location as the center is located at the heavily-trafficked intersection. The property has about 390 feet of frontage, on Ballenger. Based on proposed financing
(70% LTV, 5.00% interest rate, 25-Year Amortization) the prospective investor is budgeted for a leveraged return on equity of 15.93%.

Additional Details

Nearest MSA: Flint
County: Genesee
Tax ID/APN: 25-40-11-159-005
Property Located Between: Bellanger Highway
Traffic/Vehicle Count: 27,000
Total Number of Buildings: 1
Parking Description: Ample Parking
Sprinklers: None
Heat Source: Other
Air Conditioning: Other

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 14,697 88,899 173,120
Median Age: 31.76 35.15 36.15
Households: 5,609 35,724 69,500
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