524 Imaly City Rd

Industrial for Sale
Catylist Listing ID: 30851978
Property Subtypes: Flex Space, Light Industrial, Other
Building Size (RSF): 9,207 SF
Gross Land Area: 23,087 SF
Sale Price: $980,000
Unit Price: $106.44 PSF
Ceiling: 8 ft.
Docks/Doors: 3 Doors
Office SF: 2,000 SF
Drive In Bays: 3 Bays
In Opportunity Zone? Yes
Property Use Type: Investment
Usable Size (USF): 9,207 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 95
Last Updated: 9/13/2023

Overview / Comments

Great building for an Owner/User. This Commercial property is currently housing tenants of type retail, restaurant and auto shop. Auto Shop Owner is offering a buy with lease back opportunity. Location offers excellant visibility with neighboring businesses Dollar General, Tractor Supply and McDonald's to name a few.

Traffic count of 20,000+ daily.

Current Tenants

Tenant Business Name The Burger Barn of Lapeer
Industry Type Accommodation and Food Services
Is Renting? Yes
Current Rent $15,600 PSF (Annual)
Tenant Notes Step Lease in place - 5 year term
Tenant Business Name Felton's Body Shop
Is Renting? Yes
Annual Revenue $42,000 (Annual)
Tenant Notes Currently Owner User
Tenant Business Name Russell's Barber Shop
Is Renting? Yes
Current Rent $6,000 PSF (Annual)
Tenant Notes Monthly rent $500
Tenant Business Name NuStar Insurance
Is Renting? Yes
Current Rent $12,000 PSF (Annual)
Tenant Notes Month to Month $1000 per month

Additional Details

Nearest MSA: Detroit-Warren-Dearborn
County: Lapeer
Taxing Authority: Lapeer City
Tax ID/APN: L213650104000
Property Located Between: S. Saginaw St. and Morris Rd
Highway Access: I-69 East & West M24 North & South
Site Description: Great location with easement access shared with Dollar General W Genesee turns into Imlay City Rd just east of the City of Lapeer 20,000 + traffic count Well maintained building with full occupancy
Area Description: City of Lapeer is growing beyond it's Rural description as a main City Hub between Port Huron and Flint. The development of Retail has been strong for several years and the City has expanded to the M24 & Baldwin Rd center. Businesses are growing as the Planners have provided a Live Work community for Industrial workers to grow their businesses just outside of town in the Demille Industrial area. A combination of rural farming, Industrial manufacturing and stron retail provide the community with many opportunities!
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 2,000 SF
Property Condition: Good
Year Built: 1947
Year Renovated: 2021
Roof Type: Gable
Construction/Siding: Block
Exterior Description: Block exterior with grade level doors are at the south of the building where the Auto Shop is. Towards the front half of the building you'll find wood siding covering the block for the Office and Restaurant areas.
Parking Ratio: 10 (per 1000 SF)
Parking Type: Surface
Parking Description: Dedicated parking alongside the building, with shared parking available with General Dollar.
Total Parking Spaces: 10
Eave Height: 10
Overhead Cranes: Undisclosed
Sprinklers: None
Amps: 220
X-Phase: 3
Heat Type: Natural Gas
Heat Source: Central, Ceiling Units
Air Conditioning: Engineered System
Lighting: Fluorescent
Internet Access: Cable, Satellite, Fiber Optic
Interior Description: Restaurant - well maintained with ample seating - long term client Barber Shop - well maintained with personal service - long term client Insurance - nice offices for professional service provider - long term client Auto Shop - Owner User - very clean office and shop area!
Zoning Description: Commercial
Lot Frontage: 101
Lot Depth: 309
Water Service: Municipal
Sewer Type: Municipal
Easements: Other
Easements Description: Shared Easement with neighboring General Dollar
Land Ownership: Privately Owned
Legal Description: CITY OF LAPER ROOD'S PAVED-WAY (L=1 P=76 SEC 4, T7N-R10E) E 97 FT OF LOT 1, DESC COM ELY ALG N LOT LN 68.55 FT FRM NW LOT COR, TH ELY ALG N LOT LN 96.45 FT; TH SLY ALG E LOT LN 239.24 FT TO SE LOT COR; TH WLY ALG S LOT LN 96.75 FT; TH N0*03'49'E 251.81 FT TO POB 44-12-560-001-50

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,295 18,355 25,355
Median Age: 35.36 39.47 41.02
Households: 1,770 7,003 9,612
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