Fully Leased Industrial Asset | National Credit Tenants in Place
251 Mason Rd
Howell, MI 48843
Highlights
- 46,360 SF multi-tenant industrial building
- 100% leased by two national credit tenants
- Strong in-place cash flow with upside potential
- Seven (7) truckwells, two (2) grade-level doors, up to 23' clear
- Clear span, heavy power, LED lighting
- 7.8 acre site with additional land also for sale
- NOI: $318,687.30 | 7.5% Cap Rate
- Located just off I-96 and M-59 in Howell—Livingston County’s largest city
Description
P.A. Commercial is pleased to present the opportunity to acquire a 100% leased, 46,360 SF multi-tenant industrial building located in Howell, Michigan—Livingston County’s largest city and a key logistics corridor in Southeast Michigan. Situated on 7.8 acres just off I-96 and M-59, this exceptionally clean and well-maintained asset features two national credit tenants, providing strong in-place cash flow with significant upside potential.
Constructed in 1988 and recently renovated in 2023, the building offers a highly functional layout with 35,000 square feet of clear-span warehouse space and 9,675 square feet of newly built office space, including an elevator for the larger tenant. The facility includes premium industrial features such as LED lighting, 19.5’–23’ clear heights, two grade-level doors, seven truckwells, two 5-ton cranes, a fenced lot with trailer parking, and heavy power (2,000 amp, 480V, 3-phase). The property also offers abundant parking with 182 spaces.
The asset is currently 100% leased to Deutz Americas and PepsiCo—two credit-grade tenants. Deutz occupies 26,880 square feet on a NNN lease with 5 years remaining while PepsiCo occupies 18,370 square feet on a modified gross lease with 1.7 years remaining. Both tenants pay below current market rents, offering investors near-term upside through mark-to-market lease renewals or tenant repositioning.
Ideally located off Highway I-96 near M-59 in the largest city in Livingston County, Howell, Michigan. With 1.7% Vacancy Rate, this market has always been stable followed by consistent rent growth. This popular residential and commercial community features a large selection of retail and restaurants to complement the steady industrial market. Expanding out to a ten-mile radius, the market has just under 10 million square feet of industrial with a 1.6% Vacancy Rate.
