Investment Property - 8.1% Cap
1010 W North Down River Rd
Grayling, MI 49738
FOR SALE
Property Type:
Single Tenant OfficeAmount:
$900,000
Last Verified:
Dec 03, 2024Daily Email Blast
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Highlights
- Great investment opportunity for this medical office building leased to Munson Hospital.
- Munson recently signed a 5-year renewal giving an investor the opportunity for an 8.1% cap rate
- 5,936 SF of first floor medical space
- Full basement with an additional 2,000 SF of finished space
- 16 Exam rooms
- 6 Restrooms
- X-ray room (3 phase, 220V electric)
- The building sits on a lot that encompasses an entire city block from with frontage on North Down River, Rose, Erie & Vine
- Large parking lot
- Lot is large enough to support building additional buildings
- Building is in good condition
- New roof in 2022
- 2,944 SF addition (built in 2002)
- 6 HVAC units & 1 mini-split
Description
Great investment opportunity for this medical office building leased to Munson Hospital. Munson recently signed a 5-year renewal giving an investor the opportunity for an 8.1% cap rate. Building is in good condition with a new roof in 2022. In addition to the 5,936 SF of first floor medical space there is a full basement with an additional 2,000 SF of finished space. The building sits on a lot that encompasses an entire city block from with frontage on North Down River, Rose, Erie & Vine. There is a huge parking lot and the lot is large enough to support building additional buildings.
On the south side of W North Down River Rod between Smith & Rose Streets.
Year Built: 1971
Building Size: 5936sq ft
Building Class: C
Lot Size: 1.5 acres