Investment Property - 8.1% Cap

1010 W North Down River Rd Grayling, MI 49738

1010 W North Down River Rd, Grayling, MI, 49738
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FOR SALE
Property Type:
Single Tenant Office
Amount:
$900,000
Last Verified:
Nov 12, 2024

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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


Documents

CBC - Brochure (P)

Map of 1010 W North Down River Rd, Grayling, MI, 49738

Presented by:
Coldwell Banker Commercial Schmidt Realtors

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Dan Stiebel


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