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Troy, MI - IHOP Strip
3132 Rochester Road | Troy, MI 48083
$4,200,000
Price6%
Cap Rate$252,002
NOI9,500
± SF Offering GLADescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a 100% occupied, three-tenant, e-commerce resistant, retail strip investment property located in Troy, MI (Detroit MSA). The offering features a strong, food and service-based tenant lineup of IHOP and a regional chiropractor. The tenants operate under leases which are NNN in nature, limiting expense leakage for a future investor. All current tenants operate under extensive leases, providing zero short term rollover with a weighted average lease term of 12.6 years.
Location
The subject property is strategically located near the signalized, hard corner intersection of Rochester Road and E. Big Beaver Road, averaging a combined 144,500 vehicles passing by daily. The asset is a quick 27-minute drive into Downtown Detroit via Interstate 75 (111,100 VPD), making this an ideal, centralized location with easy commutes for both employees and customers. The property is ideally situated within a dense retail corridor and is within close proximity to Troy Commons (139,183 SF), Troy Marketplace (275,808 SF) and Oakland Mall (1,743,173 SF), three major shopping centers that significantly increase consumer draw to the immediate trade area and promote crossover store exposure for the site. In addition, nearby national/credit tenants include Fresh Thyme Market, REI, PetSmart, Nordstrom Rack, LA Fitness, Best Buy, Target, and others. Furthermore, the asset is near numerous single-family communities and multi-family complexes including The Phoenix (108 units), Charter Square (492 units), The Gables of Troy (544 units), and more, providing a direct residential consumer base from which the site can draw. The 5-mile trade area is supported by over 255,900 residents and 191,300 daytime employees. Residents within one mile of the subject property boast an affluent average household income of $107,176.
Documents & Links
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 Offering Memorandum |  |  |