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Net Lease

ABC Supply Company - Lansing, MI

1515 N Grand River Ave, Lansing, MI 48906

Listing Price: $1,825,000

Cap Rate
9.29%
Lot Size
4.50 acres
Year Built
1967
Rentable SF
24,000

Investment Overview

Marcus & Millichap is pleased to exclusively represent the ABC Supply Company, Inc. location at 1515 N Grand River Ave., Lansing, Michigan, (Lansing–East Lansing MSA; Population: 541,297, Ranked #106) an opportunity to acquire a credit rated tenant (S&P: BB) with a proven operating history in this location since 2007. ABC Supply Company, Inc. just executed a 5-year NNN lease term renewal which commenced January 1, 2023 with 2.5% annual increases throughout the term. ABC Supply Company, Inc. is the largest wholesale distributor of roofing supplies and one of the largest suppliers of siding, windows and other select exterior and interior building products, tools and related supplies in the US with over 800 locations in 49 states. 2021 reported revenue was $14.7B. Minimal landlord responsibilities, tenant pays for all maintenance, repairs and replacement of roof, structure, and parking lot. Features: The subject property, built in 1967 with steel and brick construction, has a GLA of 24,000 SF with 9,600 SF of office buildout, and is located on 4.5 acres to be used for warehouse, distribution, office space and outdoor storage. It maintains four docks, two drive-in doors, as well as 18’ ceiling clear heights. All of the property is located in the Region 7 Opportunity Zone, home to 383 businesses and 4,227 jobs. The average vacancy rate for flex properties in the area currently stands at 4%, and this property’s rent ($7.06 SF) is well below the current market average of $10.38 SF (Flex Warehouse/CoStar). Average Household Income in the area is $76,907 within a 10-mile radius. Location: The property is situated just 4 minutes from the I-69 Business Loop (33,004 VPD), 7 Minutes from I-496 (69,661 VPD), and 8 minutes from Capital Region International Airport (with direct flights to Chicago, IL; Washington, DC; Orlando, FL; Detroit, MI). The property sits on the CATA bus route (14), allowing public transportation access to downtown Lansing and the airport.

Investment Highlights

  • Rare ABC Supply Company, Inc. NNN Lease; 5 Year Lease Renewal; Minimal LL Responsibilities; Annual Rent Escalations Throughout Lease Term
  • Credit rated tenant (S&P: BB) with a proven operating history in location; Largest Wholesale Distributor of Roofing Supplies in US; Over 800 Locations in 49 States; $14.7B Revenue in 2021
  • Mule-Hide Covering Roof Installed 2014 with 10 Year Warranty; 9,600 SF Office Buildout; 4 Docks; 2 Drive-Ins; 1 Truck Well; 18' Clear Ceiling Height; Ground Level Package Unit HVAC; Outdoor Storage
  • Lansing–East Lansing MSA Region 7 Opportunity Zone, Urban Playzone; Below Market Rents; Subject Property $7.06 SF | Avg. Market Rent for Flex Properties $10.38 SF (CoStar)
  • 4 Minutes from I-69 Business Loop (33,004 VPD); 7 Minutes from I-496 (69,661 VPD); 8 Minutes from Capital Region International Airport (Direct Flights to Chicago, IL; Washington, DC; Orlando, FL; Detroit, MI); Situated by CATA Bus Stops for Route 14 with Access to Downtown and Airport
  • Lansing–East Lansing MSA; Population: 541,297, Rank: 106th; AHHI (10-Mile Radius) = $76,907; Higher Education/Skilled Workforce; Proximity to Michigan State University (Enrollment: 50,023), Lansing Community College (Enrollment: 18,551), WMU-Cooley Law School, Great Lakes Christian College. and 5 satellite college campuses

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s) MI: 6502387903

    Michigan

Financing By

Net Lease

ABC Supply Company - Lansing, MI

Listing Price: $1,825,000

Cap Rate
9.29%
Lot Size
4.50 acres
Year Built
1967
Rentable SF
24,000

Investment Highlights

  • Rare ABC Supply Company, Inc. NNN Lease; 5 Year Lease Renewal; Minimal LL Responsibilities; Annual Rent Escalations Throughout Lease Term
  • Credit rated tenant (S&P: BB) with a proven operating history in location; Largest Wholesale Distributor of Roofing Supplies in US; Over 800 Locations in 49 States; $14.7B Revenue in 2021
  • Mule-Hide Covering Roof Installed 2014 with 10 Year Warranty; 9,600 SF Office Buildout; 4 Docks; 2 Drive-Ins; 1 Truck Well; 18' Clear Ceiling Height; Ground Level Package Unit HVAC; Outdoor Storage
  • Lansing–East Lansing MSA Region 7 Opportunity Zone, Urban Playzone; Below Market Rents; Subject Property $7.06 SF | Avg. Market Rent for Flex Properties $10.38 SF (CoStar)
  • 4 Minutes from I-69 Business Loop (33,004 VPD); 7 Minutes from I-496 (69,661 VPD); 8 Minutes from Capital Region International Airport (Direct Flights to Chicago, IL; Washington, DC; Orlando, FL; Detroit, MI); Situated by CATA Bus Stops for Route 14 with Access to Downtown and Airport
  • Lansing–East Lansing MSA; Population: 541,297, Rank: 106th; AHHI (10-Mile Radius) = $76,907; Higher Education/Skilled Workforce; Proximity to Michigan State University (Enrollment: 50,023), Lansing Community College (Enrollment: 18,551), WMU-Cooley Law School, Great Lakes Christian College. and 5 satellite college campuses

Investment Overview

Marcus & Millichap is pleased to exclusively represent the ABC Supply Company, Inc. location at 1515 N Grand River Ave., Lansing, Michigan, (Lansing–East Lansing MSA; Population: 541,297, Ranked #106) an opportunity to acquire a credit rated tenant (S&P: BB) with a proven operating history in this location since 2007. ABC Supply Company, Inc. just executed a 5-year NNN lease term renewal which commenced January 1, 2023 with 2.5% annual increases throughout the term. ABC Supply Company, Inc. is the largest wholesale distributor of roofing supplies and one of the largest suppliers of siding, windows and other select exterior and interior building products, tools and related supplies in the US with over 800 locations in 49 states. 2021 reported revenue was $14.7B. Minimal landlord responsibilities, tenant pays for all maintenance, repairs and replacement of roof, structure, and parking lot. Features: The subject property, built in 1967 with steel and brick construction, has a GLA of 24,000 SF with 9,600 SF of office buildout, and is located on 4.5 acres to be used for warehouse, distribution, office space and outdoor storage. It maintains four docks, two drive-in doors, as well as 18’ ceiling clear heights. All of the property is located in the Region 7 Opportunity Zone, home to 383 businesses and 4,227 jobs. The average vacancy rate for flex properties in the area currently stands at 4%, and this property’s rent ($7.06 SF) is well below the current market average of $10.38 SF (Flex Warehouse/CoStar). Average Household Income in the area is $76,907 within a 10-mile radius. Location: The property is situated just 4 minutes from the I-69 Business Loop (33,004 VPD), 7 Minutes from I-496 (69,661 VPD), and 8 minutes from Capital Region International Airport (with direct flights to Chicago, IL; Washington, DC; Orlando, FL; Detroit, MI). The property sits on the CATA bus route (14), allowing public transportation access to downtown Lansing and the airport.

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s): MI: 6502387903

    Michigan

Financing By

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