Investment Overview

Marcus & Millichap is pleased to exclusively represent 4081 W Polk Rd, a single tenant state-leased office situated in Hart, Michigan, just outside of the Grand Rapids-Kentwood-Muskegon, MI CSA (Population: 1,486,055, Rank: 40th). The subject property, originally constructed in 2001, totals 16,040 SF on 5.21 acres. The subject property is leased to the Michigan Department of Health & Human Services (MDHHS) Family Independence Agency (FIA), who are a long-term tenant since January 1, 2002. The FIA oversees public assistance and service programs in Michigan, including financial aid, childcare, healthcare, food stamps, child support collection, and welfare fraud investigation, while also offering various services to individuals and families in the state. MDHHS has reaffirmed its commitment to the site with a 5-year lease renewal (3.1 years remaining + one additional 5-year option). Located in a designated Opportunity Zone, this property offers significant tax benefits tied to the longevity of your investment in a Qualified Opportunity Fund (QOF). Holding your investment for 10 years or more yields the highest potential rewards among the three available tax incentives. This offering is ideal for an investor who is seeking a stabilized investment with a credit tenant (State of Michigan, Fitch: AA+) and below market replaceable rent (Regional Market Rent/SF: $16-18, CoStar | Subject Property Rent: $9.37). The local market has no vacancy, modest annual rent growth with no new office construction. Hart (AHHI: $64,683 W/I 10 Miles), situated in Michigan's Oceana County on Lake Michigan's western shore, is celebrated for its farmland, stunning scenery, and diverse outdoor activities. Home to the Silver Lake Sand Dunes and the iconic Little Point Sable Lighthouse, it holds the title of the "Asparagus Capital of the World." With 26,659 residents, the county draws countless summer tourists, contributing $151.8 million to the local economy in 2022, marking a 15.1% increase from the previous year.