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Single-Tenant Office

MDHHS Family Independence Agency

4081 W Polk Rd, Hart, MI 49420

Listing Price: $950,000

Cap Rate
9.17%
Gross SF
16,040
Rentable SF
15,646
Price/Gross SF
$59.23
Lot Size
5.21 acres
Year Built
2001

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.

Investment Highlights

  • 16,040 Square Foot Single Tenant Office Building on 5.21 Acres | Built 2001 | Long-Term Tenant with 21-Year Operating History
  • Tenant: Michigan Department of Health & Human Services (MDHHS) | State of MI (AA+: FITCH) Family Independence Agency (FIA) Serving Oceana County
  • Recent Five Year Renewal (1/1/2022 – 12/31/2026) | Option for Additional Five Year Term Below Market Rent (Regional Market Rent/Square Foot: $16-18, CoStar | Subject Property Rent: $9.37)
  • Located in a Designated Opportunity Zone
  • 75 Minutes from Grand Rapids and Within Four Hours of Major Cities, Including Chicago, Detroit and Lansing | Proximity to Lake Michigan Gives Visitors and Residents the Opportunity to Enjoy the Local Beaches and Natural Resources of the Great Outdoors | Annual Tourism Contributed $151.8 Million to the Local Economy in 2022
  • Grand Rapids-Kentwood-Muskegon, MI CSA (Population: 1,486,055, Rank: 40th) Local Population: 16,362 | AHHI: $64,683 (10-Mile Radius) Major Local Employers: Hart Public Schools, Seneca Foods, Great Lakes Packing Co, GHSP, Michigan Freeze Pack

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s) MI: 6502387903

    Michigan

Financing By

Single-Tenant Office

MDHHS Family Independence Agency

Listing Price: $950,000

Cap Rate
9.17%
Gross SF
16,040
Rentable SF
15,646
Price/Gross SF
$59.23
Lot Size
5.21 acres
Year Built
2001

Investment Highlights

  • 16,040 Square Foot Single Tenant Office Building on 5.21 Acres | Built 2001 | Long-Term Tenant with 21-Year Operating History
  • Tenant: Michigan Department of Health & Human Services (MDHHS) | State of MI (AA+: FITCH) Family Independence Agency (FIA) Serving Oceana County
  • Recent Five Year Renewal (1/1/2022 – 12/31/2026) | Option for Additional Five Year Term Below Market Rent (Regional Market Rent/Square Foot: $16-18, CoStar | Subject Property Rent: $9.37)
  • Located in a Designated Opportunity Zone
  • 75 Minutes from Grand Rapids and Within Four Hours of Major Cities, Including Chicago, Detroit and Lansing | Proximity to Lake Michigan Gives Visitors and Residents the Opportunity to Enjoy the Local Beaches and Natural Resources of the Great Outdoors | Annual Tourism Contributed $151.8 Million to the Local Economy in 2022
  • Grand Rapids-Kentwood-Muskegon, MI CSA (Population: 1,486,055, Rank: 40th) Local Population: 16,362 | AHHI: $64,683 (10-Mile Radius) Major Local Employers: Hart Public Schools, Seneca Foods, Great Lakes Packing Co, GHSP, Michigan Freeze Pack

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.

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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