Investment Overview

Marcus & Millichap has been retained by ownership to offer exclusively to the investment market this 10,647-square foot, multi-tenant office property in Caro, Michigan. Originally developed in 1978, this contemporary single-story Caro Professional Center is just northeast of the center of town and has excellent access to two major roads of the area. All tenant amenities are close by the site making it ideal for the employees in the facility, including lunch, retail and hospitality services. Situated in Tuscola County in eastern part of the lower peninsula of Michigan, the 53,000 population is spread out in this generally agricultural part of the “Thumb” of Michigan. Caro is the County government seat and has economic stability with associated business’s here to serve a wide area in the County. Along with the governmental base there, this diverse economy has administrative healthcare, medical services and other professional companies in the vicinity. Currently there are two State of Michigan leases in place in the facility anchoring the five-tenant rent roll. There exists a 25% vacancy affording some good potential upside with further lease-up of the available suites. The leases are all structured in a gross manner with the landlord responsible for all expenses and building maintenance. The property has been under the same ownership since 1984 and the property has been well maintained. The windows were replaced in 2005, and the roof re-applied with a 30-year rubber membrane in 2007. The HVAC has had more than $21,000 invested in just the last couple of years, thereby providing annual care of another major Capital expenditure for the landlord. This 1.81-acre site is situated with ample parking of 64 spaces that include ADA compliant spots, and the parking lot is re-sealed and striped every three years.