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Big Lots

7651 23 Mile Rd, Shelby Charter Township, MI 48316

Listing Price: $2,519,000

Cap Rate
7.00%
Tenant Name
Big Lots
Years Remaining On Lease
8.40
Gross SF
33,580
Guarantor
Corporate Guarantee
Rentable SF
33,580
Price/Gross SF
$75.01
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$5.25

Investment Overview

Marcus & Millichap is pleased to present this 33,580 square foot Big Lots located at the intersection of 23 Mile Road and Van Dyke Road in Shelby Township, MI, a northern suburb of metro Detroit. The subject property was built in 1973 as part of a two tenant plaza anchored by Kmart. The building was renovated in 2003 for Big Lots and roof replaced in 2004. The tenant installed LED parking lot lighting in 2019 and in 2020 upgraded the fascia sign and remodeled the store interior, including a new merchandise layout. Big Lots current base rent is well below market, triple net. Big Lots maintains the CAM and reimburses for taxes and insurance, providing ease of management for a new owner. Big Lots has reported a long history of above-average sales at this location. Nearby retailers and restaurants include: Planet Fitness, Advance Auto Parts, Rite Aid, Tim Hortons, T-Mobile, Taco Bell, Burger King, and McDonalds (abutting the property). One mile west of the property is a newly developed one million square foot Amazon Distribution Center.

A three-tenant 5,000 square foot out lot building with a salon and Biggby Coffee (drive-thru) is available for purchase. Contact agent for details.

Shelby Charter Township is located in northern Macomb County. The township, an affluent northern suburb of Detroit, is located roughly 15 miles north of the city. In 2018, the township had a total population of 78,000, an increase of 6% since 2010. Shelby Township is the second fastest growing community in Macomb County and ranks 7th in the State with an estimated median household income of $81,256 (2018). The three mile average household income is $111,000.

Investment Highlights

  • NYSE: BIG - 1.66B Market Cap
  • NNN- Tenant Maintains CAM
  • Opened 2004 - Recent 10 Year Extension
  • Strong Sales & Below Market Rent
  • Remodeled Interior & LED Lighting in 2019-20
  • Median Household Income - $110,000

Exclusively Listed By

Listing Price: $2,519,000

Cap Rate
7.00%
Tenant Name
Big Lots
Years Remaining On Lease
8.40
Gross SF
33,580
Guarantor
Corporate Guarantee
Rentable SF
33,580
Price/Gross SF
$75.01
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$5.25

Investment Highlights

  • NYSE: BIG - 1.66B Market Cap
  • NNN- Tenant Maintains CAM
  • Opened 2004 - Recent 10 Year Extension
  • Strong Sales & Below Market Rent
  • Remodeled Interior & LED Lighting in 2019-20
  • Median Household Income - $110,000

Investment Overview

Marcus & Millichap is pleased to present this 33,580 square foot Big Lots located at the intersection of 23 Mile Road and Van Dyke Road in Shelby Township, MI, a northern suburb of metro Detroit. The subject property was built in 1973 as part of a two tenant plaza anchored by Kmart. The building was renovated in 2003 for Big Lots and roof replaced in 2004. The tenant installed LED parking lot lighting in 2019 and in 2020 upgraded the fascia sign and remodeled the store interior, including a new merchandise layout. Big Lots current base rent is well below market, triple net. Big Lots maintains the CAM and reimburses for taxes and insurance, providing ease of management for a new owner. Big Lots has reported a long history of above-average sales at this location. Nearby retailers and restaurants include: Planet Fitness, Advance Auto Parts, Rite Aid, Tim Hortons, T-Mobile, Taco Bell, Burger King, and McDonalds (abutting the property). One mile west of the property is a newly developed one million square foot Amazon Distribution Center.

A three-tenant 5,000 square foot out lot building with a salon and Biggby Coffee (drive-thru) is available for purchase. Contact agent for details.

Shelby Charter Township is located in northern Macomb County. The township, an affluent northern suburb of Detroit, is located roughly 15 miles north of the city. In 2018, the township had a total population of 78,000, an increase of 6% since 2010. Shelby Township is the second fastest growing community in Macomb County and ranks 7th in the State with an estimated median household income of $81,256 (2018). The three mile average household income is $111,000.

Exclusively Listed By

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