Single-Tenant Vacant-User

Cedar and Jolly, Lansing Kmart

5400 Cedar Street South, Lansing, MI 48911

Listing Price: $2,750,000

Cap Rate
10.88%
Tenant Name
Corporate Store
Gross SF
119,791
Guarantor
No Guarantee
Rentable SF
119,791
Price/Gross SF
$22.96
Lease Type
Absolute Net
Rent Per Square Feet
$2.50

Investment Overview

Marcus & Millichap is pleased to present a 98,638-square foot, dark and paying Kmart and a 20,368-square foot vacant store next to Kmart. This is an excellent redevelopment opportunity in Lansing, Michigan. Lansing is the state capital of Michigan and the population has grown by over 10 percent since 2000. Kmart vacated this store at the end of March, 2017 and will be paying rent until November, 2018. The property consists of 119,791 square feet on 12 acres with frontage on South Cedar Street just south of downtown Lansing. The traffic counts on South Cedar are over 31,000 vehicles per day and there are 75,529 in a three-mile radius with average household incomes of $50,449. There is room to build an outlot or outlots on the front of the parcel. This property gives an investor time to redevelop this site over the next 18 months with a solid income stream until they decide to terminate Kmart's lease.

Investment Highlights

  • Freestanding +/- 98,638-Square Foot Kmart and a +/- 20,368-Square Foot Vacant Box
  • Over 12 Acres with Room to Develop Outlots on South Cedar Street and access to Jolly Road on Jolly Cedar Court, a City Owned Street
  • Low Rent per Square Foot/Low Price per Square Foot
  • Asking Price of $2,750,000 or $22.95 per Square Foot
  • Over 18 Months Left on Kmart's Lease, Expires on November 30, 2018
  • Kmart is Paying Over $299,064 on a Double-Net Lease
  • The Site is Just South of Downtown Lansing/State Capital on South Cedar Street
  • South Cedar is Major North/South Retail Corridor Between Lansing and Holt Michigan Traffic Counts are Over 30,000 Vehicles per Day on South Cedar

Exclusively Listed By

Single-Tenant Vacant-User

Cedar and Jolly, Lansing Kmart

Listing Price: $2,750,000

Cap Rate
10.88%
Tenant Name
Corporate Store
Gross SF
119,791
Guarantor
No Guarantee
Rentable SF
119,791
Price/Gross SF
$22.96
Lease Type
Absolute Net
Rent Per Square Feet
$2.50

Investment Highlights

  • Freestanding +/- 98,638-Square Foot Kmart and a +/- 20,368-Square Foot Vacant Box
  • Over 12 Acres with Room to Develop Outlots on South Cedar Street and access to Jolly Road on Jolly Cedar Court, a City Owned Street
  • Low Rent per Square Foot/Low Price per Square Foot
  • Asking Price of $2,750,000 or $22.95 per Square Foot
  • Over 18 Months Left on Kmart's Lease, Expires on November 30, 2018
  • Kmart is Paying Over $299,064 on a Double-Net Lease
  • The Site is Just South of Downtown Lansing/State Capital on South Cedar Street
  • South Cedar is Major North/South Retail Corridor Between Lansing and Holt Michigan Traffic Counts are Over 30,000 Vehicles per Day on South Cedar

Investment Overview

Marcus & Millichap is pleased to present a 98,638-square foot, dark and paying Kmart and a 20,368-square foot vacant store next to Kmart. This is an excellent redevelopment opportunity in Lansing, Michigan. Lansing is the state capital of Michigan and the population has grown by over 10 percent since 2000. Kmart vacated this store at the end of March, 2017 and will be paying rent until November, 2018. The property consists of 119,791 square feet on 12 acres with frontage on South Cedar Street just south of downtown Lansing. The traffic counts on South Cedar are over 31,000 vehicles per day and there are 75,529 in a three-mile radius with average household incomes of $50,449. There is room to build an outlot or outlots on the front of the parcel. This property gives an investor time to redevelop this site over the next 18 months with a solid income stream until they decide to terminate Kmart's lease.

Exclusively Listed By

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