The Tile Shop - Farmington
37025 Grand River Ave, Farmington, MI 48335
Property Details
Building Size
29,651 SF
Year Built
1974
Renovated
2014
Stories
1
Building Class
B
Zoning
C3 Commercial
Parcel ID
23-29-101-009
Price
$4,750,000
Description
This single-tenant net leased investment property offers a purchaser a long-term, stable investment opportunity with a tenant who has continuously operated at this site since 1997. The tenant has shown commitment to this site through two separate ten year lease extensions. The home improvement industry as a whole should see growth in the coming years as an aging housing stock combines with historical high new housing prices, motivating homeowners to re-invest in their existing homes.
Location
Located on the south side of Grand River Ave, just east of the M-5/I-275/I-696 interchange.
Highlights
- Long term NNN lease with Landlord maintenance limited to roof and structure
- This location ranks in the top 20% amongst all Tile Shop locations nationally and is the 2nd most visited location in the state (Placer)
- Oakland County is the 2nd largest county in the state of Michigan by population and consistently ranks at the top of the state in MHHI
- NOI: $326,161
- Approximately 8 years remaining in current term with an 8% increase in base rent in March of 2029
Location
Demographics
| 1-Mile Radius | 3-Mile Radius | 5-Mile Radius | |
|---|---|---|---|
| Total Population | 14,671 | 70,237 | 202,379 |
| Total Households | 6,978 | 31,446 | 86,852 |
| Persons / Household | 2.10 | 2.22 | 2.31 |
| Avg. Household Income | $110,708 | $129,744 | $129,998 |
| Per-Capita Income | $53,209 | $58,691 | $56,584 |
| Avg. Home Value | $385,601 | $352,442 | $356,442 |
| Median Age | 35.8 | 44.7 | 45.8 |
Source: US Census Bureau ACS 2024 5-Year Estimates.
Listing Broker
