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Local All-Cash Buyer Acquires 5,749 SF Retail Building In Southfield For $2.1M

Property Image
SOLD
$2,100,000
Seth Haron
Darin Gross
Ashish Vakhariya

Michigan

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Retail5,749 SF
Sold 01/06/2025
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Property Image
SOLD

Local All-Cash Buyer Acquires 5,749 SF Retail Building In Southfield For $2.1M

24805 West 12 Mile Road

See Similar Deals
Retail5,749 SF
Sold 01/06/2025
Seth Haron
Darin Gross
Ashish Vakhariya
the dealplayerscompscontact
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Summary

MICHIGAN
Asset Type:Retail
Price Per Square Foot:$365
Total Square Footage:5,749 SF
Transaction Type:Sale

A retail property located at 24805 West 12 Mile Road in Southfield, MI was sold for $2,100,000. The asset spans 5,749 square feet, equating to a price per square foot of $365. The building is leased under a new 10-year NNN ground lease starting in March 2024.

Summary of transaction details:

Marcus & Millichap arranged the sale, facilitating the transaction involving the retail building leased to Huntington Bank. The property will start its ground lease in March 2024 and was sold to a buyer who paid entirely in cash.

Players

Seth Haron
Marcus & Millichap
Seth Haron
12 deals$107.9M volume
BROKER
Ashish Vakhariya
Marcus & Millichap
Ashish Vakhariya
12 deals$107.9M volume
BROKER
Darin Gross
Marcus & Millichap
Darin Gross
12 deals$107.9M volume
BROKER

Details

SOLD
IMAGE: 01/06/2025 ADDRESS: 24805 West 12 Mile Road MARKET: Southfield, MI ASSET TYPE: Retail BROKERS: Ashish Vakhariya, Darin Gross & Seth Haron - Marcus & Millichap SALE PRICE: $2,100,000 SF: 5,749 ~ PPSF: $365 NOTE: Marcus & Millichap arranged the $2.1 million sale of a 5,749-square-foot Huntington Bank retail building in Southfield, MI. The property, leased under a new 10-year NNN ground lease starting March 2024, sold to a local all-cash buyer.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$112,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$7,460.85
Cash-on-Cash Return-1.27%
Monthly Debt Service$9,955.07
Annual Debt Service$119,460.86