1536 W Center Rd 8,994 SF Office Building Essexville, MI 48732 $2,903,736 CAD ($322.85 CAD/SF) 6.43% Cap Rate

GENERAL CHARACTERISTICS:
The City of Essexville is best described today as a bedroom community.  Essexville is primarily a residential community whose residents commute to job opportunities within the Saginaw-Bay City-Midland region.
Essexville’s neighborhoods and residential properties are well maintained with over 85% of single family homes owner occupied.

The Woodside Avenue Business District has a collection of convenience and specialty businesses.  The Saginaw River waterfront within the City of Essexville is utilized for bulk storage of petroleum products, cement, stone, agricultural products.  Essexville is the closest port to the Saginaw Bay.
LOCATION:
Bay County is made up of 14 townships and 4 cities including Bay City, Essexville, and Auburn.
Its name reflects that it “Surrounds Saginaw Bay”
EDUCATION:
Bay County is home to Delta College (16,000 students), Saginaw Valley State University (9,550 students), Davenport University (360 students), and Northwood University (2,300 students).
ECONOMY:
The Bay Area has a balanced network of ground, air, and water transportation.
The industrial base varies from small to large manufactures.
Bay County houses the international headquarters for Dow Corning Corporation and locations for S.C. Johnson, GM Powertrain, Carbone of American, and other major corporations.
LONG TERM OPERATING HISTORY SINCE 1993 / NEW 10 YEAR RENEWAL: Tenant has been successfully operating at this location since 1993 and recently executed a new 10-year renewal demonstrating their long term commitment to this site.
ESSENTIAL TENANT: Fresenius Medical Care (NYSE: FMS) is the worlds largest provider with over 4,000 locations across the globe. Lease is guaranteed by Bio-Medical Application of Michigan, Inc. - a wholly owned subsidiary which covers most of Michigan’s Fresenius locations (+/- 50 clinics).
NN LEASE: Minimal Landlord responsibilities
Seller will credit Buyer NOI difference ($33,378 as of 5/31/2024): current NOI is $118,271.00 until 5/31/2026 | New NOI starting 6/1/2026 - 5/31/2036 $134,910.00.
PREMIER BAY CITY RETAIL CORRIDOR: Subject property is surrounded by national tenants such as Kroger, Meijer, Walgreens, Taco Bell, Wendy’s. JoAnn, Subway, Family Dollar, AutoZone, McDonalds, etc.
TENANT HVAC & ROOF REIMBURSEMENT: Starting June 1st 2026 Tenant pays an additional $1,146.74/month during the 10-year term. NOTE: this will pay for the allocated future replacement of the HVAC RTU and a New Roof.