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53069 Van Dyke Ave
Utica, MI 48316
CVS · Retail Property For Sale
INVESTMENT HIGHLIGHTS
- Single Ownership Structure – No rent holiday; property consists of both the ground lease and sublease under common ownership
- Replaceable Rent – Rent is at market levels, ensuring long-term stability and strong re-leasing potential.
- Corporate Guarantee – Lease backed by CVS Health (NYSE: CVS), an investment-grade tenant with a Standard & Poor’s credit rating of “BBB."
- Absolute NNN Lease – Zero landlord responsibilities; tenant covers property taxes, insurance, and all maintenance
- Long-Term Commitment – Recent 10-year lease extension with three (3) additional five-year option periods, each including 10% rent increases
- High Quality Construction – High-quality all-brick building featuring retail on the first floor and storage on the second floor
EXECUTIVE SUMMARY
Single Ownership Structure – No rent holiday; property consists of both the ground lease and sublease under common ownership
PROPERTY FACTS Under Contract
Sale Type
Investment
Property Type
Retail
Property Subtype
Drug Store
Building Size
15,300 SF
Building Class
B
Year Built
2006
Price
$4,993,206 CAD
Price Per SF
$326.35 CAD
Cap Rate
6.50%
NOI
$324,561 CAD
Tenancy
Single
Building Height
2 Stories
Slab To Slab
10’
Building FAR
0.22
Lot Size
1.60 AC
Zoning
RETAIL 5K
Parking
53 Spaces (3.46 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Pylon Sign
- Signalized Intersection
- Drive Thru
PROPERTY TAXES
| Parcel Number | 23-07-09-478-033 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $1,564,547 CAD |
PROPERTY TAXES
Parcel Number
23-07-09-478-033
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$1,564,547 CAD
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