CAP Rate: 6.50%
Net Operating Income: $490,767
Lot Size: 3.62 AC
Year Built: 2000
The subject property is a Jo-Ann Fabrics located in Auburn Hills, Michigan. The property sits next door to Target and benefits from the surrounding neighboring retailers including two regional malls.
This absolute net leased opportunity includes a 3.62 acre parcel with a 44,015 square feet of gross leasable area. There are nine years remaining on the initial term. The tenant has scheduled increases in rent throughout the base term and during the two 5 year option periods.
Auburn Hills is a city in Oakland County, in the U.S. state of Michigan. The population was 21,412 at the 2010 census. It is home to the world headquarters of Chrysler, The Palace of Auburn Hills, and Oakland University.