Listing Summary
Sterling Heights multi-tenant retail center for sale ($3,482,496). 100% leased to Aspen Dental & Charleys on NNN+ leases. 6.25% cap rate, $217,656 NOI
Full Description
Multi-Tenant Retail Center | Aspen Dental & Charleys Philly Steaks | Sterling Heights, MI
An exceptional opportunity to acquire a 100% leased, Class A multi-tenant retail asset situated in the heart of Sterling Heights, Michigan. Offered at a 6.25% cap rate producing $217,656 in Net Operating Income (NOI) (representing an implied valuation of $3,482,496), this 5,548-square-foot retail center sits on an expansive 1.31-acre parcel. Built in 2020, the property combines essential dental healthcare services with a high-performing quick-service restaurant (QSR), delivering recession-resistant income, low landlord obligations, and long-term yield stability along Macomb County's busiest commercial corridor.
Property Specifications & Financial Overview
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Offering Price: $3,482,496
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Cap Rate: 6.25%
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Annual Net Operating Income (NOI): $217,656
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Building Size: 5,548 Net Rentable SF
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Lot Size: 1.31 Acres (57,063 SF)
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Property Class: Class A Strip Center / Multi-Tenant Retail
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Year Built: 2020 (Modern, top-tier construction requiring virtually no capital expenditures)
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Occupancy: 100% Leased
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Tenants / Brands: Aspen Dental & Charleys Cheesesteaks & Wings
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Lease Structure: NNN+ (Tenants cover taxes, insurance, CAM, HVAC maintenance, and parking lot upkeep)
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Remaining Lease Term: ~5.1 Years (Primary expiration: September 30, 2031)
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Renewal Options: Multiple 5-Year Options
Nationally Recognized Synergy & Dual Tenant Stability
This multi-tenant setup pairs two industry-leading, recession-resilient retail sectors under one roof:
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Aspen Dental (Healthcare Anchor): A premier national dental operator boasting over 1,000 locations across the United States, driving steady, non-cyclical customer traffic throughout the business week.
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Charleys Cheesesteaks & Wings (QSR Anchor): One of North America's fastest-growing quick-service food franchises, with more than 850 global locations. Charleys provides strong weekend and evening foot traffic.
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Contractual Rent Bumps: Includes a 10% contractual rent escalation for Charleys during the primary term, ensuring steady NOI expansion and inflation protection.
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Passive Lease Structure: Operating as an NNN+ asset, tenants handle day-to-day common area maintenance (CAM), real estate taxes, building insurance, parking lot upkeep, and HVAC systems.
Premier Corridor Exposure Along Van Dyke Avenue (M-53)
Strategically situated on Van Dyke Avenue (M-53), the retail center benefits from incredible regional connectivity and massive visual exposure:
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High-Volume Commercial Corridor: Captures continuous daily commuter volume along M-53, one of Metro Detroit’s key economic arteries.
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Dominant National Retail Trade Area: Situated near major traffic drivers and national brands, including Walmart, Meijer, The Home Depot, Dollar General, Taco Bell, Panda Express, Mobil, and Huntington Bank.
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Excellent Access & Visibility: Features clean storefront frontage, pylon signage opportunities, smooth ingress/egress, and a high-ratio parking field on a 1.31-acre lot.
High-Income Sterling Heights Demographics
Sterling Heights is a cornerstone submarket of Metro Detroit, known for its dense residential neighborhoods and strong purchasing power:
Immediate Trade Area Profile:
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1-Mile Radius Population: Over 8,650 Residents
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Average Household Income: Exceeding $82,000 within 1 mile
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Robust Submarket Demand: Supported by Macomb County’s strong employment base, continuous residential infill, and steady retail spending.
Key Investment Highlights
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Modern 2020 Construction offering Class A structural appeal and low near-term CapEx obligations.
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100% Leased to High-Profile Brands (Aspen Dental & Charleys Cheesesteaks & Wings).
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Attractive 6.25% Going-In Cap Rate with $217,656 in stable annual NOI.
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Passive NNN+ Lease Terms minimizing landlord operational costs and responsibilities.
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Contractual 10% Rent Increase for Charleys driving organic revenue growth.
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Prime Van Dyke Ave (M-53) Location surrounded by major regional traffic anchors.
Quick Glance
- Listing ID:
CL-Michigan-28378
- Status:
Active
- Year Build:
2020
- Building Size:
5,548 SqFt
- Lot Size:
1.31 Acr
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