Gage Dispensary 1551 Academy St 49,630 SF Industrial Building Ferndale, MI 48220 £5,450,022 (£109.81/SF) 9% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Absolute NNN Lease with Annual Increases
- Dominant Michigan Cannabis Operator
- Top U.S. Cannabis Market
- Best-in-Class Operator
- Growing Industry
- Vacation Destination & Tourism
EXECUTIVE SUMMARY
Northmarq is pleased to offer for sale to qualified investors the opportunity to purchase a fee simple interest in the Gage property located in Ferndale, Michigan (the “Property”). The Property consists of a 46,400-squarefoot freestanding retail building on a 1.52-acre parcel of land. Gage is operating under an absolute NNN lease with zero landlord responsibilities whatsoever, offering a truly passive investment asset. The lease also features 2.33% annual rent escalations throughout the base and option terms, providing investors with a boost to overall cash flows and a significant hedge against inflation.
PROPERTY FACTS
| Price | £5,450,022 |
| Price Per SF | £109.81 |
| Sale Type | Investment NNN |
| Net Initial Yield | 9% |
| Property Type | Industrial |
| Property Subtype | Manufacturing |
| Building Class | C |
| Lot Size | 1.52 AC |
| Rentable Building Area | 49,630 SF |
| Number of Floors | 1 |
| Year Built/Renovated | 1970/2020 |
| Tenancy | Single |
| Parking Ratio | 0.64/1,000 SF |
| Level Access Doors | 2 |
| Zoning | M-2, General Ind. |
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
- Gage Dispensary
- -
- -
- -
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| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
| Gage Dispensary | - | - | - | - |
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PROPERTY TAXES
| Parcel Number | 25-35-126-021 | Improvements Assessment | £0 |
| Land Assessment | £0 | Total Assessment | £729,780 |
