120 E Newark Street

Description

Solid NNN investment opportunity with huge upside potential! This busy, full-service veterinary hospital has been an integral part of the community for over 50 years. 4 years remain on the initial term of a NNN lease with large, national veterinary corporation. Two, 5-year renewal options with integrated 5% bumps built into the lease. First floor commercial space is rented to a corporate veterinary tenant. Animal Hospital consists of waiting room, reception area, 3 exam rooms, laboratory/treatment room, surgical prep room, surgery room, instrument storage room, 2 bathrooms, separate dog and cat kennel rooms, inpatient kennel room, and storage closet. Detached garage contains employee break room and is split between upstairs tenant and commercial tenant for storage/vehicles 2 bedroom, 1 bath apartment with large living room, kitchen and dinning room on second floor of building. Apartment is currently rented month-to-month to an employee for well below current market rents. First floor commercial space is scheduled to undergo complete "refresh" (paint, flooring, decor) in 2024, to be paid for 100% by tenant, which will add significant upside value as well. Spacious fenced back yard with attractive landscaping and firepit. **This sale will be part of a 1031 exchange** ****Owner is a licensed Real Estate Salesperson in the State of Michigan****