Investment Highlights
- Long-Term Corporate Guaranteed Triple Net (NNN) Lease With Tenant in Place for Nearly 20 Years
- Fifth Third Bank Recently Signed Lease Extension Thru July 2033 Showing a Strong Commitment to the Location
- Additional $24,000 Per Year in Rent Being Paid by Tenant Over Upcoming Two Years of Lease Term (Thru July 31, 2025)
- Four, Five-Year Tenant Renewal Options With 10 Percent Rent Increases in Each Option Period
- Average Household Income in One Mile is $124,333, and Projected to Reach $152,619 by 2027
- High Traffic Area, Located on Rochester Road With a Daily Traffic Count of More Than 43,000 Vehicles
- Located Off Interstate 75 With More Than 111,000 Vehicles Daily and Connects the Area South to Detroit
- 18 Miles from Downtown Detroit – Detroit Metro Area is Home to More than 4.4 Million Residents
Investment Overview
Marcus & Millichap is pleased to present the opportunity to acquire a Fifth Third Bank in Troy, Michigan, part of the Detroit metro area. This opportunity offers a long-term, triple net lease with four, five-year tenant renewal options and 10 percent rent increases in each option period. Fifth Third recently signed a 10-year lease extension through July 2033, showing a strong commitment to the location. Fifth Third has operated from this location for nearly 20 years. Through July 31, 2025, an additional $24,000 annually in rent will be paid by the tenant.
The surrounding area has exceptional demographics with a population of nearly 245,000 in five miles of the Subject Property. Troy, MI has an average household income of $124,333 in one mile of the Subject Property and projected to reach $152,619 by 2027.
Located in a high traffic area, this Fifth Third Bank is on Rochester Road with a daily traffic count of more than 43,000 vehicles. The property is also located off Interstate 75, one of the most heavily traveled roads in the state connecting the area south to Detroit, with more than 111,000 vehicles daily. Surrounding national brands include LA Fitness, Orangetheory Fitness, Nordstrom Rack, Kroger, Fresh Thyme Market, PetSmart, Massage Envy, West Marine, Harbor Freight Tools, Mattress Firm, Cooper’s Hawk Winery & Restaurant, Buffalo Wild Wings, Panda Express, IHOP, Burger King, Taco Bell, Starbucks, Walgreens, CVS, Courtyard by Marriott, Hilton Garden Inn, Holiday Inn Express & Suites, Hampton Inn & Suites and many more.
Troy is a northern suburb of Detroit, 18 miles from downtown Detroit. The Downtown area is home to Comerica Park, MLB’s Detroit Tigers; Ford Field, NFL’s Detroit Lions; Detroit Medical Center, with more than 3,000 affiliated physicians; and Wayne State University, serving more than 35,000 students and 7,700 employees. The Detroit Metro is home to more than 4.4 million residents.
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Steve Chaben
Broker of Record
(248) 415-2600
Lic #: 6502387903
