Contacts

Alex Van Krevel

Passov Real Estate Group

Property Details

Property Type Office - General Office
Property Size 4,604 SF
Units 3
Lot Size 1.2 Acre
Property Tenancy Multi-Tenant
Building Class B
Year Built 1998
Date Updated Sep 23, 2026

Monroe, Michigan is an established regional city in southeastern Michigan along the western shore of Lake Erie, approximately 30 minutes south of Detroit and 40 minutes north of Downtown Toledo, with direct access to Interstate 75 connecting major Midwest logistics markets. Serving as the commercial and employment hub for Monroe County, the city draws retail traffic from surrounding suburban and rural communities while maintaining a stable residential base. Retail demand is supported by a diversified economy anchored by manufacturing, automotive supply chain, logistics, healthcare, and public-sector employment, reinforced by regional employers along the I-75 corridor. Ongoing logistics, manufacturing, healthcare, and infrastructure investment across the Detroit Toledo corridor, combined with stable residential development in Monroe and Frenchtown Township and limited new retail construction, have contributed to sub-4% vacancy, stable occupancy, and balanced supply-demand dynamics. These fundamentals position Monroe as a stable, low-volatility retail submarket characterized by consistent household incomes, durable tenant demand for essential and service-oriented uses, embedded rent growth potential, and long-term NOI stability driven by disciplined supply rather than speculative expansion.

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Highlights

±4,604 SF brick building on ±1.2 acres built in 1998; individually metered utilities and rear ground-mounted HVAC
100% occupied with stabilized NOI of $41,549 delivering immediate, predictable cash flow
3.2-year WALT with staggered expirations and contractual increases for Northwestern Mutual
40 surface parking spaces with convenient two-way ingress/egress on South Telegraph Road
6.74% Year 1 leveraged cash-on-cash and 10.59% leveraged total return
Fully professional, appointment-based roster with recurring demand and minimal e-commerce exposure
In-place net effective rent of $9.02 PSF vs. $14.40$15.00 PSF NNN leasing comps along Telegraph Road (35% below market), creating substantial upside through rollover and MG-to-NNN conversion
Located on a primary north-south commercial corridor within the DetroitToledo regional economy; $73K+ average household income within 5 miles
Service-oriented tenant mix anchored by Northwestern Mutual (52% of GLA), alongside First American Title and Delaney Counseling Services
Supply-constrained Monroe County retail market with 3.9% vacancy and limited new construction (<9,100 SF underway) supporting long-term rent durability