Colliers is pleased to present for sale 3140-3184 12 Mile Road (the “Property” or the “Asset”) located in Berkley, Michigan. The 19,880 square foot retail strip center is 100% occupied by three tenants and a sub-tenant, all of which have demonstrated a strong commitment to the location.
The Property features excellent visibility off of a signalized intersection. The Property features street parking off 12 mile, but also has more parking behind the Asset, which is accessible from multiple ingress/egress options off Gardner Avenue and Griffith Avenue.
The Property’s location boasts an affluent demographic. Within a 1-mile radius of the Asset, there are 16,249 people with a median household income within a 1-mile radius of the Asset is $97,456, placing it above the national average. Within a 5-mile radius, the population grows to 310,884 with a median household income of $87,661.
The Asset is located along 12 Mile Rd in close proximity to major thoroughfare Woodward Avenue, which experiences over 60,400 vehicles per day (2023). Additionally, the Asset is located only a few miles from Interstate 696 and Interstate 75, providing for wider regional access.
The Property is located within the Royal Oak Retail Submarket (the “Submarket”), consisting of 1,817 buildings totaling 12.1 million square feet of retail.
The Submarket is performing well with a vacancy rate of 5.1%. This is in-line with the 10-year average of 5.2%, which shows the stability and consistency of the Submarket. Neighborhood centers have a 5.1% vacancy, power centers have a 1.7% vacancy, strip centers have an 8.8% vacancy, and general retail has a vacancy rate of 4/9% currently. As of Q4 2024, there is 9,300 square feet of retail under construction.
The market rents in the Royal Oak Submarket are $19.93/SF, changing year-over-year by 4%, compared to the 3% change across Detroit as a whole. The recent annual rental growth is strong compared to the 5-year and 10-year averages of 2.9% and 3.2%, respectively, showing the growth and vitality of the Submarket.
The Submarket has consistently experienced strong trade volumes and investments. Over the past year, 78 properties totaling 400,000 square feet of retail traded for $24.5 million.
Additionally, the Submarket benefits from its inclusion of and access to multiple thoroughfares and expressways, including Woodward Ave, Interstate 696 and Interstate 75 allowing for quick and convenient local, regional, and national access to and from the Submarket.
Overall, 3140-3184 12 Mile Road offers an investor an excellent opportunity to acquire a fully-occupied Asset within a notable retail corridor of Berkley with quick and convenient access to Wordward Avenue and both Interstate 696 and Interstate 75.
Property tours are available by appointment only. Please contact the broker to schedule.
