MAPLE WEST PLAZA FOR SALE - OFFERING MEMORANDUM - LoopNet
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OFFERING M E M O R A N D U M
MAPLE WEST PLAZA FOR SALE
6393 – 6493 FARMINGTON ROAD, WEST BLOOMFIELD, MI 48322
31000 Northwestern Highway Suite 200
Farmington Hills Michigan 48334
(248) 356-8000
www.keystonecres.com
MAPLE WEST PLAZA FOR SALE
6393 – 6493 FARMINGTON ROAD, WEST BLOOMFIELD, MI 48322
Broker:
Gregory Newman
Principal
Gnewman@keystonecres.com
Direct: 248.406.7113
Cell: 248.444.0600
EXECUTIVE
SUMMARY
DETAILS
Property Name Maple West Plaza
6393 Farmington Road
Address
West Bloomfield, Michigan 48322
Price $1,000,000
Cap Rate 8.00%
Greek Island Coney Island
Kumon Learning Center
Tenants Hungry Howie's Pizza
Social Salon
Gross Leasable Area 9,196 SF
Land Area .87 Acres
Year Built 1985
Parking Spaces 46 Surface Spaces
TRADE
AERIAL
SOUTHFIELD ROAD
28,678+VDP
Jewish
Community
Center
45,978+ VPD
29,267+ VPD
W 12 MILE ROAD
ZOOMED IN TRADE AERIAL
SITE
PLAN
CONEY RESTURANT
GREEK ISLANDS
TENANTS SQUARE FEET
Social Salon 1,200
Hungry Howie's 1,500
KUMON 1,200
Greek Islands Coney 2,400
Restaurant
Total 6,300
INVESTMENT
HIGHLIGHTS
Tenant Highlights Property Highlights
• Built in 1985 with modern façade
• Subject property is 100% e-commerce proof with long standing
• Hungry Howie’s Pizza is known as the 11th largest pizza chain in
tenants whose goods cannot be purchased online
the United States, with over 550 locations.
• Adjacent to Sports Club Recreational Facility
• There are currently over 550 Hungry Howie's franchises located
in 21 states.
• Educational network created by Toru Kumon which uses his
Kumon Method to teach mathematics and reading for young
students.
Location Highlights
• As of 2008, Kumon had over 26,000 centers around the globe
with over 4 million registered students. As of 2018, there were
410,000 students enrolled in 2,200 centers across the United
• Close proximity to freeways and just 30 minutes from Downtown
States.
Detroit and Detroit Metro Airport
• Positioned a half mile from Henry Ford Hospital’s West Bloomfield
• Greek Islands is a locally run restaurant that has four locations in Campus with nearly 200 beds and 14 operating rooms and over
the Detroit Metropolitan Area. 275,000 home health care visits per year.
FINANC IAL
OVERVIEW
Tenant Analysis
Gross
Net Gross Rental Per
Tenant Lease Expiration Square Foot Base Rental Charges Rental Sq. Ft.
Greek Islands 5/31/2021 2,400 $ 4,000.00 $ - $ 4,000.00 $ 20.00
Kumon 10/31/2021 1,200 $ 1,650.00 $ - $ 1,650.00 $ 16.50
Hungry Howies 6/30/2025 1,500 $ 2,479.73 $ - $ 2,479.73 $ 19.84
Salon 1/1/2021 1,200 $ 1,600.00 $ - $ 1,600.00 $ 16.00
TOTAL MONTHLY 6,300 $ 9,729.73 $ - $ 9,729.73
TOTAL ANNUAL $116,756.76 $ - $116,756.76
Less Expense:
Cash Flow
Real Estate Taxes $ 18,848.00
Analysis Insurance $ 2,000.00
Common Area
Maintenance $ 13,600.00
Reserve for
Repairs (2%) $ 2,335.14 $ 36,783.14
Net Cash Flow $ 79,973.62
CAP AT SALE PRICE 8.00%
FINANC IAL OVERVIEW Investment Analysis Sale Price $1,000,000.00 Proposed Loan 70% ltv $ 700,000.00 Down Payment $ 300,000.00 Cash Flow (Before Debt Service) $ 79,973.62 Annual Interest @ 5.00% $ 45,093.02 Amortization @ 30 Cash Flow (After Debt Service) $ 34,880.61 Return on Investment of: $ 300,000.00 11.63%
HUNGRY HOWIE’S
Public
www.hungryhowies.com Overview
“With over 45 years of experience, Hungry Howie’s is consistently ranked
No. of Locations ± 550 as one of the top pizza franchises in the nation. From its humble
No. of Employees ± 17,500 beginnings outside of Detroit, MI, Hungry Howie’s has grown to over 550
locations in 20 states. The Hungry Howie’s story began in 1973 when
Headquartered Madison Heights, Michigan founder Jim Hearn converted a 1,000 square foot hamburger shop in
Year Founded 1973 Taylor, Michigan (a suburb just outside of Detroit) into a successful carry-
out and delivery pizzeria. Steve Jackson delivered pizzas for Hearn.
Later, the two partnered up to expand Hungry Howie’s and turn it into the
brand it is today. (hungryhowies.com)
KUMON
Private
www.kumon.com Overview
No. of Locations ± 3,600 “By discovering the potential of each individual and developing
his or her ability to the maximum, Kumon aims to foster sound,
No. of Employees ± 10,552
capable people and thus contribute to the global community.
We wish that all people in all countries and regions in the world
Headquartered Houston, Texas
will have the opportunity to learn with the Kumon Method, and
Year Founded 1986 that each individual will be enthusiastically self-learning and
making efforts towards realizing his or her goals and dreams
What we care most about is each individual child. We next
cherish all of the people who work towards achieving our
common goal. We put great emphasis on our commitment to the
community.”
GREEK ISLANDS
Public Overview
www.greekislandconey.com
” Greek Islands serves both Greek and American food. The menu includes
No. of Locations breakfast, lunch and dinner. This family hangout turns out everything from
±4 the Detroit favorite, the Coney dog, to shish kebab and salads. This is an
No. of Employees extremely unique and wonderful restaurant. Dine-in or snag a carry-out
± 120
order, whatever works for you. Our employees will provide you with great
service and some tasty food. The food is extraordinary and the Greek dishes
are made from scratch by our experienced cooks. You can get everything
from a coney dog to an incredible meal. The soup is better than homemade,
and the deserts make your mouth water! Everything is prepared fresh and
cooked to order, stop in and visit us today.”AREA
OVERVIEW
WEST BLOOMFIELD, MICHIGAN
West Bloomfield is an international city. You will find 140 Fortune 500 companies located in this growing community of 8,600 businesses. Perfectly
situated between Michigan’s major expressways and only 20 minutes from Metro Airport and downtown Detroit, Southfield appeals to Michigan’s
leading professional and commercial enterprises and leads Oakland County in foreign investment firms. Twenty-five percent of Oakland County’s
international firms and half of Michigan based Japanese companies are located in Southfield. Family living is the foundation of this community with a
variety of desirable homes tucked away with easy access to expressways and office centers. Community pride is reflected in the neighborhoods,
condominium groups and apartment complexes that enjoy Southfield’s cosmopolitan atmosphere and central location (cityofsouthfield.com)
DEMOGRAPHICS TOP EMPLOYERS
v
Household
Radius Population
Income
1 Mile 11,648 $158,788
3 Miles 66,879 $148,429
5 Miles 157,236 $144,508ABOUT
KEYSTONE
Over the years, Keystone agents have sold and/or leased more than 400 shopping centers throughout Southeast
Michigan. While our brokerage activity has grown and diversified, and the staff has increased, our enthusiasm for
the business has remained unchanged. The success and growth we have achieved is a result of our unwavering
focus to our clients' needs. We promise to give our clients the same prompt, professional service that has allowed
us to remain successful for so many years.
Keystone is also a proud member of the Site Source Retail Broker Network. Site Source is a national networking
group that provides members access and relationships to retail experts that, “are among the best and most
experienced in their markets” Sitesource.com
The information contained in this offering memorandum is confidential and provided solely for the purpose of a review by a prospective purchaser of the subject
property. It is not to be used for any other purpose or made available to any other person without the written consent of the seller or Keystone Commercial Real
Estate. The material is based upon information supplied by the seller and financial information obtained from sources it deems reliable . Owner, employees, nor agents makes
any representation or warranty, express or implied, as to the accuracy or completeness of this offering memorandum or any of its contents . No legal liability is
assumed or shall be implied with respect thereto. In no event shall a prospective purchaser have any other claims against the seller or Keystone Commercial Real
Estate or any of their employees or affiliates for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the property.You can also read
