Full details for Other For Sale in Garden City, Michigan

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This is a unique opportunity for a buyer to be assigned a Cell Tower Lease with Verizon Wireless in Garden City, Michigan. The Tower Entity owns the tower and equipment, and is responsible for all equipment, landscape, snow removal, property taxes, and insurance. The lease offers an Annual Net with a 15% increase every five years, with a 2024 Annual Net of $11,065 due to the increase year. The lease term date is 2044, at which point the Tower company will negotiate a new annual amount and increases. The land lease term date is 2094, and the annual interest rate is 3.65%.Garden City, Michigan is a diverse city located in Wayne County and home to around 27,380 residents. The city's economy is mixed, with a variety of small businesses, manufacturing companies, and retail establishments. Garden City is a hub for automotive suppliers and businesses in the healthcare, education, and hospitality industries. Major employers include the Garden City Hospital, Amigo Mobility International, and several school districts. The city also has a thriving small business community, with many locally-owned and operated businesses, including restaurants, coffee shops, retail stores, and service providers. The Garden City Area Chamber of Commerce supports local businesses and promotes economic development in the area.This is an exceptional opportunity as there is currently a moratorium on all new Cell Towers, making the likelihood of lease termination highly unlikely. The buyer will also have all mineral rights to the vacant land. Back to listing