Marcus & Millichap presents the Social Security Administration (SSA) building located at 1149 Robert T. Longway Boulevard in Flint, Michigan. The 14,500-square-foot building was constructed in 2007 and is situated on 1.50 acres of land. This Social Security Administration building presents the opportunity for an investor to acquire a building
tailored for this government agency. This facility provides a very attractive risk-adjusted yield with a highly rated credit tenant with S&P AA+ designation. General Services Administration leases offer long-term stability to an investor, as these federal agencies occupy the facilities for more than 30 years on average, with a first-generation renewal rate of approximately 96 percent.
The SSA is an independent agency of the United States federal government that administers Social Security, a social insurance program consisting of retirement, disability, and survivor’s benefits. To qualify for most of these benefits, most workers pay Social Security taxes on their earnings; the claimants’ benefits are based on the wage earners’ contributions. SSA is headquartered in Woodlawn, Maryland, just to the west of Baltimore, at what is known as Central Office. The agency includes 10 regional offices, eight processing centers, approximately 1300 field offices, and
37 Teleservice Centers. As of 2007, about 62,000 people were employed by SSA. Social Security is the largest social welfare program in the United States. The Social Security Administration has been named the sixth best place to work in the federal government.
Flint is the largest city and county seat of Genesee County, Michigan, with a population of 96,448 in 2017, according to the United States Census Bureau, making it the seventh largest city in the state. The city is located along the Flint River, 66 miles northwest of Detroit. Well known for the region’s automobile beginnings, the industry continues to play a vital role in the city, as General Motors is the city’s largest employer with more than 8,330 employees. Flint has experienced new investment in recent years as structures in downtown Flint have been renovated and are attracting businesses and people back into the city. The Flint metropolitan area is the fourth largest metropolitan area in Michigan, with a population of 414,000 people.
- 14,500-square-foot building in Flint, MI
- Leased to Social Security Administration through September 202 0
- United States government guarantee (AA+ credit rating, S&P)
- First-generation lease
- Flint, MI is about 66 miles northwest of Detroit