Address: 12160 West Olive Rd, Grand Haven, Michigan, United States 49417
Type: Gas & Conv. Store
Cap Rate: 6.75%
Lease Type: Absolute Triple Net (NNN)
Annual Rent: $102,000
Net Operating Income: $102,000
Lease Term Remaining: 17.2 Years
Rental Increases: 2.00% Annually
Options: Four (4), Five (5)-Year Options
Year Built: 1992
Rentable Sq/Ft: 447 SF
Rent Sq/Ft: $228.19
Price Sq/Ft: $3381
Lot Size: +/- 1.15 Acres
Marcus & Millichap is pleased to present the exclusive listing for an Admiral Petroleum Station located at 12160 West Olive Road in Grand Haven, Michigan. The site constructed in 1992, consists of roughly 3,437 rentable square feet of building space on estimated 1.15 acre parcel of land. This Admiral Petroleum Station is subject to a long term, 20-year triple-net (NNN) lease, which commenced on May 31, 2016. The annual rent is $102,000, which is scheduled to increase by two percent (2.00%) annually in the base term and in each of the four (4), five (5)-year tenant renewal options.
The subject investment property is situated on West Olive Road, which boasts average daily traffic counts exceeding 35,600 vehicles respectively. There are more than 28,900 individuals residing within a five-mile radius of the property and more than 71,200 individuals within a ten-mile radius.
The subject property benefits from being well-positioned and having great two-way visibility along West Olive Road. West Olive Road is the major thoroughfare that runs along the eastern shore of Lake Michigan. The subject property is located just minutes from the shores of the lake and all of the amenities that come along with it. Grand Haven Golf Club is located within the direct vicinity of the subject property and has been ranked as “One of the Nation’s Top 50 Public Courses” for over 13 years, thus placing it in the top 1% of the nation’s public courses.
Grand Haven is a city in the U.S. state of Michigan and the county seat of Ottawa County. Grand Haven is located on the eastern shore of Lake Michigan at the mouth of the Grand River, for which it is named. The Grand Haven port community is an active beach resort with boating, fishing, sailing, biking, skating etc. along with connecting campgrounds and recreational areas. The city has over 100 miles of bike trails, a state beach, boardwalk, two lighthouses, a pier, wharf, large charter fishing fleet and a Great Lakes port, where it imports limestone, slag, cement and coal while exporting sand. Grand Haven is a destination point for residents of inland cities of West Michigan, as well as many from the other side of the state. Grand Rapidians regularly visit to take advantage of the close proximity to the Lake Michigan beaches, State campgrounds, restaurants, bars, attractions with many even owning cottages in the area as their home away from home. Grand Haven has been one of many technology leaders in West Michigan and throughout the country, having been featured in the national media, including on ABC, in PCWorld, Computer World and Forbes magazine. The city was the first municipality in the country to feature a citywide wireless internet service. The wireless service is designed to work throughout the city and up to 15 miles offshore for boaters. In 2004, the city started offering wireless internet service for residents, businesses and visitors for payment on varying cost-time scales.
Broker of Record: Steve Chaben License # 6502387903