Address: 2520 US -23, Alpena, Michigan, United States 48707
Type: Gas & Conv. Store
Cap Rate: 6.75%
Lease Type: Triple Net (NNN)
Annual Rent: $71,477
Net Operating Income: $71,477
Lease Term Remaining: 17.2 Years
Rental Increases: 2.00% Annually
Options: Four (4), Five (5)-Year Options
Year Built: 1998
Rentable Sq/Ft: 2,126 SF
Rent Sq/Ft: $33.62
Price Sq/Ft: $498
Lot Size: +/- 0.69 Acres
Marcus & Millichap is pleased to present the exclusive listing for an Admiral Petroleum Station located at 2520 US-23 in Alpena, Michigan. The site constructed in 1998, consists of roughly 2,126 rentable square feet of building space on estimated 0.69 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 $71,477, 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 US-23, which boasts average daily traffic counts exceeding 18,800 vehicles respectively. US-23 runs parallel with the shore of Lake Huron, the second largest of the five Great Lakes of North America. There are more than 16,600 individuals residing within a five-mile radius of the property and more than 23,000 individuals within a ten-mile radius.
The subject property benefits from being well-positioned in a retail corridor consisting of national and local tenants as well as landmarks, all within close proximity of this property. Major national tenants include: Peebles, JCPenney, Big Lots!, Rite Aid, Jo Ann Fabrics, Dunham’s Sports, Tractor Supply Co., Dollar Tree, as well as many more. This Admiral Petroleum also benefits from being located along Lake Huron with many great amenities available, such as beaches, marinas, and water sports.
Alpena is a city in the state of Michigan and the county seat of Alpena County. It is considered to be part of northern Michigan. The Thunder Bay National Marine Sanctuary is located in the city and the population swells with a large number of visitors in the summer. Alpena is by far the largest city in the sparsely populated Northeast Michigan (lower peninsula) area, serving as its commercial and cultural hub. It is considered to be one of the two anchor cities of Northern Michigan, along with Traverse City. Access to natural resources and water transportation has been important in development of the community. Light stations and lighthouses surround Alpena. Several islands off the coast in Thunder Bay are part of the Michigan Islands National Wildlife Refuge, and Scarecrow Island is part of the Michigan Islands Wilderness Area. Alpena County Regional Airport is the northeast lower peninsula of Michigan’s main commercial airport and handles daily Delta Connection flights to Detroit and Minneapolis/St. Paul operated by SkyWest Airlines. Alpena is served by the Alpena Public School System, which has a combined enrollment of approximately 4,100 students. While tourism is an important component of the area’s economy, Alpena has an industrial base. It is home to LafargeHolcim cement plant and to Besser Company (maker of a concrete block making machinery), as well as a drywall board manufacturing facility owned by Decorative Panels International.
Broker of Record: Steve Chaben License #6502387903