Address: 601 E State St , St Johns, Michigan, United States 48879
Type: Gas & Conv. Store
Cap Rate: 6.75%
Lease Type: Triple Net (NNN)
Annual Rent: $60,000
Net Operating Income: $60,000
Lease Term Remaining: 17.2 Years
Rental Increases: 2.00% Annually
Options: Four (4), Five (5)-Year Option
Year Built: 2011
Rentable Sq/Ft: 2,898 SF
Rent Sq/Ft: $20.7
Price Sq/Ft: $307
Lot Size: +/- 0.58 Acres
Marcus & Millichap is pleased to present the exclusive listing for an Admiral Petroleum Station located at 601 E State Street in St. Johns, Michigan. The site constructed in 2011, consists of roughly 2,898 rentable square feet of building space on estimated 0.58 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 $60,000, 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 E. State Street, which boasts average daily traffic counts exceeding 11,200 vehicles respectively. Intersecting with E. State Street is Old U.S. 27, which brings an additional 16,000 vehicles into the immediate area on average daily. There are more than 12,730 individuals residing within a five-mile radius of the property and more than 28,620 individuals within a ten-mile radius.
The subject property is well-positioned in a dense retail corridor consisting of several national and local tenants. Surrounding major retailers include: Walmart, Kroger, Walgreens, Rite Aid, AutoZone, O’Reilly Auto Parts, Dollar Tree, Burger King, McDonald’s, Wendy’s, as well as many others. This Admiral property also benefits from being situated within a two-mile radius of several academic institutions. The most notable is St. Johns High School, which has a total enrollment exceeding 1,088 students.
St. Johns is a city in and the county seat of Clinton County, Michigan. Located just 18 miles south of St. Johns is the bustling city of Lansing, Michigan. The city of Lansing, situated on the banks of Michigan’s Grand River, is the capital city of the state. Located about 90 miles west of Detroit, Lansing is often referred to as the Car Capital of North America and is the birthplace of Oldsmobile, which was founded in 1897. Most of Lansing is located in Ingham County, although Lansing is the only U.S. state capital located in a county for which it is not also a county seat. The main thoroughfares servicing the Lansing area include Interstates I-69, I96, and I-496; U.S. Route 127; and Michigan State Highways 43 and 99. Colloquially referred to as Mid-Michigan, Lansing is an important center for education, culture, politics and business. It is home to three medical schools, two law schools including the nation’s largest law school, Thomas M. Cooley Law School, Michigan State, the state capital, state Supreme Court and Court of Appeals and headquarters of four national insurance companies. Cultural elements in the city are highlighted by the African American Parade and Heritage Festival, Silver Bells in the City Parade, the Lansing JazzFest, the Old Town BluesFest and the Common Ground Festival, among several others.
Broker of Record: Steve Chaben License # 6502387903