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Art Van Furniture

$ 10,901,455
Flint, Michigan
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Address: 4577 Miller road , Flint, Michigan, United States 48507

Type: Restaurant

Cap Rate: 7.15%

Lease Type: Absolute Triple-Net (NNN)

Annual Rent: $779,454

Net Operating Income: $779,454

Lease Term Remaining: 17.6 Years

Rental Increases: 2% Annually

Options: Two (2), Ten (10)-Year Option Periods

Year Built: 1974

Rentable Sq/Ft: 56,578 SF

Rent Sq/Ft: $13.78

Price Sq/Ft: $193

Lot Size: +/- 3.56 Acres

Marcus & Millichap is pleased to present the exclusive listing for an Art Van Furniture located at 4577 Miller road in Flint, Michigan. The site consists of roughly 56,578 rentable square feet of building space on estimated 3.56-acre parcel of land. This Art Van Furniture is subject to a
20-year absolute triple-net (NNN) lease, which commenced March 1st, 2017. The current annual rent is $779,454 and is scheduled to increase by two percent annually. There are two, ten-year tenant renewal options.

The Art Van Furniture property is situated on Miller Road, which boasts average daily traffic counts of 33,000 vehicles. Miller Road intersects and serves as an access road to Interstate 75 and Interstate 69, which bring an additional 90,700 and 84,000 vehicles, respectively, into the immediate area. There are more than 24,500 individuals residing within a three-mile radius of the property and more than 92,000 individuals within a five-mile radius of the property.

The subject property benefits from being well-positioned in a very dense retail corridor consisting of national and local tenants, academic institutions and shopping centers all within close proximity of this property. Major national tenants in the area include: Target, Best Buy, Hobby Lobby, Kohl’s, Macy’s, Burlington, Office Depot, Barnes & Noble, Sears, Pet Smart, J.C. Penney as well as many others. Genesee Valley Center is located directly across the street from the subject property. It features 125 stores in over 1.3 million square feet, and a 65,000 square feet outdoor shopping village. The subject property also benefits from its close proximity to several academic institutions. Most notable and only six-miles from the subject property is The University of Michigan-Flint, home to more than 8,000 students. Kettering University, also in the immediate area, has a total enrollment of roughly 2,000 students.

Flint is the largest city in, and county seat of Genesee County, Michigan, United States. Located along the Flint River, 66 miles northwest of Detroit, it is a principal city within the region known as Mid Michigan. According to the 2010 census, Flint has a population of nearly 105,000 people, making it the seventh largest city in Michigan. The Flint metropolitan area is located entirely within Genesee County. Since its incorporation in 1855 the city has grown to be the center of the fourth largest metropolitan area in Michigan with a population of approximately 426,000. Flint has a history with strong ties to the automotive industry including being the home of the Flint Sit-Down Strike of 1936-1937, which played a vital role in the formation of the United Auto Workers. Today, Flint is home to numerous attractions, bringing people from all over the country to the city each year.

 

Broker of Record:  Steve Chaben License #6502387903

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Glen Kunofsky

President, Founder
(212) 430-5115

Russell Wachtler

Senior Managing Director, Investments
(212) 430-5132

Mark Epchteine

Associate
(212) 430-5223